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Hello, my friend in Minnesota has a Harley Davidson motorcycle valued at roughly $12,000. If he were to give it to someone, how much would it cost him via the gift tax law? Thanks.
Nothing. He'd file a gift tax return (form 706) and use up $1,000 of his $1.3M estate & gift tax exclusion. He wouldn't pay any taxes unless his estate was over 1.3M when he dies.
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