What are you thinking about Part VII

Status
Not open for further replies.

Angel1989

Well-Known Member
Premium Member
Thinking about RR and praying her surgery went well and that she has a quick recovery.
 

AlleyCat

Well-Known Member
The problem is, in CT, if we do that my bro would still have to pay the full book value sales tax to the state. (Yes, we checked on both ways.)

CT wants all those taxes it can get. :mad:
I was thinking the same thing too. A gift or a minimum sale of, say $1, doesn't carry any weight with the dmv here in MN. They apply the current value of the vehicle.
 

cdmeggers

Well-Known Member
why is it so quiet in here that I can hear my dog chewing on his toy? Oh yeah, maybe I should unmute my TV? hehe
 

Mewtilation

New Member
I am thinking about old people drivers, and how their licenses should be revoked after a certain age... or how they should be written and visually tested every 2 or 1 years after a certain age... :mad: :roll: :mad:
 

Jane B.

Well-Known Member
All this talk of what different states do led be to looking up what Illinois does. They do tax it but amount depends on age and/or value. This is what I found from a PDF link on one of the Illinois state sites.

Table A Vehicle age Tax due
1 or less ........................................ $ 390
2 .......................................... 290
3 .......................................... 215
4 ......................................... 165
5 ......................................... 115
6 .......................................... 90
7 .......................................... 80
8 .......................................... 65
9 .......................................... 50
10 ......................................... 40
11 or more .......................................... 25
If the purchase price or fair market value is $15,000 or more, you
must use Table B.
Table B
Purchase price or fair market value Tax due
$15,000 to 19,999.99 . . . . . . . . . . . . . . . . $ 750
$20,000 to 24,999.99 . . . . . . . . . . . . . . . . 1,000
$25,000 to 29,999.99 . . . . . . . . . . . . . . . . 1,250
$30,000 or more . . . . . . . . . . . . . . . . . . . . 1,500
Use this table
if you marked
Step 4,
Line 4b.
Use this table
if you marked
Step 4, Line 4a.
 

caz12

New Member
for last two weeks I been thinking have BIG clear out of my crap..go to bed think about it as everthing seem easier at night in bed come the day it go back to being a thought and that what I thinking
 

Reba

Retired Terp
Premium Member
I was thinking the same thing too. A gift or a minimum sale of, say $1, doesn't carry any weight with the dmv here in MN. They apply the current value of the vehicle.
I found out that DMV of CT also wants my brother to report the bike as income with the IRS! That's not even their jurisdiction. They seem to just hate seeing anyone being nice to another person. :mad:
 

caz12

New Member
now thinking cross thoughts i let daughter use computer,she got some mess on screen and used scouring pad get rid of ice cream...I not pleased
 

Reba

Retired Terp
Premium Member
Reba
You might want to read here for the Federal Rules. Frequently Asked Questions on Gift Taxes and check CT for any STATE gift tax rules. Market value of the item (the bike in this case) probably makes a difference for both.
Ridiculous. It's none of the government's business about my personal gift giving to family members.

Really, are people reporting the gifts they give or get for their birthdays, Christmas, wedding, graduation, and new babies?
 

Jane B.

Well-Known Member
Ridiculous. It's none of the government's business about my personal gift giving to family members.

Really, are people reporting the gifts they give or get for their birthdays, Christmas, wedding, graduation, and new babies?
The annual exclusion is high enough that most of those type gifts do not require a return or tax.

From the IRS site:
What if my spouse and I want to give away property that we own together?
You are each entitled to the annual exclusion amount on the gift. Together, you can give $22,000 to each donee (2002-2005) or $24,000 (2006-2008), $26,000 (2009-2012) and $28,000 on or after January 1, 2013 (including through 2014).
 

whatdidyousay!

Well-Known Member
I am thinking about old people drivers, and how their licenses should be revoked after a certain age... or how they should be written and visually tested every 2 or 1 years after a certain age... :mad: :roll: :mad:
I been thinking about all the jokes men made about women drivers and seen men making turns all the time and not staying in their own lane . I agree older drivers can be risky drivers but I see plenty of younger people speeding and tailgating and running red lights all the time. I just saw a guy run a red light yesterday at a very dangerous intersection , it's the same one the teenager driver totaled my car.
 

Tousi

Well-Known Member
I am thinking about old people drivers, and how their licenses should be revoked after a certain age... or how they should be written and visually tested every 2 or 1 years after a certain age... :mad: :roll: :mad:
Well, since driving is a privilege, I'd leave well enough alone; however, mandatory acuity exams and the like after a certain age might be alright....
 

Reba

Retired Terp
Premium Member
The annual exclusion is high enough that most of those type gifts do not require a return or tax.

From the IRS site:
What if my spouse and I want to give away property that we own together?
You are each entitled to the annual exclusion amount on the gift. Together, you can give $22,000 to each donee (2002-2005) or $24,000 (2006-2008), $26,000 (2009-2012) and $28,000 on or after January 1, 2013 (including through 2014).
It's the entire principle of taxable gift giving that I object to.

Gifts are not earned income.
 

Frisky Feline

Well-Known Member
I am thinking about old people drivers, and how their licenses should be revoked after a certain age... or how they should be written and visually tested every 2 or 1 years after a certain age... :mad: :roll: :mad:
I feel you for that. My dear friend's mom had a car accident. I am not sure how old is she, around 70's. My friend texted me that she needed a ride. So i left from my work and brought her to E.R. to check on her mom. Before that , we saw the damaged car then went to E.R. Her mom came out of physical therapy. She started the car, and all of a sudden, her mind went BLANK. She puts GAS on at a full speed, and went into the grasses, and almost going into the pond but keep going until She woke up, and saw the busy streets. She stopped then her car was around, and went into the deep ditch.. She's OK. Car is not OK. Its gone.
 

a l i v e

posts from hell
It's the entire principle of taxable gift giving that I object to.

Gifts are not earned income.
Gift taxes, in various forms, has been around forever. Death tax, gift tax, full taxable value of item, whatever chameleon form they call it. When you get to the bottom of it, whenever your networth increases, you will be taxed.

Especially in this case. There's another vehicle thats being introduced to their roads. They need the funds to maintain the roads.
 
Status
Not open for further replies.
Top