Posted on: 19th Dec, 2008 10:48 am
can my 12 year old son have a car under his name, is a gift from his uncle would he have a problem with the dmv
I would think so...
Hi llangrad!
Welcome to forums!
As far as I know, yes, you will be able to gift a car to a 12 year old. But may be you will have to pay gift taxes. You can contact a tax adviser and check out if you need to pay taxes or not.
Sussane
Welcome to forums!
As far as I know, yes, you will be able to gift a car to a 12 year old. But may be you will have to pay gift taxes. You can contact a tax adviser and check out if you need to pay taxes or not.
Sussane
I was told as of this year i can recieve a gift in any amount from a family member gift tax free as long as she does not have over a million dollars in assets. Is this true?