Tax Credit question

[Tangible]

Unless you're planning on dying soon, the $5 million exemption from estate tax is unlikely to be in force when you do. Republicans want to eliminate the tax altogether. Democrats want to lower the exemption. It's never going to stabilize.

The best advice is to give generously every year. A married couple can give a married child and spouse 56k each year tax free. Fund 529 plans for grandchildren. Spend the rest on charity and cool cars while you can still enjoy them.

 

[gearchruncher]

I have done this twice with the same car.

Washington doesn't allow you to gift a car twice in a row. Tax must be paid every other transfer. How did you manage this? Seems like you'd have to gift it, pay to get it back, then gift it again for this to happen.

 

[alloverx]

Washington doesn't allow you to gift a car twice in a row. Tax must be paid every other transfer. How did you manage this? Seems like you'd have to gift it, pay to get it back, then gift it again for this to happen.

Perhaps my wording was not entirley clean
-I gifted the car to my daughter (after having bought it from someone and paying sales tax naturally)
-eventually she did not want it, so she gifted it back to me. The registration folks wrote, "return to original owner" on the form I gave them.