ANSWERS: 2
  • If you sell him half ownership of the vehicle for only one dollar, you can get around the tax hassles ... he will then have to declare himself as the only registered driver for insurrance purposes.
  • There is no tax deduction allowed for giving something away. This is not a recognized charity (your son), therefor there is no tax deduction. He will not have to file any sort of tax for this either as long as the market value is less than 11,000. You will be fine.

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