How To Buy A Car For Someone <Official>

Ensure you have the recipient's full legal name and address for the paperwork. 3. Taxes and the "Gift" Rule

As of 2024, you can gift up to $18,000 per person without reporting it to the IRS. If the car costs more, you’ll need to file Form 709, though you likely won't owe taxes unless you've hit your lifetime exemption ($13+ million). 4. Insurance (The "Before You Drive" Step) A car cannot legally leave the lot without insurance. how to buy a car for someone

They need their own policy. You’ll need the VIN (Vehicle Identification Number) in advance so they (or you) can have a policy ready to activate the moment the keys are handed over. 5. Delivery Logistics Ensure you have the recipient's full legal name

You can often add the vehicle to your existing policy. If the car costs more, you’ll need to