4 ms·
No we don’t. In fact we rarely tax intra-family money transfers. When I pay for my kids’ college, that’s not taxed. Buy then a car at 16 - untaxed.
by bluedevil2k 3y ago
No we don’t. In fact we rarely tax intra-family money transfers. When I pay for my kids’ college, that’s not taxed. Buy then a car at 16 - untaxed.
- CPLX 3y agoRight and give them the car two years later and it is taxed, subject to the gift tax exceptions and so on. Proving my point that the rule is that money is taxed when it changes hands and the exceptions are exceptions.
- sokoloff 3y agoA couple gifting their 18 (or 38) year old kid a car is unlikely to exceed the gift tax exemption.