In his Instagram Post, Actor Jomari Yllana Donates his 'Favorite Car' To His Son Andre.
It’s just like your kids meeting for the first time. My favorite car I kept for decades is yours now
In the United States of America The Internal Revenue Service (IRS) often acts as a helicopter parent. Whether you're giving away a car as a gift to a friend or donating it as a gift to charity, the IRS wants to know about it. Depending on the beneficiary of your gift, you could end up owing extra taxes or getting a tax break.
In the Philippines, Which is more tax efficient? Sale or Donation, some professionals would say "it depends on the value of the property and relationship of the donor to the donee.
For further understanding about Donor's Tax, visit Bureau of internal Revenue's (BIR) official Website
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