There are no issues with tax that will be due as a result of inheriting this car, in either Illinois or in Missouri.
However, if you transferred the car to your mother, this would be considered as a gift that you gave to your mother, since you are the one who actually received the car as part of your inheritance, and then turned around and gave it to your Mom.
There are no taxes on gifts unless you give more than $1 million away in your lifetime, which most of us are not likely to do. But you do have to report the value of a gift if it exceeds a certain amount. That amount was $12,000 for the year 2008.
So if the car exceeded that value, you would have to report this to the IRS
by filing Form
709. If the value was less than that, you do not have to file this form or file any form with the IRS or with either state.
You can estimate the value of the car by looking at websites such as Kelly Blue Book or Edmunds, or you can look at classified ads to see what a similar car is selling for.
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