beer gal wrote:
I've asked her to gift $10k, as you can do so without paying taxes,
The 10K (recently changed to 11K) annual limit on gift/estate taxes only applies
IF you've surpassed the lifetime limit on gifts from that person. So unless your mom has given you more than 1.5 million,
(in which case you would not be talking about these numbers on the car, or maybe your a meth head and you've smoked the 1.5 million?) there would be no gift tax on the amount over 11K, you can read more on it
here. The only other concern is if your share of your mom's potential estate is worth near 1.5 million, then it might be better to limit "provable" gifts to 11K. So she can give 11K this year and 3K next, or 11K this year by check and 3K in cash
(or drugs, you meth head.) If your share of your mom's potential estate is greater than 1.5 million, then please link some pics of your mom.
Edited, Sep 7th 2006 at 2:51pm EDT by fhrugby