Do i pay taxes if i gift a car

mrcarsol · ‎June 6, 2019

My wife is gifting a car to my sister. The value of the vehicle is between 3-5,000. Besides the DMV gift tax fee of $10, do either donor or recepient pay any additional taxes or report on tax return?

xmasbaby0 · ‎June 6, 2019

No. The recipient of a gift does not pay taxes on a gift received. Unless you give gift of over $14,000 to one individual, you do not have to file a 709 gift tax form--and even if you gave such a gift, there would not be tax on it. You can give your sister the car without any tax consequences.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

nellyson85 · ‎February 12, 2020

You stated "even if you gave such a gift, there would not be tax on it." If I gift a car over $15,000, are you saying that I still don't have to pay the gift tax?

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Do i pay taxes if i gift a car