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Christopher B, Esq.
Christopher B, Esq., Tax Attorney
Category: Tax
Satisfied Customers: 2677
Experience:  associate attorney
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I am giving my dad a car in TN. I 't want m to have to pay

Customer Question

I am giving my dad a car in TN. I don't want him to have to pay taxes as he is very poor. What can I do to make this easier
Submitted: 11 months ago.
Category: Tax
Expert:  Christopher B, Esq. replied 11 months ago.

My name is***** and I will be helping you with your question today. This is for informational purposes only and does not establish an attorney client relationship.

A gift is not taxed to the recipient. A gift can be taxed to the person giving the gift. For each person you receive an annual exclusion of $14,000 in 2015 and over that amount you receive a lifetime exclusion of $5.43 million. So if you are concerned about your father having to pay anything from this gift then you should not be. Simply give the gift and if it is over $14,000 then you as the gift giver will deal with it.

Please let me know if you have any further questions and please positively rate my answer as it is the only way I will be compensated for my time by the site.

Expert:  Christopher B, Esq. replied 11 months ago.

I see you have reviewed my answer, do you have any further questions? If not, please please positively rate my answer (there should be smiley faces or numbers from 1-5 next to my answer, a good or excellent rating would be fantastic) as that is the only way I will be compensated by the site for my work. This will not cost you anything extra and this extra step would be appreciated.

Expert:  Christopher B, Esq. replied 11 months ago.

Any chance for a positive rating?

Expert:  Christopher B, Esq. replied 11 months ago.

Just checking back in, can I be in additional service to you? I would really like to earn a positive rating.

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