fusion Posted June 3, 2008 Report Share Posted June 3, 2008 so if my mom gives me a car i have to pay tax on it when its titled in my name? essentially same situation except one is giving a bike and one is paying cash for one.i call BS. a gift is a gift, and cash is cash.Technically if you are given a car as a gift the donor or the donee are supposed to pay taxes on it if it exceeds the annual exclusion amount.The situation she is describing is completely different. At least the last time I looked into it, trades that are alike and of equal value are tax free, but when one exceeds the other or when cash is involved taxes are supposed to be paid. Quote Link to comment Share on other sites More sharing options...
shittygsxr Posted June 3, 2008 Report Share Posted June 3, 2008 I have bought a couple of bikes and gotten really good deals the state will send you a letter and say "hey you got a great deal you arent stealing from us are you?" Then you call them and say "hey asses the bike was in shit shape and I had to put new plastics on it and paint it. " then they say "oh thats cool I'll mark it down" then you say "thanks playa" and it is done!!!! Quote Link to comment Share on other sites More sharing options...
John Posted June 3, 2008 Report Share Posted June 3, 2008 i thought there was a form you filled out for a gift vehicle? Quote Link to comment Share on other sites More sharing options...
Benyen Soljax Posted June 3, 2008 Report Share Posted June 3, 2008 Technically if you are given a car as a gift the donor or the donee are supposed to pay taxes on it if it exceeds the annual exclusion amount.The situation she is describing is completely different. At least the last time I looked into it, trades that are alike and of equal value are tax free, but when one exceeds the other or when cash is involved taxes are supposed to be paid.the annual exclusion amount is like 10000 dollars. im guessing her bike cost less than that minus the trade. Quote Link to comment Share on other sites More sharing options...
fusion Posted June 3, 2008 Report Share Posted June 3, 2008 yeah, but it's a trade (+cash) not a gift. Quote Link to comment Share on other sites More sharing options...
SchmuckGirl Posted June 5, 2008 Author Report Share Posted June 5, 2008 Woo hoo! Finally had a break in the weather to make the trade tonight. This is a whole different ball game, folks. Thank you to everyone who gave me the thoughtful advice as to what to expect cause this bike is NOT very much like my 500.... I'm like a proud mother, here's pics: Quote Link to comment Share on other sites More sharing options...
max power Posted June 5, 2008 Report Share Posted June 5, 2008 WOW, shes purty. Nice trade. Quote Link to comment Share on other sites More sharing options...
SchmuckGirl Posted June 5, 2008 Author Report Share Posted June 5, 2008 Oh, and the smudges on the white fairing are where she accidently dragged her shoe across? and apparently it left a mark? Anyway, I worked on it with some goo gone and it's not completely eradicated but my arm got tired so I'll try again later. Quote Link to comment Share on other sites More sharing options...
fusion Posted June 5, 2008 Report Share Posted June 5, 2008 Looks good. Congrats on the new ride. Quote Link to comment Share on other sites More sharing options...
NinjaNick Posted June 5, 2008 Report Share Posted June 5, 2008 Oh, and the smudges on the white fairing are where she accidently dragged her shoe across? and apparently it left a mark? Anyway, I worked on it with some goo gone and it's not completely eradicated but my arm got tired so I'll try again later.Try some WD-40 too.THAT BIKE IS HOT! WOW! I love it! Now change your bike title under your screen name. Quote Link to comment Share on other sites More sharing options...
APCh8r Posted June 5, 2008 Report Share Posted June 5, 2008 bike looks good, enjoy it. Be careful and get ready for the track, let me know when you and mike decide to go. Quote Link to comment Share on other sites More sharing options...
Disclaimer Posted June 5, 2008 Report Share Posted June 5, 2008 Wow... that is a very nice bike! Congrats. Quote Link to comment Share on other sites More sharing options...
John Posted June 5, 2008 Report Share Posted June 5, 2008 yeah, but it's a trade (+cash) not a gift.yeah but they dont need to know that. just gift them to each other IMO i mean, isnt that all a trade really is? i give you this, you give me that. who is to say they are not both gifts exchanged at the same time Quote Link to comment Share on other sites More sharing options...
Dweezel Posted June 5, 2008 Report Share Posted June 5, 2008 She's hot... I'd hit it Quote Link to comment Share on other sites More sharing options...
fusion Posted June 5, 2008 Report Share Posted June 5, 2008 yeah but they dont need to know that. just gift them to each other IMO i mean, isnt that all a trade really is? i give you this, you give me that. who is to say they are not both gifts exchanged at the same time Of course I'm really playing the devil's advocate here...That works fine unless the amount of cash also exchanging hands is above a certain amount and deposited in a large chunk then the IRS is notified anyway. Technically I think that in a trade or gifting you still have to submit a form to the IRS whether or not it's below the annual exclusionary amount. Quote Link to comment Share on other sites More sharing options...
EagleCock Posted June 5, 2008 Report Share Posted June 5, 2008 congrats on the upgrade! Quote Link to comment Share on other sites More sharing options...
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