Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

As a medical recipient can I gift a car to my granddauhter,

Customer Question
As a medical recipient...

As a medical recipient can I gift a car to my granddauhter, value being $1000 without penalty And would it be better for her to pay $100 or be gifted

Accountant's Assistant: When we are ready I'll take you to the appropriate web page.

As med i cal recipient can I gift my granddaughter a car with no penalty to med i cal The car is not a listed asset. And is it better to gift car or have her pay $100 forcar..

Accountant's Assistant: What state is this in? And how old is the car?

California

Accountant's Assistant: Has anything been filed or reported?

No

Submitted: 6 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 10 minutes by:
7/31/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 6 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,541
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane

...

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986.

Bear with me a moment and I’ll provide my initial response, and then we can go from there if you have further questions on this.

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 6 months ago

Is this a second car? and ... is it already in your name?

Ask Your Own Tax Question
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 6 months ago

WHile I'm waiting, here are the exemptions (I'll underline the pertinent part)

...

Resource Exclusions (CA programs)

The following items do not count as resources:

  • The home, and any adjoining land
  • Household goods and personal effects that have a total value of $2,000 or less
  • One car if it is: necessary for employment, or necessary for medical treatment, or modified for use by a disabled person, or it provides necessary transportation to perform essential daily activities, or has a current market value less than $4500
  • Property of a trade or business that is essential for self-support
  • Non-business property which is essential to self-support
  • Resources of a blind or disabled individual necessary to fulfill an approved PASS
  • Certain stocks held by Alaskan natives
  • Life insurance, if the total face value of all policies on one person do not exceed $1500. Otherwise, the cash surrender values of life insurance policies will count as a resource
  • Restricted allotted Native American lands
  • Payments or benefits paid under other Federal statutes
  • Disaster relief assistance
  • Burial space of any value, and burial funds up to $1500
  • Title XVI (SSI) or Title II (SSDI) retroactive payments for 6 months
  • Housing assistance
  • Earned Income Tax Credits
  • Nine months of payments received as compensation for expenses or losses suffered as a result of a crime
  • Nine months of reallocation assistance
Ask Your Own Tax Question
Was this answer helpful?
Ask Lane Your Own Question
Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,541
13,541 Satisfied Customers
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

Lane is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,312 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,362 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

14,120 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,652 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Can the state of Oregon offset a federal return for non-tax
Hello! Can the state of Oregon offset a federal return for non-tax related debt. I have an outstanding balance on my student account at a state university. The state has already offset my state return… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,541 satisfied customers
Our club which is incorporated and non-profit received a
Our club which is incorporated and non-profit received a 1099-MISC for grant money we received. I am not sure what to do with it. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
742 satisfied customers
I am a non profit that was given a federal grant it say it
I am a non profit that was given a federal grant it say it will cover fringe benefits like federal taxes, social security and medicare how do i pay employee legally … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have S corp. and LLC. How will the new tax law benefit
I have S corp. and LLC. How will the new tax law benefit these corporations. I am hearing that C Corps will be taxed at 21%. Do S and LLC's get any benefit? … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,541 satisfied customers
California State Tax We moved to California from August 2016
California State TaxWe moved to California from August 2016 till March 2017. Are we liable for California State Taxes during this time? We have an online business, in which all sales are from Thailand… read more
Carter McBride
Carter McBride
LLM
497 satisfied customers
If a person resides in California, but owns rental
If a person resides in California, but owns rental properties in other states, does the person have to pay state income tax for both states?… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,541 satisfied customers
Trying to determine the tax status of a non profit group. We
trying to determine the tax status of a non profit group … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,541 satisfied customers
Looking for tax law advise, California, I owe State and
I owe State and Federal Taxes for 2015 & 2016 and have worked out a monthly payment plan with the State but Federal is asking for a $6,100 lump sum by 1/28/18 before working out a monthly payment plan. If I cannot come up with the lump sum they will file a Notice of Federal Tax Lien that will be reported to the credit agencies. Is there any way to negotiate this? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
How are taxes (federal and California) calculated for
How are taxes (federal and California) calculated for bitcoin transactions? I had a few transactions of the following types: 1. Buy bitcoins 2. Sell bitcoins 3. Send bitcoins to 3rd partyAll these tra… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are religious (church) non-profits required to file state
Are religious (church) non-profits required to file state and federal taxes annually? … read more
Lane
Lane
JD, CFP, MBA, CRPS
13,541 satisfied customers
As per the new tax law, the property tax deductions of 10000
As per the new tax law, the property tax deductions of 10000 is it per property or per tax payer per property?If both wife and husband file together can they claim 20000 towards one property or just 1… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,541 satisfied customers
I am a California non profit, I have consultants in several
I am a California non profit, I have consultants in several states. I already filed the 1099 to the IRS, but in think I have to file 1099 for several of the states where the consultants are located. W… read more
abci168
abci168
Principal
27 satisfied customers
I am considering filing as an Non-Profit for the tax
i am considering filing as an Non-Profit for the tax advantage but do not know that it would work for me. I am just using this as a tax shelter as I will be owing lots more money in taxes as a single … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
14,120 satisfied customers
Do you know non profit tax law? California. The 501(c) 3 has
Do you know non profit tax law? JA: Can you tell me where the nonprofit is registered? Customer: California JA: Has anything been officially filed? If so, what? Customer: The 501(c) 3 has existed sinc… read more
Lane
Lane
JD, CFP, MBA, CRPS
13,541 satisfied customers
Non profit in California cannabis do we need resellers
non profit in California cannabis do we need resellers permit first time sale next month and what percentage taxes?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
4,122 satisfied customers
What are the federal and Oregon state taxes on profit of
What are the federal and Oregon state taxes on profit of sale of my home. My wife and I are age 81 and 77 respectively. I expect the profit will be about $400,000. … read more
abci168
abci168
Principal
27 satisfied customers
For non tax reasons, i want to transfer assets, non property
For non tax reasons, i want to transfer assets, non property assets, non 1231, 1245 assets, that are currently in an S corporation to a new S corporation. … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Do you have knowledge on tax laws regarding non profit
Do you have knowledge on tax laws regarding non profit donations and so forth? … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,374 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x