How to transfer assets without being taxed on it #asset #finance

[timn]

The fed gift tax exclusion is only up to 16000 annually anything over is taxable. So please look up tax law before taking the advice from random YouTubers with no financial education

[cristinafultz]

Don't ever let your parents give you their car .
Instead
Have them give you their car.

[Ronc]

In Texas they stopped that and still tax you on book value….

[CannaTiger]

It’s actually better to sell it for supposedly $500 to the person. You just never exchange money but on paper it says you sold the car for at least $500. You’ll have less of a headache later down the road trust me.

[brandonatkins]

Not all places let you do this anymore.

[matthomas]

"Where did you learn this " the shaw shank redemption 😂

[toinetterae]

I have done this five times. Once each time someone graduated from highschool and once each time their college gpa was a 3.5 after the first two years. After that, they were on their own for a vehicle.

[tonycruz]

Y'all kids swear you are innovators

[amirayoungblood]

I agree my mother owns property. She’s not giving us anything. It’ll be transferred to us when she pass away. Which means we won’t be responsible for any fees.

[TheBwkaylor]

If its a gift they will estimate the value and tax you on that.

[hondarider]

*NOTE TO SELF... DONT LISTEN TO MELANINKING*

[Element__]

There is something that is called the gift tax. So gift you will still need to pay taxes. It is best to give the car in a living trust. The transfer of the car will be within the living trust & not will not be taxed.

[againstthegrain]

You still have to pay taxes on 40000 of the car. I could be wrong. But parents can only gift around 20k a year

[GOD_]

I bought my 91 Nissan 240sx for 2, 800 but asked the previous owner to put $600 on slip and didn’t have to pay a cent 😂

[itsmytruth]

When I was a teenager about 100 years ago I was gifted a car by a non family member, it cost me $5.00 for the title change and show proof of insurance in my name. That was truly a blessing. ❤

[Da__goat]

I sold my son this car for $1 as it states on the title transfer documentation. Your tax is now $.09. Worked every single time.

[nothaviniteither]

It's best to have them sell it to you for $1 I've been doing this since 91, I've sold 13 cars to family members this way and they pay 0 taxes..

[yellowbaddie]

We been doing this in the hood when we sell our cars.

[DonBJ]

Preach we must learn. We grow up they give us azz whoopings and Church 😅

[klosettreat]

In New York and Maryland, they still taxing on gifts. Lol 😅