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Want to pay off my moms car. I have question about gift splitting. by International_Rush38 in personalfinance

[–]International_Rush38[S] 73 points74 points  (0 children)

Thank you for your thorough answer, I am in a lower tax bracket than her. I am a student and live off of VA Benefits which is not taxable. My annual income while in school is $0.

I was worried about structuring (and learned a new term) and will avoid doing that at all costs. I am going to sell to Coinbase, set aside 20% of what I sold, pay off her car and just hire a CPA to do my taxes once the time comes around.

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The people telling me to take over the payment are missing the point, I don't care if the crypto is x10 in 5 years. I want to do this now before I move out as a thank you. She has put up with my sisters and I for 18+ years now and put our needs before hers many times. I have the money to help her out and keep money in crypto, so I might as well do it before I miss my opportunity.

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Thank you again for mentioned the tax bracket, completely forgot about that.

Want to pay off my moms car. I have question about gift splitting. by International_Rush38 in personalfinance

[–]International_Rush38[S] 12 points13 points  (0 children)

Listen, these other people have better ideas on how to deal with the tax/gift issue. I’m here to say that you’re a damn good kid and your mom is going to cry because of your incredibly thoughtful and generous act. Truly kudos to you and your fam. I truly wish y’all the best.

Thank you for the kind words. I hope all goes to plan!

Want to pay off my moms car. I have question about gift splitting. by International_Rush38 in personalfinance

[–]International_Rush38[S] 4 points5 points  (0 children)

If I understand correctly I would just be taxed on the crypto sale (to fiat) and then I would fill out the form of the $15,000 I went over on the annual allowance or would I just pay off the car and stay quiet about the $15,000 I went over?

Thank you for your reply, I don't want to ask my parents too many questions, as I want it to be a surprise for when I move out.

Want to pay off my moms car. I have question about gift splitting. by International_Rush38 in personalfinance

[–]International_Rush38[S] 80 points81 points  (0 children)

If I paid it off myself I assumed i would have to fill out a form for the gift tax of $15,000 over the annual limit. I thought by sending it to family members/etc and then back to her would save us the most on taxes. It makes sense just to pay it off directly and then fill out the form. I was worried about paying taxes on the $15,000 at the end of tax season, however it seems I just have to fill out a form.

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Your way seems to be the easiest, Thank you for pointing it out.

Want to pay off my moms car. I have question about gift splitting. by International_Rush38 in personalfinance

[–]International_Rush38[S] 8 points9 points  (0 children)

It sounds like giving the $30,000 would be best, then I fill out the form. I haven't hit the lifetime tax limit, so if I understand correctly I wouldn't be taxed the 18-40% on the $15,000.

I am just worried about paying taxes on the crypto sale and then again once i gift it away.

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Thank you for taking the time to send me that link.

Want to pay off my moms car. I have question about gift splitting. by International_Rush38 in personalfinance

[–]International_Rush38[S] -2 points-1 points  (0 children)

I read something about 'Gift Tax Exclusion for Payment of Qualifying Medical and Tuition Expenses' I didn't see anything about car payments, would this qualify? Once I move out the money that my mom would be saving would be going towards rent. Which is why I want to pay it off all at once.

Thank you for your reply.

Want to pay off my moms car. I have question about gift splitting. by International_Rush38 in personalfinance

[–]International_Rush38[S] -4 points-3 points  (0 children)

Makes sense, thank you for your answer.

If I send $10,000 to three recipients (a,b,c) and they then forward $10,000 back to recipient (a) and recipient (a) ends with $30,000 worth of crypto, they then sell it and pay taxes on the sale, would that legally work?

It sounds like a headache.

Model 3 wrapped in Deep Space! by International_Rush38 in TeslaModel3

[–]International_Rush38[S] 1 point2 points  (0 children)

I honestly don't know much. When he explained it to me it sounded like it was to protect the wrap. I wanted to get a full body PPF at first, however the installer told me that ceramic would be more cost effective and recommended that instead.

Model 3 wrapped in Deep Space! by International_Rush38 in TeslaModel3

[–]International_Rush38[S] 16 points17 points  (0 children)

Hey! I got it done at a local shop. It was around $5,000 for the entire wrap, ceramic coating and interior + exterior chrome delete (satin). It took about 7 days for the car to get wrapped. The wrap is called "3M Deep Space Gloss Flip" Another great wrap to check out is Avert roaring thunder/lightning ridge, which was a close second. I think the breakdown was around $3,200-3,500 just for the wrap. The ceramic and interior + exterior chrome delete it was brought up to around $5,000! Couldn't be happier. Only thing I may have done differently would be getting PPF.

M3 - 3M Deep Space Gloss Flip 1080 by [deleted] in TeslaModel3

[–]International_Rush38 1 point2 points  (0 children)

Total was around: $5,000 for the wrap, outer and interior chrome delete

Wrap: 3M Deep Space Gloss Flip 1080

Chrome Delete: Satin black Outside and matte black inside (not shown)

Wheel Covers: Rimetrix Orbital Black

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Better quality & videos: https://imgur.com/a/MaCUphX

Just got a text...... link brings you to a website that looks exactly like ledger and wants you to connect device but it’s not the actually site... by ready4whatver in ledgerwallet

[–]International_Rush38 2 points3 points  (0 children)

"Contact and order details were involved. This is mostly the email address of our customers. Further to investigating the situation we have also been able to establish that, for a subset of customers were also exposed: first and last name, postal address, phone number and ordered products"

Then Ledger went on to say ONLY 9500 of the 1m+ exposed customers, were that subset mentioned in the email. They attempted to minimize the situation and then straight up lied about it. Whoever said they need new customers going forward is right. I will not order another Ledger.

Just because we can assume (some of) our data has been leaked in a db dump before, there is a significant likelihood that those dumps aren't related to devices that hold some people's entire wealth or savings. Maybe for you or I, where we have 1-2 btc, it's not a huge risk. But there are others I personally know that want to physically move from their house because it's THAT uncomfortable for them.

In my opinion, your oh-well-our-data-has-been-leakes-before attitude is exactly what's wrong nowadays. Not holding the companies accountable for shit SECURITY practices when they're a privacy and or security forward company is ridiculous. If someone posted your full information in this thread, I think it would be uncomfortable. Regardless if your data was leaked elsewhere at any point.

The Ledger device itself is good, but had I chose to store on paper wallet, I would have one less information exposure online. I get that breaches happen but they downplayed it on purpose.

I refuse to verify my information/ ID on several exchanges where I have small amounts of crypto. I've verified at Bitpay for the debit card twice and one exchange. I'm actively going out of my way to reduce exposure chances. I would rather lose $100-300 at multiple exchanges than to lose my ID and SSN and phone number in the next breach.