Author |
Message |
Rome Samba Member
Joined: June 02, 2004 Posts: 9640 Location: Pearl River, NY
|
|
Back to top |
|
|
TDCTDI Samba Advocatus Diaboli
Joined: August 31, 2013 Posts: 12846 Location: North Carolina
|
Posted: Fri Apr 13, 2018 4:24 am Post subject: Re: Dream bus gift in New York: '71 |
|
|
WARNING
Too bad I can’t read the article due to all the pop up ad crap that keeps locking up my phone.
Brief synopsis...
16yr old slips note through vent window & it falls to floor, “oh no, they’ll never see it”, original owner finds & keeps note, eight years later original owner passes away, son finds note & gives vehicle to the kid that wrote note. That’s as far as I could get. Good looking white on blue bus from pic in article. I’m sure there’s some pissed off relative or tax man.
Every millennial’s dream come true. Expect more notes on your cars. _________________ Everybody born before 1975 has a story, good, bad, or indifferent, about a VW.
GOFUNDYOURSELF, quit asking everyone to do it for you!
An air cooled VW will make you a hoarder.
Do something, anything, to your project every day, and you will eventually complete it. |
|
Back to top |
|
|
orangebug60guy Twin #1
Joined: June 28, 2003 Posts: 1516 Location: South Hadley Mass
|
Posted: Fri Apr 13, 2018 4:46 am Post subject: Re: Dream bus gift in New York: '71 |
|
|
The engine compartment looks like a fire waiting to happen. Great for this guy to get a bus for free. Hope he makes it safe to drive. _________________ Arachibutyrophobia- Fear of peanut butter sticking to the roof of the mouth.
Coprastasophobia- Fear of constipation. |
|
Back to top |
|
|
jquillen Samba Member
Joined: June 28, 2017 Posts: 12 Location: Cedar, MI
|
Posted: Fri Apr 13, 2018 7:44 am Post subject: Re: Dream bus gift in New York: '71 |
|
|
Great story! Wish this would happen too me once. I leave notes on VW's all the time and never hear back _________________ '79 Mexico Beige Westy "Pedro" |
|
Back to top |
|
|
KentABQ Samba Member
Joined: September 11, 2016 Posts: 2406 Location: Albuquerque NM
|
Posted: Fri Apr 13, 2018 7:55 am Post subject: Re: Dream bus gift in New York: '71 |
|
|
I can think of a 16-year old kid in Connecticutt who is now busily shoving notes thru the windows of every VW bus he sees. _________________ -Kent-
1976 Riviera, 1.8l FI chrome yellow VAN - "Chloe"
"I must say, how can you be in a bad mood driving this vehicle full of vibrant color.
Cars of today are so bland in comparison. It's like driving a celebration!" ---WildIdea
Bus ownership via emoticons:
---williamM |
|
Back to top |
|
|
TDCTDI Samba Advocatus Diaboli
Joined: August 31, 2013 Posts: 12846 Location: North Carolina
|
Posted: Fri Apr 13, 2018 8:01 am Post subject: Re: Dream bus gift in New York: '71 |
|
|
KentPS wrote: |
I can think of a 16-year old kid in Connecticutt who is now busily shoving notes thru the windows of every VW bus he sees. |
And you know what? Of all the young kids that would potentially do that, I believe that HE would be the one that would take care of & preserve it. _________________ Everybody born before 1975 has a story, good, bad, or indifferent, about a VW.
GOFUNDYOURSELF, quit asking everyone to do it for you!
An air cooled VW will make you a hoarder.
Do something, anything, to your project every day, and you will eventually complete it. |
|
Back to top |
|
|
KentABQ Samba Member
Joined: September 11, 2016 Posts: 2406 Location: Albuquerque NM
|
Posted: Fri Apr 13, 2018 8:09 am Post subject: Re: Dream bus gift in New York: '71 |
|
|
TDCTDI wrote: |
KentPS wrote: |
I can think of a 16-year old kid in Connecticutt who is now busily shoving notes thru the windows of every VW bus he sees. |
And you know what? Of all the young kids that would potentially do that, I believe that HE would be the one that would take care of & preserve it. |
I believe you're right.
If I kick the bucket, 67ctbug can have Chloe.
Hopefully he has his license by then so he can drive it home... _________________ -Kent-
1976 Riviera, 1.8l FI chrome yellow VAN - "Chloe"
"I must say, how can you be in a bad mood driving this vehicle full of vibrant color.
Cars of today are so bland in comparison. It's like driving a celebration!" ---WildIdea
Bus ownership via emoticons:
---williamM |
|
Back to top |
|
|
67ctbug Samba Member
Joined: January 24, 2016 Posts: 3619 Location: CT
|
Posted: Fri Apr 13, 2018 2:02 pm Post subject: Re: Dream bus gift in New York: '71 |
|
|
KentPS wrote: |
TDCTDI wrote: |
KentPS wrote: |
I can think of a 16-year old kid in Connecticutt who is now busily shoving notes thru the windows of every VW bus he sees. |
And you know what? Of all the young kids that would potentially do that, I believe that HE would be the one that would take care of & preserve it. |
I believe you're right.
If I kick the bucket, 67ctbug can have Chloe.
Hopefully he has his license by then so he can drive it home... |
Wow guys, that means a lot. I know a few buses down the road from me... time to get my notepad out.... and Kent, don’t kick the bucket anytime soon. _________________ '67 Beetle L41
'74 Westfalia
'69 Plymouth "Adam-12"
'63 Ragtop
'73 914
'73 Dodge W200
'72 Dodge Wrecker
Go Cubs!
World Series Champions 2016
KentPS wrote: |
...or the PO envied the terrorists' bus in "Back to the Future". |
mukluk wrote: |
He's fine, just waiting for the dragon in winklepickers to move out of his lane. |
|
|
Back to top |
|
|
René R. Samba Member
Joined: July 06, 2015 Posts: 1710 Location: No. Calif.
|
Posted: Fri Apr 13, 2018 4:30 pm Post subject: Re: Dream bus gift in New York: '71 |
|
|
Great story! Thanks for sharing that. _________________ Gone but not forgotten: 1950 Hoffman split (restored in 1966) - another 1950 Hoffman split (restored in 1996) |
|
Back to top |
|
|
sb001 Samba Member
Joined: May 19, 2011 Posts: 10406 Location: NW Arkansas
|
Posted: Fri Apr 13, 2018 8:20 pm Post subject: Re: Dream bus gift in New York: '71 |
|
|
Man that is an awesome story. You can see/ hear his enthusiasm to own that bus. That's a deserving VW owner. _________________ I'm the humblest guy on this board.
1969 autostick sedan, family owned since new
1600 SP engine
Solex 30 PICT 3 carburetor
Bosch 113905205AE autostick distributor |
|
Back to top |
|
|
Gary Person of Interest
Joined: November 01, 2002 Posts: 17069 Location: 127.0.0.1
|
Posted: Sat Apr 14, 2018 6:04 am Post subject: Re: Dream bus gift in New York: '71 |
|
|
TDCTDI wrote: |
WARNING
Too bad I can’t read the article due to all the pop up ad crap that keeps locking up my phone.
Brief synopsis...
16yr old slips note through vent window & it falls to floor, “oh no, they’ll never see it”, original owner finds & keeps note, eight years later original owner passes away, son finds note & gives vehicle to the kid that wrote note. That’s as far as I could get. Good looking white on blue bus from pic in article. I’m sure there’s some pissed off relative or tax man.
Every millennial’s dream come true. Expect more notes on your cars. |
1) The young man left a note that said 'Please call me' along with his telephone number
2) The owner's son decided to give the bus to the young man
3) Defining generations: Where Millennials end and post-Millennials begin
4) Some people are jealous of the good fortune of others _________________ West Virginia State Board of Education v. Barnette, 319 U.S. 624 (1943) |
|
Back to top |
|
|
TDCTDI Samba Advocatus Diaboli
Joined: August 31, 2013 Posts: 12846 Location: North Carolina
|
Posted: Sat Apr 14, 2018 7:55 pm Post subject: Re: Dream bus gift in New York: '71 |
|
|
Gary wrote: |
TDCTDI wrote: |
WARNING
Too bad I can’t read the article due to all the pop up ad crap that keeps locking up my phone.
Brief synopsis...
16yr old slips note through vent window & it falls to floor, “oh no, they’ll never see it”, original owner finds & keeps note, eight years later original owner passes away, son finds note & gives vehicle to the kid that wrote note. That’s as far as I could get. Good looking white on blue bus from pic in article. I’m sure there’s some pissed off relative or tax man.
Every millennial’s dream come true. Expect more notes on your cars. |
1) The young man left a note that said 'Please call me' along with his telephone number
2) The owner's son decided to give the bus to the young man
3) Defining generations: Where Millennials end and post-Millennials begin
4) Some people are jealous of the good fortune of others |
Here goes Gary again.
WTF is your point?
16yo+ 8 years puts said giftee into the “millennial “ category by your Pew Research Center example. _________________ Everybody born before 1975 has a story, good, bad, or indifferent, about a VW.
GOFUNDYOURSELF, quit asking everyone to do it for you!
An air cooled VW will make you a hoarder.
Do something, anything, to your project every day, and you will eventually complete it. |
|
Back to top |
|
|
19super73 Hardcore Stock Nazi
Joined: October 18, 2007 Posts: 4351 Location: Cité Soleil
|
Posted: Mon Apr 16, 2018 9:51 am Post subject: Re: Dream bus gift in New York: '71 |
|
|
TDCTDI wrote: |
Gary wrote: |
TDCTDI wrote: |
WARNING
Too bad I can’t read the article due to all the pop up ad crap that keeps locking up my phone.
Brief synopsis...
16yr old slips note through vent window & it falls to floor, “oh no, they’ll never see it”, original owner finds & keeps note, eight years later original owner passes away, son finds note & gives vehicle to the kid that wrote note. That’s as far as I could get. Good looking white on blue bus from pic in article. I’m sure there’s some pissed off relative or tax man.
Every millennial’s dream come true. Expect more notes on your cars. |
1) The young man left a note that said 'Please call me' along with his telephone number
2) The owner's son decided to give the bus to the young man
3) Defining generations: Where Millennials end and post-Millennials begin
4) Some people are jealous of the good fortune of others |
Here goes Gary again.
WTF is your point?
16yo+ 8 years puts said giftee into the “millennial “ category by your Pew Research Center example. |
I believe his point is #4. You come off as pissy about the kid getting the bus with your tax man, pissed off relative and comment about getting more notes on your VW's. _________________ 1970 Campmobile [url=https://www.vw-mplate.com/mplate-47260.png]Click to view image[/URL]
1970 Fastback 1600 TL
1971 Doka [url=https://www.vw-mplate.com/mplate-14845.png]Click to view image[/URL]
1973 Super Beetle
1973 Westfalia [url=https://www.vw-mplate.com/mplate-31892.png]Click to view image[/URL]
1974 412 Variant
1975 La Grande Bug
1984 Vanagon |
|
Back to top |
|
|
TDCTDI Samba Advocatus Diaboli
Joined: August 31, 2013 Posts: 12846 Location: North Carolina
|
Posted: Mon Apr 16, 2018 11:17 am Post subject: Re: Dream bus gift in New York: '71 |
|
|
The value of a one owner VW Bus, in the condition that this Bus appears to be in, in the state of NY would surely be worth more than $8,000 (conservatively), no? I don't know the what the family dynamics were but that "gift" would have been considered part of an estate that should have been distributed to other heirs or to settle debts. Furthermore, in NY, registration transfers are taxed on the vehicle sale price (Or at least it was (lots of cars are sold for $1.).). So this (effectively large sum of money) was gifted, to a non-family member, presumably tax free, out of an estate. That's where that comment came from. _________________ Everybody born before 1975 has a story, good, bad, or indifferent, about a VW.
GOFUNDYOURSELF, quit asking everyone to do it for you!
An air cooled VW will make you a hoarder.
Do something, anything, to your project every day, and you will eventually complete it. |
|
Back to top |
|
|
EverettB Administrator
Joined: April 11, 2000 Posts: 69802 Location: Phoenix Metro
|
Posted: Mon Apr 16, 2018 5:16 pm Post subject: Re: Dream bus gift in New York: '71 |
|
|
If the son gifted it then he was most likely the heir and legal owner at the time so he can do with it what he wishes.
It's possible the kid needs to pay taxes on this gift at a fair market value.
I guess report him to the IRS if you think he has cheated the system.
(Dick move IMHO)
Note: Don't report things to the IRS unless your shit is in order too. _________________ How to Post Photos
Everett Barnes - [email protected] | My wanted ads
"Water is the only drink for a wise man" | "Communication prevents complaints"
Stop dead photo links! Post your photos to The Samba Gallery! |
|
Back to top |
|
|
TDCTDI Samba Advocatus Diaboli
Joined: August 31, 2013 Posts: 12846 Location: North Carolina
|
Posted: Mon Apr 16, 2018 5:29 pm Post subject: Re: Dream bus gift in New York: '71 |
|
|
It would be a dick move & it’s not my business. I’d be curious how many of these feel good stories gain the attention of an IRS auditor or how many auditors are classic car savvy. _________________ Everybody born before 1975 has a story, good, bad, or indifferent, about a VW.
GOFUNDYOURSELF, quit asking everyone to do it for you!
An air cooled VW will make you a hoarder.
Do something, anything, to your project every day, and you will eventually complete it. |
|
Back to top |
|
|
OB Bus Samba Member
Joined: February 09, 2003 Posts: 2535 Location: Ocean Beach in Beautiful BLUE California
|
Posted: Mon Apr 16, 2018 6:52 pm Post subject: Re: Dream bus gift in New York: '71 |
|
|
EverettB wrote: |
If the son gifted it then he was most likely the heir and legal owner at the time so he can do with it what he wishes. |
If the son was the legal heir yes he can do with property as he wishes. They own it.
EverettB wrote: |
It's possible the kid needs to pay taxes on this gift at a fair market value. |
No. The recipient of a gift does not need to pay federal taxes on the gift. The tax basis of the bus in the hands of the recipient are the same as the donor. If the recipient sells the bus later he pays tax on the gain..the difference between selling price and the basis.
EverettB wrote: |
I guess report him to the IRS if you think he has cheated the system. (Dick move IMHO) |
I agree
TDCDI wrote: |
It would be a dick move & it’s not my business. I’d be curious how many of these feel good stories gain the attention of an IRS auditor or how many auditors are classic car savvy. |
In the situation above the story might gain someone's attention but there is no tax issue involving the gift. _________________ Larry in OB
Stop dead photo links! Post your photos to The Samba Gallery!
69 Westfalia and 2002 Eurovan Camper. |
|
Back to top |
|
|
TDCTDI Samba Advocatus Diaboli
Joined: August 31, 2013 Posts: 12846 Location: North Carolina
|
Posted: Mon Apr 16, 2018 7:40 pm Post subject: Re: Dream bus gift in New York: '71 |
|
|
OB bus, is tax law your forte?
If so, hypothetically, what would keep someone from converting their assets to collector cars(or they have a car that has become a highly desirable collector car.) & donating those family to avoid the annual non-taxable limit? Especially when in the case of NY, they go on the “honor method” of sale price declarations?
NC assigns a value on the vehicle but ALL classic cars at assigned a value of $5,000 (which is great if your car is worth more than that.) _________________ Everybody born before 1975 has a story, good, bad, or indifferent, about a VW.
GOFUNDYOURSELF, quit asking everyone to do it for you!
An air cooled VW will make you a hoarder.
Do something, anything, to your project every day, and you will eventually complete it. |
|
Back to top |
|
|
OB Bus Samba Member
Joined: February 09, 2003 Posts: 2535 Location: Ocean Beach in Beautiful BLUE California
|
Posted: Mon Apr 16, 2018 8:42 pm Post subject: Re: Dream bus gift in New York: '71 |
|
|
TDCTDI wrote: |
OB bus, is tax law your forte? |
Yes you could say so.
TDCTDI wrote: |
so, hypothetically, what would keep someone from converting their assets to collector cars(or they have a car that has become a highly desirable collector car.) & donating those family to avoid the annual non-taxable limit? Especially when in the case of NY, they go on the “honor method” of sale price declarations?
NC assigns a value on the vehicle but ALL classic cars at assigned a value of $5,000 (which is great if your car is worth more than that.) |
You have scrambled a number of tax issues here.
The annual limit on gifts below which avoids having to file a gift tax return is $14,000 per donor per donee. Above the $14k figure a gift tax return is required, but the resultant tax can be offset by the combined gift and estate tax credit allowed to everyone.
In your New York example the recipient's tax basis of items gifted to them is the basis in the hand of the donor. If the donor "converted their assets" to classic cars and "donated" them to family members, there would be no difference in terms of gift tax. Example: if the donor took stock worth $10K, used it to purchase a classic car for $10K and then gave the car to a child, the gift tax situation would be all the same. Basis of the stock or the car to the donor: $10K. Basis to the donee: $10K. Gift tax return required? No. Gift tax liability: $0.
There are lots of esoteric maneuvers that can legally be done with gift & estate tax. Then again there is currently no tax on estates below $5 mil. How many of you have a $5 mil estate? _________________ Larry in OB
Stop dead photo links! Post your photos to The Samba Gallery!
69 Westfalia and 2002 Eurovan Camper. |
|
Back to top |
|
|
EverettB Administrator
Joined: April 11, 2000 Posts: 69802 Location: Phoenix Metro
|
|
Back to top |
|
|
|