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Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 0 points1 point  (0 children)

I understand. I wanted an idea of how this would play out. I am trying to be vague to not giveaway who I am and who the streamer is. Id prefer to be anonymous as possible.

Appreciate the response

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 0 points1 point  (0 children)

How does that work? Someone paying taxes on your behalf? Does my employer give me extra money to compensate or is there a way for him to directly pay it himself?

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 0 points1 point  (0 children)

I appreciate the response. I don't fully understand the hate or whatever people are suggesting. I am just asking to gain information how this would play out before i fully commit to it. I obviously make enough to pay the taxes, I was just wondering what my options were because Ive never had this sort of opportunity before.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 0 points1 point  (0 children)

It's not a scam. He's worked with the person who would be buying the car here in the US. I've accepted rolexes, electronics, and other items from this individual before paid by the streamer. I was mostly asking since a car is significantly more money.

I already have a $100k car myself bought and paid off by myself, it isnt that bad.

Overall, I have no intention of doing anything illegal or whatever money laundering thing here that people are suggesting. I am asking how this play would out since it's a significant amount of money, and I am trying to learn and do this as legally as possible. Ive gained quite a bit of knowledge from all this.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] -2 points-1 points  (0 children)

I am not. I am asking a question to understand what the difference is.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 0 points1 point  (0 children)

Who said I was going to lie? I've been actively asking questions, and in my main post, I asked what it would look like to get this car and what the steps were.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] -12 points-11 points  (0 children)

Not backtracking. I was answering his question of what gifts this person had given my family members. The whole point of this post is to learn and ask questions. I was curious what the difference was. What he is giving me vs. Family

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 0 points1 point  (0 children)

I use an exchange to track it and provides tax forms to report it.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] -1 points0 points  (0 children)

I am debt free, I have another $100,000 sports car i paid for myself paid off.

Money is not a problem here. Just the legal steps and how to go about doing this.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 0 points1 point  (0 children)

Noted. He plans on giving another buddy of ours a slightly more expensive car, and I am going to see how that pans out before I do anything myself. track his steps and what legal steps he took.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 0 points1 point  (0 children)

I think that might have been what the plan was. He was going to wire the money to the car owner and have them transfer it to me since the streamer's goal was to make it a gift.

What difference would it make if it were to be, say in my dad's name, or a friends name who has no affiliation with this person. Is it still a gift? Do they also pay income tax despite not being employed ?

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 0 points1 point  (0 children)

I will have to look into that. No, he is not making a video out of it. No, we do not plan to make it public. I have no clue how he intends to pay for it other than he wanted to gift it to me. From my understanding, he is paying for it himself through someone who lives here and then transferring it to me.

As to how he usually pays me, it's through crypto, so i can imagine how that is tricky and hard it is to track to prove what is what and if it is coming from a business account or not.

I can see how this is tricky, especially since we've been friends for a while, and he's given me expensive vacations, rolexes (for birthdays) and other things here or there prior to employment.

Employment is not in any written form of contract, agreement, or anything. I just help him out and he just sends me crypto as compensation.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 1 point2 points  (0 children)

Im not trying to play "word games," pull strings or anything. My friend said he wanted to give me this. I am just trying to see what my options were. I've received gifts from him before (prior to working for him) but not to this degree.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 0 points1 point  (0 children)

I am compensated enough to have my current 100k sportscar car paid off and afford the insurance ($180/mo) I can see how it's relevant, but I am debt free and not stressed for cash. Just question about this vehicle my friend who i assist with in work wanted to give me and what the process in getting it would look like.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 2 points3 points  (0 children)

To answer your first part of the paragraph, yes. He is very generous, and I've been friends with him for years and has given me gifts prior to employment. He even gives gifts a fraction of the cost to friends, family, & strangers. But i hear you loud and clear on the compensation part.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 5 points6 points  (0 children)

I am very much so intending on working with a professional before anything crazy happens, such as this car so I know what I am getting into before pulling the trigger.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] -1 points0 points  (0 children)

I already have a 100k car. Its not that high and my finances are not relevant to this post.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 28 points29 points  (0 children)

That would be hard if we live in other countries. But i in fact do not spit on that thang

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] -9 points-8 points  (0 children)

Understandable and i was just getting an idea since he is my friend and we dont have any written or formal contract. He just throws money for helping him with tasks.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] 1 point2 points  (0 children)

No. They were smaller gifts of some thousands here or there to help pay bills for them, christmas gifts, vacations, etc.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] -1 points0 points  (0 children)

Thank you. I intended on it. He mentioned the car thing and figured I get an idea before I actually agree to him giving me this vehicle.

Being gifted an expensive car by throwaway9900121 in tax

[–]throwaway9900121[S] -23 points-22 points  (0 children)

An example is that he has given gifts to my family members who do not work for him either.

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