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can my son be given a car ($16,000) from his grand parents…

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can my son be given...
can my son be given a car ($16,000) from his grand parents (both) without gift tax (he is 15) and they have allready given the max to my wife and me?
Submitted: 8 years ago.Category: Legal
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Answered in 4 minutes by:
10/12/2009
Lawyer: Brandon M., Counselor at Law replied 8 years ago
Brandon M.
Brandon M., Counselor at Law
Category: Legal
Satisfied Customers: 12,620
Experience: Attorney experienced in numerous areas of law.
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Hi there:

A married couple can pool their individual gift exemptions to make gifts worth up to $26,000 per couple per year without incurring any gift tax. However, if the max has already been given this year, there is ordinarily little recourse for additional gifts.
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Customer reply replied 8 years ago

the gift is to our son (there grandson) he has not received anything

 

They have give the max to my wife and I so I take your answer as a NO they Can't because he is a minor?

 

Correct

Lawyer: Brandon M., Counselor at Law replied 8 years ago
Thanks for your patience; this forum is convenient in many ways, but inconvenient in others. We'll work through it.

i need some clarification, since your follow-up question does not suggest that we are on the same page. Will the car actually be held in your son's name? In other words, is the plan to transfer the car into your name?
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Customer reply replied 8 years ago

Yes the car will be the Son it will be in his name (we will pay for insurance) but he will need a car soon and they have a car to give him. So

 

He is 15

we have allready received the max gift

the car will be in his name (I'm assuming that a 15 can own a car)

He will be the primary driver (not to say we will not drive it on ocassion)

 

We both have cars this will be a third car

Lawyer: Brandon M., Counselor at Law replied 8 years ago
Hi again:

thank you for that clarification. Here's what you need to know: the federal gift tax is a tax paid by the donor, and the annual exclusion amount applies to each donee. In other words, if you had 10 children and 10 grandchildren and gave them $13,000 apiece, the annual exclusion would apply to each gift. The feds want to allow gifts, but are concerned with people getting around the income tax laws; this concern only applies with all the money is going from one person to another person--not when there are multiple parties involved. As this is the case, your parents can give up to $13,000 each to your son, or $26,000 together, per year with no tax consequences, regardless of whether they have given you and your wife the max for this year.

I hope that clears everything up. Let me know if I may be of further assistance.
Brandon M.
Brandon M., Counselor at Law
Category: Legal
Satisfied Customers: 12,620
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