Last post on Mar 10, 2011 at 10:33 PM
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#7 of 15 My Second Mustang
Dec 23, 2006 (7:05 am)
In 1966, the year I graduated from College I bought my year-end Mustang Coupe-The last one in the Bronx. I cleaned and waxed the Signal Flare Red paint every weekend and kept the car as a family car.One day while waxing the car, my 4 year old son asked me if he could have the car when he grew up. I promised it to him when he had a little boy like him. Moving ahead 20 years, he was married, wife was six months pregnant and on my 50 th b-day I gave him the car. When Ford announced the retro Mustang I decided to do it all again and bought nearly to the day 40 years later a Torch Red-identical to the 66-convertible.My son has the 66 in Houston and it looks as good as the 2006. I know my Mustang I gave him has helped the wonderful relationship we have.
Dec 23, 2006 (8:12 am)
I always avoid giving vehicles as gifts due to my lack of desire to read about tax laws. I suspect either the donor or the recipient must pay the tax, and it probably isn't a simple 5 or 7 %. My guess is that it is considered income to the recipient (kind of like winning a car on a game show). Anyone have experience with this?
#9 of 15 Want to buy a car for my parents--tax implications?
Sep 14, 2010 (10:15 pm)
I'm finding it very hard to obtain specific information on the internet. Basically, I live in California, and I want to buy my parents a new car. What are the tax implications of this? Is it settled at the dealership? On on income tax forms? I would like to pay the dealer and have the car registered to my parents from the beginning. Has anyone ever bought a car for someone else as a gift? Any help would be much appreciated. Thanks in advance.
#10 of 15 Re: Well.......... [rockylee]
Sep 15, 2010 (4:52 am)
Sorry about your wife's car accident, but, fortunately she suffered only minor consequences, especially compared with what could have happened. Nevertheless, it inconvenient to have to replace a solid, reliable daily driver that you like.
Sorry for my ignorance, but what's a 7-up Mustang? I've never heard that term, and can only guess that maybe it's a 7-liter.
Let us know how your story ends, and whether you get the Buick Century. Good luck!
#11 of 15 Re: Want to buy a car for my parents--tax implications? [emily6]
by Stever@Edmunds HOST
Sep 15, 2010 (6:24 am)
Did you check the California DMV site? It's pretty comprehensive, although I guess the tax stuff could be on a different agency site.
(Hpmctorque, you're replying to a four year old post Rocky still pops in though, so maybe he'll see it.)
#12 of 15 Re: Want to buy a car for my parents--tax implications? [steve_]
Sep 15, 2010 (6:26 am)
#13 of 15 Re: Want to buy a car for my parents--tax implications? [emily6]
by MrShift@Edmunds HOST
Sep 15, 2010 (10:19 am)
Well if the car is going to be in their name, then everything is settled at the dealership, yes. You pay all taxes and registration right there. Dealers do this all the time, with gifted cars, they know the drill.
If you're asking about buying the car in YOUR name, then giving it to the parents as part of an estate or something, then you need to talk to a tax advisor.
one nice way to do this is to just give them the key in a box and let them figure out the rest!
#14 of 15 I've given a car as a gift....
Sep 17, 2010 (12:59 pm)
Several years ago, my FIL passed away. He owned a '91 or '92 Subaru Legacy wagon with 138K on the clock. Stick, PW, PDL, cruise.
At first, my SIL wanted to take ownership since she didn't have a car. However, she didn't have a license - still doesn't, to this day. So, ownership transferred to my wife and I. I got it titled in CO (FIL was in WY), put plates on it and had plans to sell it.
Then, I had the bright idea that my son, in CA, was graduating HS and could use a car. So, I promised him the car if he graduated - this was in February or March, IIRC.
Well, June rolls around and the kid is ready to graduate, by the skin of his teeth. So, I drive the Subaru from CO to CA - 1100 miles at something like 30 MPG - and he's thrilled. Had to teach him to drive stick, but he got the hang of it. Got the title and registration in his name, got it smogged, the works.
He drove the car for a year or so, then his mom's father passed and he inherited enough money to buy another car. So, he sells the Subaru to a close friend of his for, I think $800. She's still driving it to this day.
Mar 10, 2011 (10:33 pm)
Generally people wont give auto as a gift. If they wish, they will gift two wheelers or car to their family members. This is a new thing I didnt heard before gifting auto.