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| *Loan,banking and credit>>>car tax |
Can I give my car as a gift to my girlfriend without her having to pay taxes? |
I've got a car worth about $5,000 that I would like to give as a gift to my girlfriend. How do I go about doing this without her incurring any type of sales tax? We live in California and I don't think I can just sell her the car for $1. You can give the car as a gift and not pay any gift taxes because the car is under $11,000 (the annual limit). You might want to file a gift tax return, though. just right gift on the title of the car if it's value you under US$10,000 I believe you can YES! on the bill of sale just put gift and when she insures it it will cost her nothing in taxes. http://www.fairmark.com/begin/gifts.htm... seems to me that you'd be allowed to do this, check out this sight, looked it up for ya two seconds ago |
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