[sdcellar]

[quote=AN]I never asked you about how the world works, but you seem to love to lecture to people how you think the world work, although you know nothing about them.[/quote]You funny AN. You may not realize it, but you come across as you’re the one who knows it all. Heck, you even know what’s going to happen with your house in the future.

And, of course, when it suits you, you quickly revert to the young guy who couldn’t be expected to know.

[sdcellar]

Can’t say one could determine definitively from all of the above, but regarding the primary point of the post, the limit that you and your spouse can be gifted (without tax consequences) in 2010 is $52,000. The limits are per donor and per recipient and is $13,000 this year. So, you can receive $13K from each your FIL and MIL and your spouse can do the same.

Also, it’s important (for your in-laws) to understand that the gift payments themselves are not tax deductible. The gift money will not be taxed, but they cannot reduce their taxable income by the $52K.

Anything above that ($48K in your scenario) is subject to the lifetime estate tax exclusion ($1 million at the moment) and your in-laws can decide whether they want to pay the taxes now or later. Later’s decidely better if they’ll come in below a million, but that’s probably not too likely. Otherwise, I believe there are pros and cons that they should discuss with a qualified tax/estate planner type.

[sdcellar]

Can’t say one could determine definitively from all of the above, but regarding the primary point of the post, the limit that you and your spouse can be gifted (without tax consequences) in 2010 is $52,000. The limits are per donor and per recipient and is $13,000 this year. So, you can receive $13K from each your FIL and MIL and your spouse can do the same.

Also, it’s important (for your in-laws) to understand that the gift payments themselves are not tax deductible. The gift money will not be taxed, but they cannot reduce their taxable income by the $52K.

Anything above that ($48K in your scenario) is subject to the lifetime estate tax exclusion ($1 million at the moment) and your in-laws can decide whether they want to pay the taxes now or later. Later’s decidely better if they’ll come in below a million, but that’s probably not too likely. Otherwise, I believe there are pros and cons that they should discuss with a qualified tax/estate planner type.

[sdcellar]

Can’t say one could determine definitively from all of the above, but regarding the primary point of the post, the limit that you and your spouse can be gifted (without tax consequences) in 2010 is $52,000. The limits are per donor and per recipient and is $13,000 this year. So, you can receive $13K from each your FIL and MIL and your spouse can do the same.

Also, it’s important (for your in-laws) to understand that the gift payments themselves are not tax deductible. The gift money will not be taxed, but they cannot reduce their taxable income by the $52K.

Anything above that ($48K in your scenario) is subject to the lifetime estate tax exclusion ($1 million at the moment) and your in-laws can decide whether they want to pay the taxes now or later. Later’s decidely better if they’ll come in below a million, but that’s probably not too likely. Otherwise, I believe there are pros and cons that they should discuss with a qualified tax/estate planner type.

[sdcellar]

Can’t say one could determine definitively from all of the above, but regarding the primary point of the post, the limit that you and your spouse can be gifted (without tax consequences) in 2010 is $52,000. The limits are per donor and per recipient and is $13,000 this year. So, you can receive $13K from each your FIL and MIL and your spouse can do the same.

Also, it’s important (for your in-laws) to understand that the gift payments themselves are not tax deductible. The gift money will not be taxed, but they cannot reduce their taxable income by the $52K.

Anything above that ($48K in your scenario) is subject to the lifetime estate tax exclusion ($1 million at the moment) and your in-laws can decide whether they want to pay the taxes now or later. Later’s decidely better if they’ll come in below a million, but that’s probably not too likely. Otherwise, I believe there are pros and cons that they should discuss with a qualified tax/estate planner type.

[sdcellar]

Can’t say one could determine definitively from all of the above, but regarding the primary point of the post, the limit that you and your spouse can be gifted (without tax consequences) in 2010 is $52,000. The limits are per donor and per recipient and is $13,000 this year. So, you can receive $13K from each your FIL and MIL and your spouse can do the same.

Also, it’s important (for your in-laws) to understand that the gift payments themselves are not tax deductible. The gift money will not be taxed, but they cannot reduce their taxable income by the $52K.

Anything above that ($48K in your scenario) is subject to the lifetime estate tax exclusion ($1 million at the moment) and your in-laws can decide whether they want to pay the taxes now or later. Later’s decidely better if they’ll come in below a million, but that’s probably not too likely. Otherwise, I believe there are pros and cons that they should discuss with a qualified tax/estate planner type.

[sdcellar]

[quote=temeculaguy]2. Home price declines have either stopped or bounced off bottom, traditional affordibility metrics have returned to 90% of the market, maybe not the one’s the more active posters are looking at, but sanity has retrned to most of the country.[/quote]Say, is this a reference to me?!!? I am not an active poster. I may repeat myself quite a bit, which might provide the illusion of activity, but I assure you it is not!

If you weren’t referring to me, then it’s just me being self-centered, which is absolutely squarely in the middle of the realm of possibility.

…and good luck with the hookup.

[sdcellar]

[quote=temeculaguy]2. Home price declines have either stopped or bounced off bottom, traditional affordibility metrics have returned to 90% of the market, maybe not the one’s the more active posters are looking at, but sanity has retrned to most of the country.[/quote]Say, is this a reference to me?!!? I am not an active poster. I may repeat myself quite a bit, which might provide the illusion of activity, but I assure you it is not!

If you weren’t referring to me, then it’s just me being self-centered, which is absolutely squarely in the middle of the realm of possibility.

…and good luck with the hookup.

[sdcellar]

[quote=temeculaguy]2. Home price declines have either stopped or bounced off bottom, traditional affordibility metrics have returned to 90% of the market, maybe not the one’s the more active posters are looking at, but sanity has retrned to most of the country.[/quote]Say, is this a reference to me?!!? I am not an active poster. I may repeat myself quite a bit, which might provide the illusion of activity, but I assure you it is not!

If you weren’t referring to me, then it’s just me being self-centered, which is absolutely squarely in the middle of the realm of possibility.

…and good luck with the hookup.

[sdcellar]

[quote=temeculaguy]2. Home price declines have either stopped or bounced off bottom, traditional affordibility metrics have returned to 90% of the market, maybe not the one’s the more active posters are looking at, but sanity has retrned to most of the country.[/quote]Say, is this a reference to me?!!? I am not an active poster. I may repeat myself quite a bit, which might provide the illusion of activity, but I assure you it is not!

If you weren’t referring to me, then it’s just me being self-centered, which is absolutely squarely in the middle of the realm of possibility.

…and good luck with the hookup.

[sdcellar]

[quote=temeculaguy]2. Home price declines have either stopped or bounced off bottom, traditional affordibility metrics have returned to 90% of the market, maybe not the one’s the more active posters are looking at, but sanity has retrned to most of the country.[/quote]Say, is this a reference to me?!!? I am not an active poster. I may repeat myself quite a bit, which might provide the illusion of activity, but I assure you it is not!

If you weren’t referring to me, then it’s just me being self-centered, which is absolutely squarely in the middle of the realm of possibility.

…and good luck with the hookup.

[sdcellar]

jpinpb– I’m so sorry to hear about your accident, but I’m glad it sounds like you came out of it relatively unscathed. That is a total bummer about your car. It’s just too bad that you have no way to know how well cared for another 2001 would be (no matter how good it might look). I’ve always loved that particular car.

That said, maybe it’s still worth considering trying just to get back into roughly the same thing (and if you start shopping now, you can use the actual replacement cost in your “dialog” with the insurance company). Sure, it might require more maintenance than something newer (sadly, fairly likely with an Audi, but you know that), but if it’s still paid off, then it’s a lot more tolerable.

Make sure whatever you get fares well in crash tests. Sounds like the Audi took care of you and I don’t know where it falls on the safety spectrum, but that’s where I’d start.

Now that I’ve dispensed with the good advice (because we know nobody really wants to go with that), just go ahead and get yourself a Boxster.

But again, especially having met you, I’m just glad you’re okay.

[sdcellar]

jpinpb– I’m so sorry to hear about your accident, but I’m glad it sounds like you came out of it relatively unscathed. That is a total bummer about your car. It’s just too bad that you have no way to know how well cared for another 2001 would be (no matter how good it might look). I’ve always loved that particular car.

That said, maybe it’s still worth considering trying just to get back into roughly the same thing (and if you start shopping now, you can use the actual replacement cost in your “dialog” with the insurance company). Sure, it might require more maintenance than something newer (sadly, fairly likely with an Audi, but you know that), but if it’s still paid off, then it’s a lot more tolerable.

Make sure whatever you get fares well in crash tests. Sounds like the Audi took care of you and I don’t know where it falls on the safety spectrum, but that’s where I’d start.

Now that I’ve dispensed with the good advice (because we know nobody really wants to go with that), just go ahead and get yourself a Boxster.

But again, especially having met you, I’m just glad you’re okay.

[sdcellar]

jpinpb– I’m so sorry to hear about your accident, but I’m glad it sounds like you came out of it relatively unscathed. That is a total bummer about your car. It’s just too bad that you have no way to know how well cared for another 2001 would be (no matter how good it might look). I’ve always loved that particular car.

That said, maybe it’s still worth considering trying just to get back into roughly the same thing (and if you start shopping now, you can use the actual replacement cost in your “dialog” with the insurance company). Sure, it might require more maintenance than something newer (sadly, fairly likely with an Audi, but you know that), but if it’s still paid off, then it’s a lot more tolerable.

Make sure whatever you get fares well in crash tests. Sounds like the Audi took care of you and I don’t know where it falls on the safety spectrum, but that’s where I’d start.

Now that I’ve dispensed with the good advice (because we know nobody really wants to go with that), just go ahead and get yourself a Boxster.

But again, especially having met you, I’m just glad you’re okay.

[sdcellar]

jpinpb– I’m so sorry to hear about your accident, but I’m glad it sounds like you came out of it relatively unscathed. That is a total bummer about your car. It’s just too bad that you have no way to know how well cared for another 2001 would be (no matter how good it might look). I’ve always loved that particular car.

That said, maybe it’s still worth considering trying just to get back into roughly the same thing (and if you start shopping now, you can use the actual replacement cost in your “dialog” with the insurance company). Sure, it might require more maintenance than something newer (sadly, fairly likely with an Audi, but you know that), but if it’s still paid off, then it’s a lot more tolerable.

Make sure whatever you get fares well in crash tests. Sounds like the Audi took care of you and I don’t know where it falls on the safety spectrum, but that’s where I’d start.

Now that I’ve dispensed with the good advice (because we know nobody really wants to go with that), just go ahead and get yourself a Boxster.

But again, especially having met you, I’m just glad you’re okay.

[Author]

Posts