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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7421
Experience:  15years with H & R Block. Divisional leader, Instructor
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Recently my father passed away and my mother decided to give

Resolved Question:

Recently my father passed away and my mother decided to give me "his" vehicle (2008 Chevy Tahoe) titled and registered in Florida to both of them. When my mother brought the vehicle to Michigan, we went and transferred the title from her to me. We did not do a $1 sale as the person at the DMV said from mother to son there are no tax consequences. In retrospect, I'm sure she meant no state sales tax. But I am going to be subject to the federal gift tax now, correct? If so, is there any way I can fix this (i.e. transfer it back to my mother, and then have her sell it to me for a token fee)?
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.

Robin D :

Hello and thank you for using Just Answer,
You will not have any gift tax on this transfer. First the giver normally pays any gift tax and then there is generally no tax for the giver unless they have gone over their lifetime limit of $5mil.

Robin D :

The giver may have to report a gift if the value is more than $14000 but that is still not a requirement for them to pay any tax.

Customer:

so there is no tax burden on the receiver?

Robin D :

Correct

Robin D :

The giver is the one with liability to report (if more than $14000) and to pay any tax

Customer:

Thank you very much, that's a relief. Can you point me to the IRS code about this?

Robin D :

Sure one sec please

Customer:

My wife will surely have more questions, so I can be prepared :)

Robin D :

You can always come back and request me personally

Robin D :

Your positive rating is always thanks enough.

Customer:

What is your expertise and qualification, cpa, lawyer, etc?

Customer:

or does it say that somewhere here

Robin D :

You can click on my info but I am a tax adviser with many years experience.

Customer:

Ok great, thank you so much, I will rate excellent :)

Robin D :

When you visit your question homepage, you’ll see a link to request me again. This link displays and works whether I am online or offline.

Customer:

Ok! Thanks again

Robin D :

You are most welcome and my condolences on your father's passing.

Customer:

Thanks very much, it's been rough - my brother was killed two weeks before that in a work accident

Robin D :

I hope the best for you in this year.

Customer:

My dad didn't recover from the cancer after that

Customer:

thanks!

Robin D :

It must have been worse on him

Customer:

I'm sure. Well thanks again, if I have more questions I will come back

Robin D :

Thank you (I have to respond each time you say something):)

Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7421
Experience: 15years with H & R Block. Divisional leader, Instructor
Robin D. and other Tax Specialists are ready to help you

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