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My girlfriend and I just brought a new car. I payed about

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10k and she payed about...
My girlfriend and I just brought a new car. I payed about 10k and she payed about 25k. Is that considered a gift? Do I need to report that on my taxes?
Submitted: 2 years ago.Category: Tax
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Answered in 3 minutes by:
11/4/2015
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

It would be a gift if the car is in her name and you gave the money for purchase. You do not have to report the $10,000 though because it is under the yearly allowed amount ($14,000).

If you give any one person more than $14,000 you would have to report the gift but no tax for you to pay as long as you have not used up your lifetime amount for gifts ($5.43 million).

If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.

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Customer reply replied 2 years ago
Sorry, the title is under my name.
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

Then no it is not a gift from you. She has made the gift if the car belongs to you and she does need to report the amount. Still no tax for her as she can use the lifetime.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

She would file form 709 to report the gift to you.

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Customer reply replied 2 years ago
From my end, I do not need to do anything. But for her, all she needs is to file form 709? She don't have to pay taxes because she can use her lifetime 5.43mil. Am I right?
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

That is correct.

She will send the form 709 reporting the gift but her lifetime allowance will save her from any tax on the amount over $14000.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

I really enjoyed working with you – please feel free to request me again when you come back to ask another question.
Rating lets Just Answer know you were assisted and credits me for my time.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

If my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), if you need more information reply below.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

What other information did you require?

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Robin D.
Robin D.
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Category: Tax
Satisfied Customers: 15,888
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