Hello - at some point down the line I would like to add my mother, who lives in a separate household, to the title of one of my vehicles. She will register and insure it, and the process of transfer on death would be simpler if we were joint owners. If I were to do this, would the Fair Market Value (assuming it exceeded $17k) of this transaction count against my Gift Tax Exemption and would I have to file a 709? I would not be fully transferring the vehicle's title to her, so would none of it count? Or would 1/2 the fair market value count since she'd be a joint owner? My state is Massachusetts, for what it's worth, though I know the 709 is a federal form. Thank you.
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I don't know about the gift aspect of it. But one thing I learned (at least in California) is to add a person as OR not "And". My husband just died and I took him off and added my sister. It was a hassle because the titles said him And me, not him or me. Or means either one can sign, sell or change it. And means both have to sign, etc.
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