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Dream bus gift in New York: '71
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Rome
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PostPosted: Fri Apr 13, 2018 3:29 am    Post subject: Dream bus gift in New York: '71 Reply with quote

I saw this nice story on CBS News- (based in New York City) this morning- http://newyork.cbslocal.com/2018/04/12/note-leads-to-dream-car/
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TDCTDI
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PostPosted: Fri Apr 13, 2018 4:24 am    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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.
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PostPosted: Fri Apr 13, 2018 4:46 am    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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.
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PostPosted: Fri Apr 13, 2018 7:44 am    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

Great story! Wish this would happen too me once. I leave notes on VW's all the time and never hear back Crying or Very sad
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PostPosted: Fri Apr 13, 2018 7:55 am    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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. Laughing
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PostPosted: Fri Apr 13, 2018 8:01 am    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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. Laughing

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.
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PostPosted: Fri Apr 13, 2018 8:09 am    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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. Laughing

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. Boo hoo!
Hopefully he has his license by then so he can drive it home... Laughing
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Cars of today are so bland in comparison. It's like driving a celebration!"
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Very Happy Shocked Mad Sad Embarassed d'oh! Pray Brick wall Pray Dancing Dancing Dancing ---williamM
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PostPosted: Fri Apr 13, 2018 2:02 pm    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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. Laughing

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. Boo hoo!
Hopefully he has his license by then so he can drive it home... Laughing

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.
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...or the PO envied the terrorists' bus in "Back to the Future". Laughing

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He's fine, just waiting for the dragon in winklepickers to move out of his lane.
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PostPosted: Fri Apr 13, 2018 4:30 pm    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

Great story! Thanks for sharing that.
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PostPosted: Fri Apr 13, 2018 8:20 pm    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

Man that is an awesome story. You can see/ hear his enthusiasm to own that bus. That's a deserving VW owner.
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PostPosted: Sat Apr 14, 2018 6:04 am    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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
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TDCTDI
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PostPosted: Sat Apr 14, 2018 7:55 pm    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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. Rolling Eyes
WTF is your point?

16yo+ 8 years puts said giftee into the “millennial “ category by your Pew Research Center example.
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Do something, anything, to your project every day, and you will eventually complete it.
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19super73
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PostPosted: Mon Apr 16, 2018 9:51 am    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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. Rolling Eyes
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.
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TDCTDI
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PostPosted: Mon Apr 16, 2018 11:17 am    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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.
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PostPosted: Mon Apr 16, 2018 5:16 pm    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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. Smile
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PostPosted: Mon Apr 16, 2018 5:29 pm    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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.
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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.
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PostPosted: Mon Apr 16, 2018 6:52 pm    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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.
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PostPosted: Mon Apr 16, 2018 7:40 pm    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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.)
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PostPosted: Mon Apr 16, 2018 8:42 pm    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

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?
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PostPosted: Mon Apr 16, 2018 9:55 pm    Post subject: Re: Dream bus gift in New York: '71 Reply with quote

Thanks OB, I didn't know gift taxes didn't apply to people who are not family members.
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