Omar, there are no little parts here. Whether you sponsored the oil dip stick, one of the windshield wipers, a battery cable or anything else, the idea of a car in general, and this one in specific, is that its the totality of seemingly insignificant pieces that counts.
Sponsoring the keys is only five bucks but completely essential, and I'm guessing Sam and Adele produce mental smiles for that donor on a regular basis.
Originally posted by frumper64
Ain't it nice having a beancounter in the familY?
Yes! (I wish my genetic family's beancounter were as prompt, compassionate, and concerned.)
The recipient of a gift has no tax liability at all, period. The only potential liability is for the giver, if he or she exceeds $10K per year to any opne individual. Basically, that law is in place to make sure that the really wealthy don't pass too much money on to their heirs via gifts and escape the estate tax.
Just a thought about this donation, that any overage (if you wanna call it that) will probably offset whatever taxes Sam will be liable for considering the income. Isn't this a reportable income?
Only if someone claims it as a donation on their taxes which probably is not allowed anyway. And the $10K and less rule applies. What Uncle don't know won't hurt him.
man, i tried typing a message a couple of times in paypal and the operation kept timing out and i kept loosing my message! 2nd time using pp in a while
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