QUESTION
Is a buying a car for someone else and signing the title over to him legal?
Asked on Aug 18th, 2013 on Taxation - Missouri
More details to this question:
My friend has an export business and he is going to be out of town. He wants me to buy a car for him and then sign the title over to him, is this legal?
1 ANSWER
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Law Offices of Thomas Corcoran Phipps
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It is legal. If you are paying for the car, and he does not pay you back, you are making a gift. If the dollar amount is large enough, you may have to file a federal gift tax return.
Answered on Aug 21st, 2013 at 10:47 AM