Originally Posted By: SumpChump
Originally Posted By: Srt20
In the state of WI, a parent can sell or give a vehicle to a child tax free. Immediate family is tax exempt.
Look it up.
Ok, that's awesome. So I basically "buy" it from him for a reasonable. Amount or do you think the the $5 sale still wouldn't cause any phone calls or supervisor visits?
I think the gift "check box" option is out the window since I already at this year's $14k gift amount.
Put whatever you want. You don't have to pay taxes on it whether it's $5 or $5 million.
Originally Posted By: Srt20
In the state of WI, a parent can sell or give a vehicle to a child tax free. Immediate family is tax exempt.
Look it up.
Ok, that's awesome. So I basically "buy" it from him for a reasonable. Amount or do you think the the $5 sale still wouldn't cause any phone calls or supervisor visits?
I think the gift "check box" option is out the window since I already at this year's $14k gift amount.
Put whatever you want. You don't have to pay taxes on it whether it's $5 or $5 million.