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Can you revive a car as a gift would there be taxes on it in New York?
Wiki User
∙ 9y ago
I'm not sure about the State of New York taxes but if the value of the car was $14,000 or over then a gift tax return would be required by the person who is gifting the car and gift taxes would have to be paid. The giver of the gift is responsible for filing such a return and paying the taxes. The penalties are steep on this type of thing so you need to make sure the laws are obeyed on this.
Wiki User
∙ 9y ago
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Income estate and gift taxes would be the subjects of the cases heard in which court?
Income estate and gift taxes would be the subjects of the cases heard in U.S. Tax Court.
Which income estate and gift taxes would be the subjects of the case heard in which court?
Income estate and gift taxes would be the subjects of the cases heard in U.S. Tax Court.
What are gift taxes?
Taxes that you get from gifts :D
What taxes do you pay if giving a car as a gift in NC?
You don't pay the taxes, the person receiving the car as a gift does.
Does the recipent of a gift pay tax?
Gift taxes are owed by the party who gives the gift and not the recipient.
Can you deduct money given to your child as a gift on your Federal taxes?
yes i would deduct money to my child.
What taxes do you pay if you give a car as a gift in New York?
Most states, New York included do have an exempton for the sales tax normally payable on a transfer of a car (or anything actually) by gift. Ask at the Department of Motor Vehicles, certain requirements - including relationship - apply.
When a person's name is added to a deed at no cost is this a gift and are the required to pay gift taxes?
Yes, it could be considered a gift, although the deed may recite "for good and valuable consideration," which undermines that presumption. In any case, there are no taxes payable by the recipient of a gift; any taxes on gifts are accrued to the person GIVING the gift.
Do you have to pay taxes on gift money that was given to you?
Federal gift taxes are not paid by the recipient. However, in the rare case where the donor does not have the resources to pay gift taxes they may owe, the IRS might try to recover some or all of the gift from the recipient. The donor may owe a gift tax depending on the size of the gift and depending on what other gifts the donor has given.
If someone gives you a car as a gift how much sales tax would you pay to register in Florida?
You should not have to pay sales taxes in Florida if it was a gift. Cloud Chaserz
Do you have to pay taxes on a 12000 gift?
Yes.
If you receive money as a gift from your parents do you have to pay taxes on it?
No.
