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No.
There is a limit of $12,000 annually for a single person to give away as gift. And if any tax is due on the gift, it is paid by person who makes the gift and not the recipient.
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∙ 14y ago
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I was given a car is there a gift tax in Ohio?
There is a federal gift tax if someone gives you more than the $15,000 annual gift tax exemption, and they would need to file an IRS Form 709 and pay the tax.
Do you pay sales tax on a car in MA if it was a gift?
There is no tax on a car given as a gift in MA.
When receiving a car as a gift do you need to pay taxes?
You will pay some kind of tax.
Do you have to pay sales tax for a car given to you as a gift in California?
No, there is no sales tax on a vehicle obtained as a gift in California. Others have said that yes, you do.
Do you pay sale tax on a used car from a private owner in the state of Ohio?
You do if you want to register it.
When giving a car as a gift what taxes does the person receiving the gift have to pay in Texas?
There is a $10.00 gift tax but the receiver must also pay a $28.00 title fee and depending on if your gifting a truck or a car the registration fee will vary.
Do you pay sales tax on a car if it is a gift in new york?
you will have to pay the sales tax on the vehicle . if the gift giver doen't right the sale price dmv will charge for what the car books out for. so wht you want to due is have the bill of sale with a price on it for say 1000 so you only pay tax on the selling price. Yes You use form DTF 802 and you are exempt from sales tax, this is for a gift from a family member
Does an adult daughter have to pay tax on a 12000 gift from her parent?
If it is a gift from you to her, and YOU paid for it, if a tax is applied, you will pay it.
When giving a car as a gift does the receiver have to pay taxes in Ky?
The receiver of a qualified gift does NOT have pay any federal income tax on the value of the car as a gift. BUT the receiver will have to pay some taxes to the DMV when the car is registered in the new owner name in the state and to get the new license plates, etc.
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
What sales tax rate do you use if you buy a car in Illinois and live in Ohio?
Illinois. You pay the sales tax levied by the jurisdiction you purchase the vehicle in. As an example, if you buy a loaf of bread in Illinois, then eat it in Ohio, you still pay the Illinois sales tax.
Do you have to pay sales tax when purchasing a used car from a private party seller in Ohio?
No you don't pay taxes to an individual, only a dealer. You will pay the sales tax at the dmv when you go to register the vehicle.
