Gift of a pickup

[reta7]

What is the name of your state (only U.S. law)? Texas

My parents want to give my son thier older model pickup. It is worth less than $8000. Should they sell the pickup to us at a reduced rate or gift it? I want to do what is best for them.

 

[Antigone*]

duplicate post.

 

[xylene]

What is the name of your state (only U.S. law)? Texas

My parents want to give my son thier older model pickup. It is worth less than $8000. Should they sell the pickup to us at a reduced rate or gift it? I want to do what is best for them.

Giving is easy and there are no tax issues.

A truck worth this amount of money is far below the gift tax threshold.

They will not have to pay any gift taxes or even file a gift tax return.

They will have to fill out and sign the Texas DMV Form 14-317, Affidavit of Motor Vehicle Gift Transfer, but that is nothing, one page.

All this is for so that people can't claim sales of vehicles as 'gifts'.

No worries. That is a nice thing for your parent to give the child a truck.