My mothermother-in-law is giving me a Mercedes. It may be worth $40k. Should I pay $500 for car as a sale or get as a gift through California DMV paperwork?
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My mothermother-in-law is giving me a Mercedes. It may be worth $40k. Should I pay $500 for car as a sale or get as a gift through California DMV paperwork?
My mothermother-in-law is giving me a Mercedes. It may be worth $40k. Should I pay $500 for car as a sale or get as a gift through California DMV paperwork?
That is a question for the CA DMV ... this is an income tax forum.
My mothermother-in-law is giving me a Mercedes. It may be worth $40k. Should I pay $500 for car as a sale or get as a gift through California DMV paperwork?
from a gift tax standpoint if your MIL gives you a $40K car for $500 the IRS is going to say you got a $39,500 gift. by the way your MIL is required to file a gift tax return.
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