@fasteddie577 wrote:
Thank you sir for the very detailed reply. Just some information: The reason the mom gave her son the truck was because they told her she could not sell it because she didn't have a driver's license. She was a stay at home mom who only went out with her husband. I forget to mention that when the father passed away he still had a balance on his truck loan which was paid off by the credit life insurance he had on the loan. Not sure if this would change anything. Thanks again. Fantastic job!
If the truck and the cash were truly separate gifts, independent of each other, the mother would include the value of the truck on her form 709 and the son would file a form 709 reporting the gift of cash more than $15,000. But as I indicated and you confirmed, the truck wasn't a gift in the true sense of the word, and can be ignored for gift tax purposes.
