a while ago, we had a thread about the oprah audience getting keys to a new pontiac g6. a new car. for every person there. 279. now they either have to give the car back, or pay $7K in taxes to keep it.





umm........ owned!

 

Still worth it to pay the 7 g's for a 20k+ car and then sell it. But yeah there is always a catch to anything free....Well almost....

 

Well DUH! You pay taxes when you win the lottery, too. But you don't hear of many people saying, "nah, you can keep it." lol

 

haha you knew crap was gonna go down !

 

wouldnt this title transfer be considered a gift?

 

i think gifts are only transferable up to 10,000 i know that is true for cash, but car value i am not sure. but probably not

 

Actually I think it's, gifts that are $11k or below are not taxed for the giftor, but if you gifted something over $11k, the giftor would pay a gift tax.


:banana:

 

You can only gift a car to immediate relatives.

Hey I'll sell that piece of crap, pay the tax and pocket ~13k. Thanks Oprah.

 

I don't think that's true.


:banana:

 

gift a car to immediate relatives is correct, but it cannot be to sibling. my girlfriend just tried doing that with her beemer to her brother and it has to be an uncle or parents. i am pretty sure 10k and below cause i recentyl received 13,000 k from my aunt who just passed away (god bless her soul) and which i put into a CD and i could only put 10k in without being taxed on it, although i will get taxed on the money i make from interest. this was redwood credit union


yes for once da mexican(pizza) is right , jpjpjpjp

 

lol we had a discussion about this in my econ class

 

I have a friend who works in a CPA firm and they say you can gift anything legal to anyone

BTW the 10k is now 11k

:banana:

 

ok if they say so, just speaking first hand from what i experienced. i guess what happened to me really didnt happen

 

who said they couldn't do that? they need to open a can of whoop ****


:banana:

 

*cough* u know ur avatar says "LIAR" ...... could be pointing up at ur name or the middle finger, but for sake of arguement i'll say at u lol