Or the other thing is just to buy the car, register the car in my name, and let someone else use it exclusively. The difference is if that person gets into an accident, it goes on my insurance instead of theirs, and it exposes me to liability.
The third option would be, as I am sure a lot of people do, create an LLC, put the car under the LLC, hire the family member as an employee with a company car…Damn, you small biz owners are so lucky with all the variables and now QBI breaks… lol…
But why bother with #2-3 when the gift tax limit is is so ridiculously large.
Besides, I’m supporting those shovel ready green jobs![/quote]
Those other options don’t work.
Exclusive use is a gift. If you hire an employee you have to pay employment taxes and the employee pays income taxes. Private use of company car is taxable.[/quote]
Of course I know that silly. I’m just polluting this thread with useless dribble because that way you can take it seriously and make a fool out of yourself by trying to make something out of nothing because unlike you, I don’t take 1/2 of the things said or written here seriously….In other words, I’m just trying to troll you in as much you are trying goad a reaction from me, although I really don’t mind the trolling because like I said.. whatever
The day I stopped taking this forum seriously was the day you flooded it with a political post and resurrected old threads 24/7/365 days a week. If this is what people do when they retire, I don’t want to retire…It probably contributes to dementia.
