Posted by andy r on August 10, 2016 at 18:38:58 from (166.181.80.58):
I have given my son many things over the years without expecting any payment. Examples are his first good car, help with his college education, help with a show pig business, help with housing at his first job, etc. He has helped me with farming as well, expecting no payment, but most of the time getting payment. The last few years with prices they way they were I paid him pretty well. He recently changed jobs within the company he works for and now will have a furnished pickup. He wants to give me his pickup as he has garage space for only their personal SUV and the company pickup. He just doesn't want another pickup sitting out front out nor will he have use for it. He bought it new a few years ago and wants to keep it in the family. He knows he will inherit my farm business someday. He just wants to give me the pickup. When he signs over the title will I have to pay any taxes since it isn't an actual purchase? I know there might be a recording or title fee, just didn't know about the taxes. Are county treasure departments use to this kind of transaction?
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