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Veteran who took truck to save victims during Vegas shooting gifted truck from dealership
Posted on 10/9/17 at 12:20 pm
Posted on 10/9/17 at 12:20 pm
SIAP, just saw this on local news....a dealership from Gilbert, AZ is giving him a truck
LINK
quote:
Shane Beus from B5 Motors said he heard about Winston's actions on social media a few days after the attack.
"I saw most people would run and not go back into a scene," Beus said. He said despite knowing nothing else about Winston, he was impressed by his heroic actions and wanted to give back somehow.
So, B5 Motors offered Winston his very own customized Ford truck, free of all costs and charges.
A representative from B5 Motors who spoke with Winston said he was very "humbled" by the offer of a new truck. In exchange, Winston will be selling his current vehicle and donating proceeds to the victims of the attack.
LINK
5
Posted on 10/9/17 at 12:22 pm to lsunurse
It was a good thing he did... but in all honesty it would have been better for them to give the guy who owned the truck a new ride. I saw the pics and there was blood all over the inside of that fricking thing. 
Posted on 10/9/17 at 12:22 pm to lsunurse
quote:
he was very "humbled" by the offer of a new truck. In exchange, Winston will be selling his current vehicle and donating proceeds to the victims of the attack.
This dude stays winning.
Posted on 10/9/17 at 12:23 pm to lsunurse
Government wont gift him the 30% tax on that truck though
Posted on 10/9/17 at 12:24 pm to Cosmo
quote:He received the truck as a gift, not a winning. He doesnt owe taxes on it
Government wont gift him the 30% tax on that truck though
ETA: Look at the downvotes for people who dont know tax law
This post was edited on 10/9/17 at 12:35 pm
Posted on 10/9/17 at 12:28 pm to lsunurse
steal a truck , get a truck... we should try that in NBR.
Posted on 10/9/17 at 12:29 pm to lsupride87
quote:
He received the truck as a gift, not a winning. He doesnt owe taxes on it
Didnt know it worked that way
Posted on 10/9/17 at 12:30 pm to Cosmo
quote:Yep. The gift tax is actually paid by the giver of the gift
Didnt know it worked that way
ETA: Now if the giver defaults, the IRS will try and come for you. But this is rare obviously
This post was edited on 10/9/17 at 12:34 pm
Posted on 10/9/17 at 12:35 pm to lsupride87
quote:
Yep. The gift tax is actually paid by the giver of the gift
And in fact if the gift giver hasn't met their lifetime limit (currently $5.4M) there is no tax due.
Posted on 10/9/17 at 12:39 pm to HeyHeyHogsAllTheWay
quote:
And in fact if the gift giver hasn't met their lifetime limit (currently $5.4M) there is no tax due.
The annual gift tax exclusion
The first part of the answer involves the annual gift tax exclusion, which is currently $14,000 per year, per person. This applies to monetary gifts, as well as to the fair market value of gifted property. You can give up to this amount to as many people you'd like every year, and the federal government won't tax one cent. For example, if you have five children and fifteen grandchildren, you can give them each $14,000 per year. That's $280,000 in tax-free gifts every year.
If you're married, you and your spouse can each make an annual tax-free gift. In other words, you and your spouse together can give every recipient up to $28,000 per year.
If you give a gift worth more than the annual exclusion amount, you won't necessarily need to pay any tax on the gift. It simply counts against your lifetime exclusion amount for estate tax purposes.
The lifetime exclusion
For the 2017 tax year, the IRS allows a lifetime estate tax exclusion of $5.49 million. This includes any money and property that you leave to your heirs, as well as any taxable gifts you give while you're alive. As a basic example, if you give your grandchild a $100,000 gift in 2017, say, toward the purchase of a first home, the $86,000 that is more than the annual exclusion amount will reduce your lifetime exclusion.
This post was edited on 10/9/17 at 12:41 pm
Posted on 10/9/17 at 12:43 pm to lsunurse
I’m so confused. The guy damaged someone else’s vehicle and he gets the new, free truck?
Posted on 10/9/17 at 12:47 pm to terd ferguson
quote:
It was a good thing he did... but in all honesty it would have been better for them to give the guy who owned the truck a new ride. I saw the pics and there was blood all over the inside of that fricking thing.
In the interview the guy said the truck he took was being well taken care of so I'm guessing he's getting the interior clean/replaced at no cost to him.
Posted on 10/9/17 at 1:57 pm to Cosmo
Dealership will pay it. Didn't u read no charges to him
Posted on 10/9/17 at 2:34 pm to HeyHeyHogsAllTheWay
Yeah, that's not how that works.
Posted on 10/9/17 at 3:31 pm to lsupride87
I always wondered how the government finds out you gifted something if you don't report it.
Posted on 10/9/17 at 3:57 pm to lsupride87
There is also a limit on dollars of a gift - I think it is $12,900 or something like that. Then both the giver and receiver have to report.
Posted on 10/9/17 at 4:21 pm to YipSkiddlyDooo
quote:
I’m so confused. The guy damaged someone else’s vehicle and he gets the new, free truck?
The guy DIDN'T damage the owners truck other then blood inside the bed of said truck. Know your facts before posting BS.
Nice of the steallership to do that.
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