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Can my Cousin Give me Car as a Gift. He lives in California

Customer Question

Can my Cousin Give me Car as a Gift. He lives in California and I am in Canada (Ontario)?
Submitted: 1 year ago.
Category: Canada Tax
Expert:  MyVirtualCPA replied 1 year ago.
Thank you for your question, and thanks for using JustAnswer.com.

Your cousin can give you a car, that's completely acceptable. Your cousin would fill out a form 709 for the IRS if the fair market value of the car is over $14,000. If it's less than $14,000 there's no reporting requirement. Your cousin will owe no gift tax because you have a lifetime exclusion of up to $5 million in gifts.

Please let me know if you need anything else additional. Thanks again for using JustAnswer.com and have a great day.

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You should be aware that your question, as with most tax questions, can never really be answered completely...addressing all the permutations; that is because of the many assumptions that have to be made I have done my best to determine what I think you are asking and answering it in the most direct and understandable manner possible. If, however, after reviewing the questions, you have any uncertainties or further questions, please do not hesitate to ask.

MyVirtualCPA, Accountant
Category: Canada Tax
Satisfied Customers: 15207
Experience: Helping people find jobs
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Expert:  MyVirtualCPA replied 1 year ago.
Thank you for the positive rating. Please remember me the next time you have a question. Simply enter "MyVirtualCPA" in the subject of your question, and it will be routed directly to me. Thank you again for using JustAnswer

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