Cornfused about Gubmint Taxes.....

[Mister Heavyhand]

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.

 

[Gingerbeard Man]

The government will want their share on everything they’ve already collected tax on with no limit. It’s ****ing stupid.

 

[Gingerbeard Man]

But to answer your question, no, not to the IRS, however if it transfers into his name, there will be the wonderful GA TAVT tax even if you gift it….and it’s 7% of fair market value.

 

[Ixraypeople]

The government will want their share on everything they’ve already collected tax on with no limit. It’s ****ing THEFT!!!!.

there fixed it

 

[The Southern Gentlemen]

But to answer your question, no, not to the IRS, however if it transfers into his name, there will be the wonderful GA TAVT tax even if you gift it….and it’s 7% of fair market value.

There is a way for it to be gifted to an immediate family member with out having to pay the tax, I did this with a car a gave to my mother

 

[Mister Heavyhand]

rays of sanity from above, thank you my friends.....

 

[Mister Heavyhand]

There is a way for it to be gifted to an immediate family member with out having to pay the tax, I did this with a car a gave to my mother

Do tell, please expound on this................

 

[Moe_Fugga]

Vehicles purchased on or after March 1, 2013: The family member who is titling the vehicle is subject to a 0.5% title ad valorem tax.

From Hall County tax website. The bastards can’t even let it go for free….

 

[Gingerbeard Man]

Vehicles purchased on or after March 1, 2013: The family member who is titling the vehicle is subject to a 0.5% title ad valorem tax.

From Hall County tax website. The bastards can’t even let it go for free….

It's like a slap in the face. Open palmed.
They'd tax the **** you take each morning if they could.

 

[Tony2X]

Sell it for 1 dollar...that's all it takes.

Been there, done that many times.