Tax liability to anyone if parent gifts a car to a child

q1024 Posts: 7, Reputation: 1

New Member

Jan 16, 2008, 01:56 PM

Tax liability to anyone if parent gifts a car to a child

When a parent gives a car to his/her child, does anyone incur any tax liability?
Thanks

AtlantaTaxExpert Posts: 21,836, Reputation: 846

Senior Tax Expert

Jan 16, 2008, 03:06 PM

Possibly, if the car is worth MORE than $11,000.

Otheriwse, no!

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