Howard Kaikow wrote:

- quote -

No, A bought half a car - and paid more than half a car was
worth.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

Paul Martin wrote:
- quote -

I think it's also going to depend on HOW the car is titled.
In my state, a vehicle title can have multiple owners either
as co-owners or as a primary operator and lienholder, the
latter usually used in leasing agreements or car loan
arrangements. However, there have been some other uses for
the lienholder type of listing - such as when a car is
bought in a private transaction on an installment plan.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"Howard Kaikow" <kaikow[at]standards.com> wrote:
- quote -

Ok, that makes it clear.

You have to look at the purpose of the transaction. If it
is for the convenience of A, then it may not be a completed
gift.

For example if the car is purchased so that B can drive A
around and eventually B will be the owner when A dies, it's
really A's car and B is just on title for convenience. So
it's not a completed gift.

But if A and B both use the car and both current claim
ownership rights, then half the value of the car is a
completed gift.

And if B gets it all the time and A is just on title because
it was his money, the whole thing is probably a completed
gift.

Stu

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"Howard Kaikow" <kaikow[at]standards.com> wrote:

- quote -

Yes. One-half the cost of the vehicle has been gifted from
A to B.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"Stuart A. Bronstein" <spamtrap[at]sbcglobal.net> wrote:
- quote -

The issue is whether A has to file form 709 for a gift since
the car would cost over $11000.

--
http://www.standards.com/; See Howard Kaikow's web site.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

Howard Kaikow wrote:

- quote -

I don't see how. A retained an equity in his funds by his
partial ownership on the title.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

"Howard Kaikow" <kaikow[at]standards.com> wrote:

- quote -

It's certainly a "gift." The legal issue is whether it's a
completed gift. Because if it's not, it's treated as if it
weren't a gift.

The answer will depend on other factors. How is title held
("A and B," or "A or B"?) Why are they both on title? Who
will use the car and for what purposes? If they both use it,
what percentage of the time will each use it? What is the
relationship between A and B? All these questions, and
probably others, will be required to be answered before it
can be determined whether there's a completed gift.

One last question - why do you care? That will have an impact
on the answer as well.

Stu

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >

If A makes funds available for B to buy a car, and both A
and B are on the car's title, are those funds a gift from A
to B?

--
http://www.standards.com/; See Howard Kaikow's web site.

<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2005) - All rights reserved. > << ================================================== ===== >