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Everybody Loves Your Money

Business

Brandon Marcus

Why That Gifted Car Could Lead to IRS Trouble

IRS United States

Image Source: 123rf.com

Imagine this: a relative tosses you the keys to a shiny, practically new car. No payments. No paperwork hassles. Just yours—free and clear. Sounds like a dream, right?

Well, the IRS may see it less as a dream and more as a taxable event waiting to happen. That “free” ride could come with a hidden toll you never saw coming.

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We Got This Covered

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One subscription that gives you access to news from hundreds of sites

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