[equalizer]

[quote=barnaby33]Unless of course, driving it into the ground only takes you 100 miles or so. Not ever changing the oil, can also lead to early grounding.

Josh[/quote]
a fella i know just got an accord. his 19 year old prelude konked out at 350k miles with original powertrain.

[equalizer]

[quote=sdduuuude]I’d say it’s pretty close unless you buy used from a private party. The dealers mark those used cars up quite a bit now (the ones with the 100 point inspection, certified and all that.)

When I bought my Accord 2 years ago, there were actually certifed used vehicles with 30K miles on them that had higher asking prices than the new price I paid.

Pre-tax price on the car was about 19,500.

I found a couple used ones from private parties for 15K or 16K with 30K miles on them, and lots of used ones with 30K miles or more from private parties in the 17K – 19K range, and several used ones from dealers in the 17K-21K range.

So, I went new. I had a similar experience recently when I was looking (never bought) for a Mazda3. I’d say buy new or buy used from a private party, but that’s me. Buying used from a dealer seems oddly overpriced in my experience.

October is a better time to buy. Wait for 2010 models to come out, then shop for a new 2009.
[/quote]
excellent advice. some honda owners think their car goes down only 1000 a year with 20k miles a year.

[equalizer]

[quote=sdduuuude]I’d say it’s pretty close unless you buy used from a private party. The dealers mark those used cars up quite a bit now (the ones with the 100 point inspection, certified and all that.)

When I bought my Accord 2 years ago, there were actually certifed used vehicles with 30K miles on them that had higher asking prices than the new price I paid.

Pre-tax price on the car was about 19,500.

I found a couple used ones from private parties for 15K or 16K with 30K miles on them, and lots of used ones with 30K miles or more from private parties in the 17K – 19K range, and several used ones from dealers in the 17K-21K range.

So, I went new. I had a similar experience recently when I was looking (never bought) for a Mazda3. I’d say buy new or buy used from a private party, but that’s me. Buying used from a dealer seems oddly overpriced in my experience.

October is a better time to buy. Wait for 2010 models to come out, then shop for a new 2009.
[/quote]
excellent advice. some honda owners think their car goes down only 1000 a year with 20k miles a year.

[equalizer]

[quote=sdduuuude]I’d say it’s pretty close unless you buy used from a private party. The dealers mark those used cars up quite a bit now (the ones with the 100 point inspection, certified and all that.)

When I bought my Accord 2 years ago, there were actually certifed used vehicles with 30K miles on them that had higher asking prices than the new price I paid.

Pre-tax price on the car was about 19,500.

I found a couple used ones from private parties for 15K or 16K with 30K miles on them, and lots of used ones with 30K miles or more from private parties in the 17K – 19K range, and several used ones from dealers in the 17K-21K range.

So, I went new. I had a similar experience recently when I was looking (never bought) for a Mazda3. I’d say buy new or buy used from a private party, but that’s me. Buying used from a dealer seems oddly overpriced in my experience.

October is a better time to buy. Wait for 2010 models to come out, then shop for a new 2009.
[/quote]
excellent advice. some honda owners think their car goes down only 1000 a year with 20k miles a year.

[equalizer]

[quote=sdduuuude]I’d say it’s pretty close unless you buy used from a private party. The dealers mark those used cars up quite a bit now (the ones with the 100 point inspection, certified and all that.)

When I bought my Accord 2 years ago, there were actually certifed used vehicles with 30K miles on them that had higher asking prices than the new price I paid.

Pre-tax price on the car was about 19,500.

I found a couple used ones from private parties for 15K or 16K with 30K miles on them, and lots of used ones with 30K miles or more from private parties in the 17K – 19K range, and several used ones from dealers in the 17K-21K range.

So, I went new. I had a similar experience recently when I was looking (never bought) for a Mazda3. I’d say buy new or buy used from a private party, but that’s me. Buying used from a dealer seems oddly overpriced in my experience.

October is a better time to buy. Wait for 2010 models to come out, then shop for a new 2009.
[/quote]
excellent advice. some honda owners think their car goes down only 1000 a year with 20k miles a year.

[equalizer]

[quote=sdduuuude]I’d say it’s pretty close unless you buy used from a private party. The dealers mark those used cars up quite a bit now (the ones with the 100 point inspection, certified and all that.)

When I bought my Accord 2 years ago, there were actually certifed used vehicles with 30K miles on them that had higher asking prices than the new price I paid.

Pre-tax price on the car was about 19,500.

I found a couple used ones from private parties for 15K or 16K with 30K miles on them, and lots of used ones with 30K miles or more from private parties in the 17K – 19K range, and several used ones from dealers in the 17K-21K range.

So, I went new. I had a similar experience recently when I was looking (never bought) for a Mazda3. I’d say buy new or buy used from a private party, but that’s me. Buying used from a dealer seems oddly overpriced in my experience.

October is a better time to buy. Wait for 2010 models to come out, then shop for a new 2009.
[/quote]
excellent advice. some honda owners think their car goes down only 1000 a year with 20k miles a year.

[equalizer]

Instead of guessing, why didn’t anyone read my link to the actual tax code?
Shucks, my link to the IRS website was garbled. I fixed it.

IRS clearly spells it out.
First, there is a separate annual exclusion applies to each person to whom you make a gift.
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, and $13,000 on or after January 1, 2009, the annual exclusion applies to each gift.
The gift tax annual exclusion is subject to cost-of-living increases.

There is also a separate lifetime exemption of $345,800. So it appears you can give one person or several a total of $1,000,000 (345,800 tax credit) tax free, even in one year. But double check with CPA first.

“Applying the Unified Credit to Gift Tax

After you determine which of your gifts are taxable, you figure the amount of gift tax on the total taxable gifts and apply your unified credit for the year.
Example. In 2008, you give your niece, Mary, a cash gift of $8,000. It is your only gift to her this year. You pay the $15,000 college tuition of your friend, David. You give your 25-year-old daughter, Lisa, $25,000. You also give your 27-year-old son, Ken, $25,000. Before 2008, you had never given a taxable gift. You apply the exceptions to the gift tax and the unified credit as follows:

1. Apply the educational exclusion. Payment of tuition expenses is not subject to the gift tax. Therefore, the gift to David is not a taxable gift.
2. Apply the annual exclusion. The first $12,000 you give someone in 2008 is not a taxable gift. Therefore, your $8,000 gift to Mary, the first $12,000 of your gift to Lisa, and the first $12,000 of your gift to Ken are not taxable gifts.
3. Apply the unified credit. The gift tax on $26,000 ($13,000 remaining from your gift to Lisa plus $13,000 remaining from your gift to Ken) is $5,120. For more information, see the Table for Computing Gift Tax in the Instructions for Form 709. You subtract the $5,120 from your unified credit of $345,800 for 2008. The unified credit that you can use against the gift tax in a later year is $340,680.

You do not have to pay any gift tax for 2008. However, you do have to file Form 709. ”

http://www.irs.gov/publications/p950/ar02.html#d0e235

[equalizer]

Instead of guessing, why didn’t anyone read my link to the actual tax code?
Shucks, my link to the IRS website was garbled. I fixed it.

IRS clearly spells it out.
First, there is a separate annual exclusion applies to each person to whom you make a gift.
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, and $13,000 on or after January 1, 2009, the annual exclusion applies to each gift.
The gift tax annual exclusion is subject to cost-of-living increases.

There is also a separate lifetime exemption of $345,800. So it appears you can give one person or several a total of $1,000,000 (345,800 tax credit) tax free, even in one year. But double check with CPA first.

“Applying the Unified Credit to Gift Tax

After you determine which of your gifts are taxable, you figure the amount of gift tax on the total taxable gifts and apply your unified credit for the year.
Example. In 2008, you give your niece, Mary, a cash gift of $8,000. It is your only gift to her this year. You pay the $15,000 college tuition of your friend, David. You give your 25-year-old daughter, Lisa, $25,000. You also give your 27-year-old son, Ken, $25,000. Before 2008, you had never given a taxable gift. You apply the exceptions to the gift tax and the unified credit as follows:

1. Apply the educational exclusion. Payment of tuition expenses is not subject to the gift tax. Therefore, the gift to David is not a taxable gift.
2. Apply the annual exclusion. The first $12,000 you give someone in 2008 is not a taxable gift. Therefore, your $8,000 gift to Mary, the first $12,000 of your gift to Lisa, and the first $12,000 of your gift to Ken are not taxable gifts.
3. Apply the unified credit. The gift tax on $26,000 ($13,000 remaining from your gift to Lisa plus $13,000 remaining from your gift to Ken) is $5,120. For more information, see the Table for Computing Gift Tax in the Instructions for Form 709. You subtract the $5,120 from your unified credit of $345,800 for 2008. The unified credit that you can use against the gift tax in a later year is $340,680.

You do not have to pay any gift tax for 2008. However, you do have to file Form 709. ”

http://www.irs.gov/publications/p950/ar02.html#d0e235

[equalizer]

Instead of guessing, why didn’t anyone read my link to the actual tax code?
Shucks, my link to the IRS website was garbled. I fixed it.

IRS clearly spells it out.
First, there is a separate annual exclusion applies to each person to whom you make a gift.
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, and $13,000 on or after January 1, 2009, the annual exclusion applies to each gift.
The gift tax annual exclusion is subject to cost-of-living increases.

There is also a separate lifetime exemption of $345,800. So it appears you can give one person or several a total of $1,000,000 (345,800 tax credit) tax free, even in one year. But double check with CPA first.

“Applying the Unified Credit to Gift Tax

After you determine which of your gifts are taxable, you figure the amount of gift tax on the total taxable gifts and apply your unified credit for the year.
Example. In 2008, you give your niece, Mary, a cash gift of $8,000. It is your only gift to her this year. You pay the $15,000 college tuition of your friend, David. You give your 25-year-old daughter, Lisa, $25,000. You also give your 27-year-old son, Ken, $25,000. Before 2008, you had never given a taxable gift. You apply the exceptions to the gift tax and the unified credit as follows:

1. Apply the educational exclusion. Payment of tuition expenses is not subject to the gift tax. Therefore, the gift to David is not a taxable gift.
2. Apply the annual exclusion. The first $12,000 you give someone in 2008 is not a taxable gift. Therefore, your $8,000 gift to Mary, the first $12,000 of your gift to Lisa, and the first $12,000 of your gift to Ken are not taxable gifts.
3. Apply the unified credit. The gift tax on $26,000 ($13,000 remaining from your gift to Lisa plus $13,000 remaining from your gift to Ken) is $5,120. For more information, see the Table for Computing Gift Tax in the Instructions for Form 709. You subtract the $5,120 from your unified credit of $345,800 for 2008. The unified credit that you can use against the gift tax in a later year is $340,680.

You do not have to pay any gift tax for 2008. However, you do have to file Form 709. ”

http://www.irs.gov/publications/p950/ar02.html#d0e235

[equalizer]

Instead of guessing, why didn’t anyone read my link to the actual tax code?
Shucks, my link to the IRS website was garbled. I fixed it.

IRS clearly spells it out.
First, there is a separate annual exclusion applies to each person to whom you make a gift.
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, and $13,000 on or after January 1, 2009, the annual exclusion applies to each gift.
The gift tax annual exclusion is subject to cost-of-living increases.

There is also a separate lifetime exemption of $345,800. So it appears you can give one person or several a total of $1,000,000 (345,800 tax credit) tax free, even in one year. But double check with CPA first.

“Applying the Unified Credit to Gift Tax

After you determine which of your gifts are taxable, you figure the amount of gift tax on the total taxable gifts and apply your unified credit for the year.
Example. In 2008, you give your niece, Mary, a cash gift of $8,000. It is your only gift to her this year. You pay the $15,000 college tuition of your friend, David. You give your 25-year-old daughter, Lisa, $25,000. You also give your 27-year-old son, Ken, $25,000. Before 2008, you had never given a taxable gift. You apply the exceptions to the gift tax and the unified credit as follows:

1. Apply the educational exclusion. Payment of tuition expenses is not subject to the gift tax. Therefore, the gift to David is not a taxable gift.
2. Apply the annual exclusion. The first $12,000 you give someone in 2008 is not a taxable gift. Therefore, your $8,000 gift to Mary, the first $12,000 of your gift to Lisa, and the first $12,000 of your gift to Ken are not taxable gifts.
3. Apply the unified credit. The gift tax on $26,000 ($13,000 remaining from your gift to Lisa plus $13,000 remaining from your gift to Ken) is $5,120. For more information, see the Table for Computing Gift Tax in the Instructions for Form 709. You subtract the $5,120 from your unified credit of $345,800 for 2008. The unified credit that you can use against the gift tax in a later year is $340,680.

You do not have to pay any gift tax for 2008. However, you do have to file Form 709. ”

http://www.irs.gov/publications/p950/ar02.html#d0e235

[equalizer]

Instead of guessing, why didn’t anyone read my link to the actual tax code?
Shucks, my link to the IRS website was garbled. I fixed it.

IRS clearly spells it out.
First, there is a separate annual exclusion applies to each person to whom you make a gift.
The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, and $13,000 on or after January 1, 2009, the annual exclusion applies to each gift.
The gift tax annual exclusion is subject to cost-of-living increases.

There is also a separate lifetime exemption of $345,800. So it appears you can give one person or several a total of $1,000,000 (345,800 tax credit) tax free, even in one year. But double check with CPA first.

“Applying the Unified Credit to Gift Tax

After you determine which of your gifts are taxable, you figure the amount of gift tax on the total taxable gifts and apply your unified credit for the year.
Example. In 2008, you give your niece, Mary, a cash gift of $8,000. It is your only gift to her this year. You pay the $15,000 college tuition of your friend, David. You give your 25-year-old daughter, Lisa, $25,000. You also give your 27-year-old son, Ken, $25,000. Before 2008, you had never given a taxable gift. You apply the exceptions to the gift tax and the unified credit as follows:

1. Apply the educational exclusion. Payment of tuition expenses is not subject to the gift tax. Therefore, the gift to David is not a taxable gift.
2. Apply the annual exclusion. The first $12,000 you give someone in 2008 is not a taxable gift. Therefore, your $8,000 gift to Mary, the first $12,000 of your gift to Lisa, and the first $12,000 of your gift to Ken are not taxable gifts.
3. Apply the unified credit. The gift tax on $26,000 ($13,000 remaining from your gift to Lisa plus $13,000 remaining from your gift to Ken) is $5,120. For more information, see the Table for Computing Gift Tax in the Instructions for Form 709. You subtract the $5,120 from your unified credit of $345,800 for 2008. The unified credit that you can use against the gift tax in a later year is $340,680.

You do not have to pay any gift tax for 2008. However, you do have to file Form 709. ”

http://www.irs.gov/publications/p950/ar02.html#d0e235

[equalizer]

IRS gift tax rules is on link below. Over lifetime it appears you can give away $1,000,000 without paying gift tax.

http://www.irs.gov/publications/p950/ar02.html#d0e235

Friend needs to talk to a tax lawyer or read the
Tax Fraud & Evasion: Money Laundering, Asset Forfeiture, Sentencing [Vol. 2] book. Someone transfers large amount of cash (over $5,000) and the govt can take their money at will. See cnn link below. Indiana prosecutor was not criminally charged for personally keeping 25% of asset forfeitures!

http://en.wikipedia.org/wiki/Asset_forfeiture

Texas police shake down drivers, steal their money under asset forfeiture laws.

http://www.cnn.com/2009/CRIME/05/05/texas.police.seizures/

http://www.assetforfeiturewatch.com/ME2/dirmod.asp?sid=&nm=&type=MultiPublishing&mod=PublishingTitles&mid=6EECC0FE471F4CA995CE2A3E9A8E4207&tier=4&id=ADB51F81BEC9482B8D7A38F9E5D5CB76

[equalizer]

IRS gift tax rules is on link below. Over lifetime it appears you can give away $1,000,000 without paying gift tax.

http://www.irs.gov/publications/p950/ar02.html#d0e235

Friend needs to talk to a tax lawyer or read the
Tax Fraud & Evasion: Money Laundering, Asset Forfeiture, Sentencing [Vol. 2] book. Someone transfers large amount of cash (over $5,000) and the govt can take their money at will. See cnn link below. Indiana prosecutor was not criminally charged for personally keeping 25% of asset forfeitures!

http://en.wikipedia.org/wiki/Asset_forfeiture

Texas police shake down drivers, steal their money under asset forfeiture laws.

http://www.cnn.com/2009/CRIME/05/05/texas.police.seizures/

http://www.assetforfeiturewatch.com/ME2/dirmod.asp?sid=&nm=&type=MultiPublishing&mod=PublishingTitles&mid=6EECC0FE471F4CA995CE2A3E9A8E4207&tier=4&id=ADB51F81BEC9482B8D7A38F9E5D5CB76

[equalizer]

IRS gift tax rules is on link below. Over lifetime it appears you can give away $1,000,000 without paying gift tax.

http://www.irs.gov/publications/p950/ar02.html#d0e235

Friend needs to talk to a tax lawyer or read the
Tax Fraud & Evasion: Money Laundering, Asset Forfeiture, Sentencing [Vol. 2] book. Someone transfers large amount of cash (over $5,000) and the govt can take their money at will. See cnn link below. Indiana prosecutor was not criminally charged for personally keeping 25% of asset forfeitures!

http://en.wikipedia.org/wiki/Asset_forfeiture

Texas police shake down drivers, steal their money under asset forfeiture laws.

http://www.cnn.com/2009/CRIME/05/05/texas.police.seizures/

http://www.assetforfeiturewatch.com/ME2/dirmod.asp?sid=&nm=&type=MultiPublishing&mod=PublishingTitles&mid=6EECC0FE471F4CA995CE2A3E9A8E4207&tier=4&id=ADB51F81BEC9482B8D7A38F9E5D5CB76

[equalizer]

IRS gift tax rules is on link below. Over lifetime it appears you can give away $1,000,000 without paying gift tax.

http://www.irs.gov/publications/p950/ar02.html#d0e235

Friend needs to talk to a tax lawyer or read the
Tax Fraud & Evasion: Money Laundering, Asset Forfeiture, Sentencing [Vol. 2] book. Someone transfers large amount of cash (over $5,000) and the govt can take their money at will. See cnn link below. Indiana prosecutor was not criminally charged for personally keeping 25% of asset forfeitures!

http://en.wikipedia.org/wiki/Asset_forfeiture

Texas police shake down drivers, steal their money under asset forfeiture laws.

http://www.cnn.com/2009/CRIME/05/05/texas.police.seizures/

http://www.assetforfeiturewatch.com/ME2/dirmod.asp?sid=&nm=&type=MultiPublishing&mod=PublishingTitles&mid=6EECC0FE471F4CA995CE2A3E9A8E4207&tier=4&id=ADB51F81BEC9482B8D7A38F9E5D5CB76

[Author]

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