Yes, I completely agree.

Not sure about the state side of it, but for federal gift tax purposes, each person can gift $14,000 per year to someone else without eating into their lifetime exemption amount of gifting of $5.43 million.

Each person gets the above, so his wife and him could together gist her a car of up to $28,000 and not file a…

FUck me, missed that, busy season took a peice of my soul this year. Good catch sir, have a star.

Sure, it will #science, but will it #economics?

Yes, Truck Nuts only actually cost the Price - Tax Rate, so $1.00 - $0.35 = $0.65.

Its always Miata and/or Truck Nuts.

This comment is CPA approved.

As a CPA, I’ll just wrote Eastwood: ‘Do you feel lucky, punk?’

You need about 20,000 in account fees to do it, but the IRS has really clamped down on personal tax avoidance schemes. Its super risk to just “move” $$$$ offshore and back now.

If held for MORE than one year, than yes it’s a capital asset. Held by a person.

Held by a business for more than one year, and sold at a gain its also capital. Sold at a loss and held more than one year, its section 1231 property which makes it an ordinary loss.

The only real thing you should be careful of is if you used the vehicle in a business or partially used it in the business. The biz would have taken depreciation on the asset, lowering you basis in the asset. If you are that far down the rabbit hole, read the IRS regs (http://www.irs.gov/pub/irs-pdf/p9…) or contact…

....Soooo they are selling it on Craigslist? I have a Silverado that neeeeeeeds that engine.

OH MY GOD I CAN ANSWER THIS!

So let me get this straight: The Commies in China are complaining about someone stealing their intellectual ideas of price fixing?

HELLCAT! - {Drops Mic and Bass at same time}

NEUTRAL: affix a 2 foot tall bronze Bald Eagle with a dragon in its claws to the hood of every car...er wait, thats my plan for Alabama.

The 6 year old in me is getting the 2nd mortgage on my house ready...

No It wasn’t, cant comment though for security purposes...it would be easy to figure out who it is if I told....and i like getting my ridiculously small paycheck!

Yes, Franchise tax, Ad-Valorem Tax, etc.

Hi, CPA here. 252 pages and 19 is nothing. Just wrapped up a 2,922 page return filing in 48 states...I'll let you guess which states we didn't file in.