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-   -   Buying a car with Gift Letter (https://www.revscene.net/forums/647578-buying-car-gift-letter.html)

Phil@rise 06-16-2011 09:42 AM
Quote:
Originally Posted by ddonovan (Post 7473892)
I heard the same thing..., no gifts. ICBC will determine the value and tax you accordingly. It is easier to have the bill of sale depreciated a bit instead of trying to get a gift tax exemption.

Again though if the deflated price is too low ICBC will dissalow and will go on blue book or black book value.
I just gifted a vehicle to a friend two days ago...no probs

I've bought numerous vehicles and declared well below book value on the basis of needing repairs. Both before and during business ownership. The taxes are payed on the parts needed for said repairs so the gov gets their money.

LW 06-20-2011 10:18 AM
Sorry but this just isn't a smart idea. It is tax fraud. I hate that we pay taxes on used cars as much as anyone, but won't act illegally to circumvent paying them.


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