Levine, Jacobs & Company, LLC, Senior Member Offers Insight On Tax Implications Regarding Selling Vs. Gifting Property
Is it better to sell a car for $1 or gift it?
- Newark, NJ (1888PressRelease) October 01, 2021 - Michael H. Karu, CPA/CFF, Senior Member, Levine, Jacobs & Company, LLC., was quoted on NJ.com where he discussed the tax implications of selling vs. gifting a car to a family member.
When Karu was asked if it was better to sell a car for $1 or gift it when transferring the title to a relative, he responded, “It would be cleaner to simply gift the car and not try to disguise it as a sale.”
Karu continued, “The gift of the car from parent to child is not subject to New Jersey sales tax as it is not a sale.” This is a recurring topic amongst parents and grandparents as they wish to help relatives but not be hit with large tax bills.
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Michael H. Karu, CPA/CFF, Senior Member of Levine, Jacobs & Company, LLC, a Livingston-based accounting and consulting firm. He is qualified by the Superior Court of New Jersey, Family Part, as an expert witness and as an authority on business valuations, specifically for closely held or family-owned businesses. Additionally, he is Certified in Financial Forensics a Chartered Global Management Accountant, and a Certified Divorce Mediator.
Karu received his B.S. degree in Business Administration from The Ohio State University and holds professional memberships in the American Institute of Certified Public Accountants, the AICPA Tax Division and the AICPA Business Valuation, Forensics and Litigation Services Section, as well as the NJ State Society of CPAs. Karu is a published author of numerous articles seen in trade and consumer publications and has been a guest on radio and television shows.
Levine, Jacobs & Company, L.L.C. maintains memberships in the American Institute of Certified Public Accountants and the New Jersey Society of Certified Public Accountants. The firm prides itself on its teamwork abilities where “every account receives the talent and expertise of the whole firm.”
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