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re: Possibly MoneyTalk related - temp assuming a car note/ins from a relative, thoughts?
Posted on 8/5/21 at 8:03 pm to Lynyrd
Posted on 8/5/21 at 8:03 pm to Lynyrd
quote:
Eta: If you do it, know you are subject to the deductibles she has. They could be higher than yours. Also her limits of liability. If someone is injured and she has minimum coverage, it could get unpleasant.
Good info...
I think we're just gonna tell her we'll buy it and sell it back to her on return.
It's not a 'normal' transaction by any means - she's family and there's a part of helping her out in this.
Figure we'll buy it for the notes left on it and sell it back to her when she returns for the notes left on it.
The unknowns of the insurance and liability issues makes the 'renting' idea bad. Thanks all for the advice.
2
Posted on 8/5/21 at 8:27 pm to Meauxjeaux
quote:
I think we're just gonna tell her we'll buy it and sell it back to her on return.
So you'll pay taxes on a vehicle purchase at current value, and sell back to her, where she will pay taxes to buy it back? In this crazy market? I know y'all are wanting to help her, but be careful
Eta: I'd recommend she just sell it, for the higher profit that dealers are offering, and put that money into a separate account. Use it when she buys one again. It doesn't help y'all, but you can help her that way.
This post was edited on 8/5/21 at 8:36 pm
Posted on 8/5/21 at 9:45 pm to Meauxjeaux
much better approach, and the sales tax on a sale to a close relative can be avoided as part of a gift approach
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