hep me understand..............
So if I buy a grossly expensive shiny new (pos) car, pay cash, decide I hate it, and give it to my son, is there a tax obligation here to the IRS?? (because it is considered a "gift")
Guess I could be like Willy and smoke alot of weed while playing golf.......... uhhh no, don't have that kinda money, hate golf, and I am already too goofy sober.
So if I buy a grossly expensive shiny new (pos) car, pay cash, decide I hate it, and give it to my son, is there a tax obligation here to the IRS?? (because it is considered a "gift")
Guess I could be like Willy and smoke alot of weed while playing golf.......... uhhh no, don't have that kinda money, hate golf, and I am already too goofy sober.