My uncle gave me a flatbed tower to have so I could move my project truck around. I need to get it registered (In Washington state) and I was wondering if I was going to be charged sales tax on an item that was a gift??
2007-09-01 04:16:20 · 2 answers · asked by jojo_101_00 2 in Business & Finance ➔ Taxes ➔ United States
In this case yes, you'll be charged sales tax on the value of the flatbed tower. But you don't have to pay any taxes to the IRS on the value of the gift, since gifts are never taxable as far as income tax to the person who receives the gift.
2007-09-01 04:24:25 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I'm assuming you mean a flat-bed truck or trailer. Flat-bed "tower" doesn't make any sense...
Most states do charge the use tax on vehicles that were gifted to you, based upon the FMV of the vehicle. A few do not, so you'll have to check with the local DMV.
2007-09-01 04:43:12 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋