Welcome Guest
Log In | Register )
You last visited December 4, 2016, 7:09 am
All times shown are
Eastern Time (GMT-5:00)

OM GOSH!!

Topic closed. 29 replies. Last post 11 years ago by RJOh.

Page 2 of 2
PrintE-mailLink
Avatar
New Mexico
United States
Member #12305
March 10, 2005
2984 Posts
Offline
Posted: October 14, 2005, 10:06 pm - IP Logged

I hope the one from India does, Shalini.  Greetings to you.  Good luck.

Jack

Absorb the good, ignore the bad, weigh the ugly.

It's about number behavior.

Egos don't count.

 

Dedicated to the memory of Big Loooser

 

    BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
    Magnolia, Delaware
    United States
    Member #18795
    July 20, 2005
    789 Posts
    Offline
    Posted: October 14, 2005, 10:34 pm - IP Logged

    ryanm, The person receiving the gift pays the tax on that gift (it doesn't matter if tacked on at the end of the yr or not)! And if you drive a company car home every night from your job and back to work every morning, did you know it's tacked on to your w-4 every year to the tune of $3500.00 (thats what it was in 95)! And if you go on a game show and win a bunch of cash and prizes, You pay the taxes, not the game show!

    Keep dreaming the impossible dream, it just may come true! Thumbs Up

      Avatar
      New Mexico
      United States
      Member #12305
      March 10, 2005
      2984 Posts
      Offline
      Posted: October 14, 2005, 10:49 pm - IP Logged

      ryanm, The person receiving the gift pays the tax on that gift (it doesn't matter if tacked on at the end of the yr or not)! And if you drive a company car home every night from your job and back to work every morning, did you know it's tacked on to your w-4 every year to the tune of $3500.00 (thats what it was in 95)! And if you go on a game show and win a bunch of cash and prizes, You pay the taxes, not the game show!

      Lousy deal, the gift tax.  But the fact is it's just a drop in the river.  If the government is going to be everything to everyone it's going to cost money.  And if Americans want lower taxes they are going to have to figure out what they're willing to give up in government services.  I'd be for it.  But there are tens of thousands of career government employees of every stripe going to be dropping into retirement within a few years.  It's going to cost a lot to keep them in Winnebagoes and golf carts.

      Might be we have to double the gift tax, along with a lot of others before it's over.  Young people are going to have to work two shifts to keep us old folks living the way we're accustomed to living.

      Jack

      Absorb the good, ignore the bad, weigh the ugly.

      It's about number behavior.

      Egos don't count.

       

      Dedicated to the memory of Big Loooser

       

        Tx_Mega_Player's avatar - spider
        BIG D Texas
        United States
        Member #2539
        October 16, 2003
        148 Posts
        Offline
        Posted: October 14, 2005, 11:34 pm - IP Logged

        ryanm, The person receiving the gift pays the tax on that gift (it doesn't matter if tacked on at the end of the yr or not)! And if you drive a company car home every night from your job and back to work every morning, did you know it's tacked on to your w-4 every year to the tune of $3500.00 (thats what it was in 95)! And if you go on a game show and win a bunch of cash and prizes, You pay the taxes, not the game show!

        Barista,

          You are completely wrong on this one. A person receiving a "gift" (the donee) does not owe ANY taxes on the gift.   

        http://www.investopedia.com/terms/g/gifttax.asp

         

        The person giving the gift (the donor) can give someone up to $11,000 annually without paying taxes (this amount used to be $10,000). If you give some one, let's say 15,000 then the 1st 11,000 is tax free and the remaining 4,000 is subject to a gift tax and it will be owed by the person GIVING the gift. You can actually give someone 11,000 each year up to a lifetime max of 1 million per person. The cars that Oprah gave away apparently either did not quality as gifts under the IRS rules, or maybe the show required the audience members to agree to pay the taxes before they could receive a car.

          Littleoldlady's avatar - basket
          Clarksville
          United States
          Member #487
          July 15, 2002
          17638 Posts
          Offline
          Posted: October 14, 2005, 11:44 pm - IP Logged

          They only had to pay about 8,000 in taxes on on those cars..and if someone gave me a car like that..I would "afford" the taxes..u can't buy a brand new car for $8,000.00.  It is just like going on a game show..u get the gifts, u pay..and that man who promised the girls a new car..if he was married, his WIFE put a hole in that..and I don't blame her one bit.

          If you know your number is going to hit, have patience and then KILL IT!

          You never know when you will get another hit.

            RJOh's avatar - chipmunk
            mid-Ohio
            United States
            Member #9
            March 24, 2001
            19817 Posts
            Offline
            Posted: October 14, 2005, 11:51 pm - IP Logged

            The cars Oprah gave out on her show came fully loaded which made them worth about $25,000 retail and they were part of a promotional deal by GM.  GM doesn't give out free cars unless there's something in it for them and neither do lottery winners.  Those girls shouldn't have expected  a new car from a stranger for during nothing even if he was dumb enough to offer it. 

             * you don't need to buy more tickets, just buy a winning ticket * 
               
                         Evil Looking       

              BaristaExpress's avatar - BaristaExpressMX zpsfb0d8b5d.png
              Magnolia, Delaware
              United States
              Member #18795
              July 20, 2005
              789 Posts
              Offline
              Posted: October 14, 2005, 11:55 pm - IP Logged

              OK, Tx I was wrong. But as it even said, "The receiver of the gift may pay the gift tax, or a percentage of it, on the giver's behalf in the event that the giver has exceeded his/her annual personal gift tax deduction limit". And as you said the show may have had them agree to pay the taxes before receiving the car!

              Keep dreaming the impossible dream, it just may come true! Thumbs Up

                Avatar
                new delhi
                India
                Member #22145
                September 20, 2005
                174 Posts
                Offline
                Posted: October 15, 2005, 6:48 am - IP Logged

                thanx Jack.Hiding Behind Computer

                  Avatar
                  new delhi
                  India
                  Member #22145
                  September 20, 2005
                  174 Posts
                  Offline
                  Posted: October 15, 2005, 7:02 am - IP Logged

                  You guys in the states should play the euromillions as well as it is tax free...the tkts can be bought thru' PTS.

                  Well, our festive season is on and a lot of harmless and fun gambling goes on everyday during the last 2-3 weeks before our festival of lights, Diwali.

                  I hope this season brings all of you at LP a lot of joy and cheer............may good triumph over evil and may everyone be safe...................

                  Group Hug

                    Avatar
                    New Member
                    hernando, fl
                    United States
                    Member #23083
                    October 7, 2005
                    3 Posts
                    Offline
                    Posted: October 17, 2005, 11:21 pm - IP Logged

                             

                              Well here is what happened.  This guy who promised the cars did this individually with these girls. DIFFERENT days! The one girl I know the full story on was working at WING HOUSE ,served him and he left her a 250.00 dollar tip. He then came back in and gave her a razor phone paid fpr for a year and then said after work we are going to get you a new car of your choice. He picked her up told her to pick out a dealership , they went to infiniti , she picked out her car ,the guy put money on it.

                     The he was to wire transfer the rest .......this never happened , the dealership states that several of the girls had come there for their cars as well and he put money down on several cars for them and the dealership was waiting for the rest of the money through wire transfer on each of the cars...again the wire transfer never came and the dealership says he can't locate the guy now.

                    Just want to clarify the details I do know.

                    Yes it was a nice gesture......yes it didn't work out...my only thought is ...it was disappointing for the young girls ..thats all ,you'd have been disappointed too.  Thats it.

                      Littleoldlady's avatar - basket
                      Clarksville
                      United States
                      Member #487
                      July 15, 2002
                      17638 Posts
                      Offline
                      Posted: October 17, 2005, 11:25 pm - IP Logged

                      If I were them, I would just tell the car folks, I want the down payment back..surely it is more than a dollar..LOL

                      If you know your number is going to hit, have patience and then KILL IT!

                      You never know when you will get another hit.

                        Avatar
                        New Mexico
                        United States
                        Member #12305
                        March 10, 2005
                        2984 Posts
                        Offline
                        Posted: October 17, 2005, 11:56 pm - IP Logged

                                 

                                  Well here is what happened.  This guy who promised the cars did this individually with these girls. DIFFERENT days! The one girl I know the full story on was working at WING HOUSE ,served him and he left her a 250.00 dollar tip. He then came back in and gave her a razor phone paid fpr for a year and then said after work we are going to get you a new car of your choice. He picked her up told her to pick out a dealership , they went to infiniti , she picked out her car ,the guy put money on it.

                         The he was to wire transfer the rest .......this never happened , the dealership states that several of the girls had come there for their cars as well and he put money down on several cars for them and the dealership was waiting for the rest of the money through wire transfer on each of the cars...again the wire transfer never came and the dealership says he can't locate the guy now.

                        Just want to clarify the details I do know.

                        Yes it was a nice gesture......yes it didn't work out...my only thought is ...it was disappointing for the young girls ..thats all ,you'd have been disappointed too.  Thats it.

                        That raises a lot more questions than it answers... questions that won't be asked aloud, for that matter.  .

                        Probably this clarifies enough of the details to assure there won't be anymore details clarified, as well they shouldn't be.

                        Jack

                        Absorb the good, ignore the bad, weigh the ugly.

                        It's about number behavior.

                        Egos don't count.

                         

                        Dedicated to the memory of Big Loooser

                         

                          Avatar
                          Greenwich, CT
                          United States
                          Member #4793
                          May 24, 2004
                          1822 Posts
                          Offline
                          Posted: October 18, 2005, 3:02 pm - IP Logged

                          Maybe he could've met them halfway to salvage his reputation.

                          "You know, girls, I got a little carried away with the free cars because you're all so beautiful, but I'd still like to pay $10,000 toward each of your cars."  So, he's out $100,000, and maybe learns his lesson to not make so many promises, maybe keeps his respect. 

                            bellyache's avatar - 64x64a9wg

                            United States
                            Member #12618
                            March 18, 2005
                            2060 Posts
                            Offline
                            Posted: October 18, 2005, 3:06 pm - IP Logged

                            Yep, if I was one of those girls, I would go down to the dealer and see if I could get the down payment. lol.

                            Dance like no one is watching.

                              RJOh's avatar - chipmunk
                              mid-Ohio
                              United States
                              Member #9
                              March 24, 2001
                              19817 Posts
                              Offline
                              Posted: October 18, 2005, 4:32 pm - IP Logged

                              Maybe he could've met them halfway to salvage his reputation.

                              "You know, girls, I got a little carried away with the free cars because you're all so beautiful, but I'd still like to pay $10,000 toward each of your cars."  So, he's out $100,000, and maybe learns his lesson to not make so many promises, maybe keeps his respect. 

                              A reputation of foolishly giving his money away isn't worth salvaging.

                               * you don't need to buy more tickets, just buy a winning ticket * 
                                 
                                           Evil Looking