Discover the expert in you.
Discover the expert in you.
There are no tax benefits for simply gifting a car to a friend or family member. However, there are definite benefits for gifting, or donating, a car to a charitable, nonprofit organization. You may not get much on a trade-in or even selling your old car outright, but giving your car to a nonprofit can mean huge benefits on your annual tax return.
Selling a car given to you as a gift can provide you with some extra cash, but it could also cost you in capital gains taxes as well. When you sell a car given to you as a gift, the cost basis of the car must be determined. This helps you calculate how much of a capital gain you realized.
Giving or receiving a car has several benefits -- but the Internal Revenue Service and state-level taxing authorities expect payments for taxable gifts. Several factors, such as marital status, determine who should file forms for gifting automobiles. Furthermore, the value of the vehicle affects the requirements for filing at the state and federal level.
Although it may not be the coolest gift, a car travel gift keeps your loved ones safe and entertained. Choose to protect them with a gift of safety or a gift that keeps their trunk organized so they fit more suitcases inside. Or, give the children items to pass the long hours of a road trip.
There are many different options for race car gifts. While the ultimate gift for a race car enthusiast is driving a race car, there are less expensive items that make for a great gift. Think about what the person loves about racing when determining an appropriate gift. Get creative as there are products made by race car manufacturers, racing guides, tickets to a race and apparel from which to choose.
A new car purchase can put a buyer in the fast lane to happiness. Celebrate the occasion with a ready-for-the-road gift that'll really put you on the map. Whether the new wheels is a small two-wheel budget-friendly ride or a massive kids'-team-transportation device, offer a present that will get the driver's' motors revved up.
Many boys begin with their love of cars at a very young age. From the time they know what a car is, they start admiring them and wanting to drive them. So choose a car-themed gift for a boy who loves automobiles. Whether he is a very young boy, or a bit older, there are lots of options from which to choose.
If your guy is one of the 246 million car and truck owners in the United States as of December 2009, an entire roadway's worth of present options await. Finding a gift for a car or truck enthusiast means focusing on the guy's particular driving interest. Select that perfect present to put the recipient into "overdrive."
The speed and excitement of race cars hold a special appeal for many seven-year-old children. Quick turns, agile maneuvers and fiery crashes easily catch the attention and imagination of kids. When the child's parents are race fans, too, the pull is even stronger. Even though their own driving experiences are several years away, kids often love anything to do with race cars.
When giving someone a gift, it's best to take a clue from their interests. If you are shopping for someone that loves cars, consider a car-related gift. This type of gift also works well for someone that spends a lot of time in their car commuting, to make things more decorative and comfortable.
Fun or entertaining gifts for car enthusiasts will either enhance their experience in their car or will invoke laughter as a humorous gift. Choose a gift that suits the style of the person receiving the gift as well as the style of the car. A car gift can be a thoughtful standalone choice or as an added bonus to a new car.
Not everyone is lucky and talented enough to drive rally cars for a living, but since the sport has plenty of fans, you can give a variety of gifts connected with rally car driving. These gifts either re-create the thrills of rally car driving or allow lovers of the sport to show their appreciation. These gifts are available through stores but more commonly through specialist sports enthusiast retail websites.
Most car lovers enjoy new items for their cars. Electronic gadgets, in particular, make cool car gifts that most car enthusiasts will appreciate. Some cool car gifts are just plain nice to have, while others are necessary for travel or maintenance of the car. If possible, try to get your car lover to give some hints or clues as to the price range and the type of electronic "toy" he or she is interested in, or maybe even narrow it down to a specific need.
If there's a car enthusiast in your life with a funny bone, humorous car gadgets and accessories are gifts well-suited for an upcoming birthday or holiday celebration. For a friend or family member who lives and breathes his automobile, there's nothing better than a goofy car gift to make him smile.
Skip the tie, and set dad's heart racing with a car gift this holiday. Choose one that is practical--a gift he can display--or one that will give him a memorable experience. Select a gift within your price range, focus on your dad's particular car type and give your car enthusiast.a gift he will appreciate.
The kind of gift you give a car salesman will depend on your relationship with him. If you're his boss, you'll want to use gifts as a reward for superior performance. As a colleague, you may want to give a more practical or amusing gift. Evaluate the salesman's personality before giving a gift, though, as one gift rarely fits all.
It can be difficult to find gifts for car lovers. Since they spend most of their time with their cars, they usually have all the latest gadgets. Even if they haven't bought the newest items yet, car lovers have already conducted research about them, and they know exactly what they want.
If you have a classic car lover in your life, stock up on miniature versions of his favorite muscle cars from the past. Miniature model cars come in a wide variety of colors and models. You can purchase them assembled already--or you can buy kits that the gift recipient can use to assemble on her own time. If the car model is especially delicate--or if you want to create a museum feel in your gift recipient's home--you may want to consider buying a glass display case for the model cars.
Although some men can be notoriously hard to shop for, a car enthusiast makes it easy to select and purchase a gift that will delight him. No matter what your budget is or what type of vehicle your man loves, you can provide him with a gift for the car, home or body that lets him know you appreciate his passion and support his car loyalty.
The Ford Cobra is a classic muscle car that Ford Motor Co. has brought back to the streets with a new, slick look. New base cars cost about $75,000 and souped up cars hit close to $95,000, reports Car and Driver Magazine. The magazine also reports that Ford's Performance Parts catalog "has all the necessary components to turn any 2010 Mustang into a Cobra Jet." For the Cobra lover in your family, select Cobra-themed gifts from key chains to the real deal. Make sure to set a budget before you begin shopping.
Muscle car enthusiasts come in all shapes and sizes, so there isn't a "one size fits all" gift to give. Fortunately, muscle cars are a popular part of American culture, and there are many great gifts for every price range. Hint: find out what car or brand your car fan is partial to before beginning your search.
If you have a Dodge Challenger lover in your life, then you may want to give him a collector's item that will reflect his fondness for this 1970s muscle car classic. Today, there are updated versions of the Dodge Challenger, but the hot rod appeal remains the same. Pick a gift that fits your budget: Dodge Challenger-themed gifts come at small and grand prices.
A typical race car driver is passionately consumed by the sport, whether driving at the short track for a hobby or with a ride in the professional leagues. The gifts a race driver will treasure the most are the ones that remind him of racing, so use a driver's car colors, racing number or race team name to personalize gifts.
Asking a car enthusiast to identify his or her favorite car will help you pinpoint gift possibilities. From inexpensive gifts like a calendar to a larger gift like tickets to an antique car museum, there are some good options.
A car may be the biggest Christmas gift that you can give. You could easily take the person you're buying for to the dealership and allow the person to pick his or her gift out. There's no fun in that, though. Surprising your loved one with a car on Christmas morning is a moment that neither of you will ever forget.
