Is A Gift Taxable? - Cash, Stocks, Real Estate?

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[@yoda6051]

Quick car question! I bought a car for cheap from my parents. Let's say 1,000 USD. If I turn around and sell it 8-10 months later at say 20K, would I need to pay short-term capital gains taxes on the profit (19K)? Or would I just need to report that and there be some special exemption since it was connected to family? It sounds like I may just want to wait a full 365 days or 370 days to be on the safe side to sell the car. That would put me at zero taxes under long-term capital gains, right?

[@GTOberfest]

Thanks for the info...very useful.👍

[@Nnnqqq689]

Thank you so much for the info. can I ask if I need to pay capital gain tax when I sell a gifted car. I got this car for free from my parents basically I paid 0$ on the car a couple years ago. and now Im selling it for 7k. do I need to pay tax on 7k profits?

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[@susanhorvath2254]

Great explanation!

[@mikeshlyak5267]

I was wondering if I could get some help/advice on gift taxes and joint accounts. My brother and I are really trying to figure things out and what the best course of action would be before things get out of hand. My brother and I opened a joint brokerage account this year. From my personal brokerage account, I moved over, at that current time, a fair market value of 10K in stocks over to the joint account. Even though I am an owner of both account does that count as a gift? We both have been investing at equal amounts and our bigger concern is in the future, are we only going to be able to move out 16K or whatever the limit for the year will be, only to not trigger a gift tax/estate tax issues or are we both over thinking this? For example, lets say the account grows to 40K, and we split it evenly, does the excess quantity of 8K go against our estate limit? Please help any advice would be greatly appreciated!

[@mrbigcat9]

Can I gift cash to the same person up to the annual limit for the next 20 years?

[@TM-ni1gn]

I think the limit is now $17k per year so yes you can give anyone up to that amount every year for however long you want.

[@mrbigcat9]

@@TM-ni1gn So, I can give the same person or persons the limit gift amount every year with out filing a gift Form 709?

[@TM-ni1gn]

@@mrbigcat9 At 5:50 Mike said: "If it's below that you don't need to report it." I myself haven't reported my gifts (to my kids) for the past 2 years. However, it would be best to check with a tax preparer to be sure.

[@nancymerced7549]

Can my client gift my business equipment without it being taxable to the business?

[@abhilasha6220]

What if I gift a piece of land

[@Cableman-hr2uu]

whether a gift is taxable or not totally depends on whether you are living in a barbarian country or not. Anybody has the basic human right to give anything to anybody, how come there can be any tax ? its just a gift, the same as you win the lottery, there is no tax on the winning. Of course a barbarian country will use all kinds of tax laws to get your money even though things are totally illogical at all.