As the holiday season approaches, many people are buying gifts for everyone on their list. If one of your loved ones — like a teenage son or daughter— needs a car this year, consider these tips for gifting a car for the holidays.
Laws differ from state to state, but the gift of a car can sometimes trigger a federal gift tax. In 2016, the threshold for an individual was $14,000. However, couples can combine their thresholds for both giving and receiving.
Keep It a Surprise
If you are giving your family member a car, it might be difficult to keep it a surprise. Ask the dealership to have the car delivered late on Christmas Eve or enlist the help of a family member or friend to park the carat his or her house.
Make a Grand Presentation
We’ve all seen car commercials where someone gets a new car with a giant bow on top. You can make that a reality by purchasing a car bow online.
There is no better place to find the perfect gift this holiday season than Van Drunen Ford. Stop by and tell us who you’re shopping for, and we’ll do our best to fix you up with the right fit.