Hi all, just received a free car (~45k) in a giveaway today. I’m currently weighing my options because I live in a city where I really don’t need or want a car, though I plan on moving to an area where I do need a car in ~2 years.
What are the tax implications if I keep the car? Is it taxed as additional income?
If I sell the car back to the dealership, is there anything else I should be aware of? Would I pocket the different between the price I sell it for and the tax I owe by initially receiving the car?
Has anyone else been in a similar situation and dealt with a dealership?
Thanks in advance!
Submitted August 28, 2022 at 11:44PM by Horror-Lemon1742 https://ift.tt/qnY2JpL
