Help Yi Buy a Car

[LaCroix]

this thread might help explain it, yi

https://www.reddit.com/r/personalfinance/comments/59o2z5/you_are_never_going_to_pay_a_gift_tax/

[Admiral Yi]

Well I'll be.

[CountDeMoney]

If the Donald could post a billion dollar loss and forward it for 18 years, I don't see why you can't get around the tax law on that one.

[grumbler]

Well I'll be.

My impression has always been that anything above $14k/yr in gifts has to be reported as income by the recipient.  You might want to verify that that is so, because the reddit link is talking about no taxes on the giver.

[LaCroix]

nah, it's talking about both.

So take that down payment from your parents, no one is going to tax anyone on it.

[Admiral Yi]

Do I save $995 and pretend to be a badass by getting manual, or concede defeat and go automatic?

[CountDeMoney]

Do I save $995 and pretend to be a badass by getting manual, or concede defeat and go automatic?

Manual transmissions get better gas mileage, better acceleration, and if something catastrophic happens to the drive train or you're in an accident, manuals are less expensive repair-wise.

And nobody steals manuals.  Unless you're in the movies.

[Berkut]

Nobody steals Jeeps, so it won't matter really.

[Eddie Teach]

Do I save $995 and pretend to be a badass by getting manual, or concede defeat and go automatic?

Do you enjoy driving a manual?

[Admiral Yi]

Got this from the IRS site.  Seems to be saying that the the first 14K per year is not taxable as income.

What can be excluded from gifts?

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.

    Gifts that are not more than the annual exclusion for the calendar year.
    Tuition or medical expenses you pay for someone (the educational and medical exclusions).
    Gifts to your spouse.
    Gifts to a political organization for its use.

In addition to this, gifts to qualifying charities are deductible from the value of the gift(s) made.

Wegro: I have in the past but it's been a while since I've driven one regularly.

[CountDeMoney]

Nobody steals Jeeps, so it won't matter really.

And there's Jeep crack #3 in two days.  We all know when you get a hair up your ass over something you have to drive it into the ground until it's a fine powder, but were you molested in a Jeep as a child or something?

Being a victim is not your fault, so you need to know it's OK if you were. 

[LaCroix]

 

[Berkut]

Nah, I owned one briefly though, that was bad enough.

Mostly I just like Yi and don't want him to buy the most unreliable car made in America. He doesn't strike me as someone who can really not worry about vehicle reliability.

[viper37]

THey're not ideal, I would certainly recommend against it, but people in 4x4 often are overconfident, and that leads them in the ditch, while the guy in the Camaro pass by them.

Yes, we call those people "women."

could be

[CountDeMoney]

Nah, I owned one briefly though, that was bad enough.

Mostly I just like Yi and don't want him to buy the most unreliable car made in America. He doesn't strike me as someone who can really not worry about vehicle reliability.

Ah, gotcha.   I thought maybe it was a bad memory over some long ago pussy in college or something. 

Mine's a 2008 with 80K on it and with nothing more dramatic than brakes as a problem, so you must've just been a fucking asshole with yours.