our mother-in-law received money from a settlement. My name is on the title for insurance purposes only. my wife does not work and I am the sole provider for the household. Does this affect my 2017 taxes since the car was purchased 1/2017?
Since the amount of the "gift" your MIL gave you was over $14K, it's the giver, not the recipient of the gift that is required to file a gift tax return. The recipient does nothing. You do NOT have to report this gift as income on any tax return.
ok, so we do not have to do/prepare for anything since the dealership filed the form in my wifes name?
The only thing the recipient does with gifted money they receive, is spend it. 🙂
Form 8300 applies only to money received in a trade or business, it does not apply to a gift to a person.