Oprah and GM just OWNED 279 people!
09-23-2004, 03:53 PM
#16
Originally Posted by nic3krnnamja83
*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
anyway to get back on topic, does anyone know how they worded the exchange? did they specifically say gift? I'm curious myself. maybe it's like a prize.
:banana:
Last edited by my2003wrx; 09-23-2004 at 03:58 PM.
09-23-2004, 03:57 PM
#17
Originally Posted by nic3krnnamja83
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.
09-23-2004, 04:07 PM
#18
Originally Posted by njc200
Thats why most people don't give their cars to their family members. They "sell" them for $1. Legally they sold it and Uncle Sam can't tax anything.
I think they'd have a hard time justifying to Uncle Sam that their car is worth $1.
:banana:
09-23-2004, 09:13 PM
#22
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Join Date: Feb 2004
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oprah should die, and any men who watch the show, women are a loud to watch it because its not their fault they arent perfect, they just arent.
men on the other hand, they have no reason for slipping up.
men on the other hand, they have no reason for slipping up.
09-23-2004, 09:28 PM
#23
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Originally Posted by RussB
how do the taxes work out to $7k? that seems a bit much...
-Chris
09-23-2004, 09:32 PM
#24
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Originally Posted by mexicanpizza
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.
Hey I'll sell that piece of crap, pay the tax and pocket ~13k. Thanks Oprah.
w3rd sista'
09-24-2004, 10:38 AM
#25
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Originally Posted by my2003wrx
I think they'd have a hard time justifying to Uncle Sam that their car is worth $1.
:banana:
:banana:
09-24-2004, 10:39 AM
#26
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Originally Posted by bassplayrr
Because it is not a sales tax, as you are likley thinking. It is considered an income tax, which is also the case for any money or merchandise won through a game show.
-Chris
-Chris
If I were in these peoples shoes, I'd get a new car loan (the collateral being the car) for the amount of tax I owed, then sell it, pay off the loan and pocket the cash
Last edited by nachomc; 09-24-2004 at 10:41 AM.
09-24-2004, 12:11 PM
#28
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You know what's ironic is that the audience members who recieved the car were in desperate need of a new vehicle according from what I heard from my older sis. (She watches Oprah and reads "O," her magazine). Therefore, if they couldn't afford a car, chances are that if they had to pay the tax for it, they wouldn't be able to.
If you're going to reward and "gift" someone, make sure to pick up the leftover tabs such as tax! In this case, GM did.
If you're going to reward and "gift" someone, make sure to pick up the leftover tabs such as tax! In this case, GM did.
09-24-2004, 01:13 PM
#29
Originally Posted by sonicsuby
I don't think you have to validate the cars worth. If you sold it for $1, then that's what you sold it for. Just like if you sell something for $100 that's only worth $50, the sales tax applies to $100, not $50, even though it's only worth $50.
Selling a car like a BMW 5 series to your friend for $1 to get around gift tax is not seen as a reasonable transaction, unless you can justify that it was only worth $1.
It's not the same as a vendor selling, say a phone, to you for $50 bucks.
:banana:
Last edited by my2003wrx; 09-24-2004 at 01:16 PM.
