2006-11-07 12:24:48 · 5 answers · asked by TC 1 in Cars & Transportation ➔ Buying & Selling
If you buy the car in your name and then transfer the title you avoid taxes. Depending on your state. You could also have her buy it and get a loan and then pay off the loan the next month. It would do wonders for her credit score.
2006-11-07 12:34:30 · answer #1 · answered by victoriah68 3 · 0⤊ 0⤋
Talk to your accountant there are lots of things you will also find about your Estate and Gifting now while your are still alive. Not to say your on your death bed. But estate planning right now will allow the maxi um of your wealth to go to people you really care about. Each state gift tax kicks in at different amounts, 10,000 gift for x and 10,000 for y and 8,000 for Z you might have to break it up or put the money in escrow for the car payments amortized over the term of the loan in her name would be probably the best.
2006-11-07 12:37:27 · answer #2 · answered by John Paul 7 · 0⤊ 0⤋
if you were my grandma i would pay the taxes, but seriously you will have to talk to the govt. people that handle titles and registration etc. where you live.
2006-11-08 05:26:38 · answer #3 · answered by sterling m 6 · 0⤊ 0⤋
Where? The rules vary for different areas.
2006-11-07 12:31:57 · answer #4 · answered by oklatom 7 · 0⤊ 0⤋
$28000x0.875= the taxes
2006-11-07 12:32:29 · answer #5 · answered by Anonymous · 0⤊ 0⤋