New To Forum contemplating buying 2011 Jaguar XK
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New To Forum contemplating buying 2011 Jaguar XK
Hi there everyone my name is Grant and I'm from new mexico and am contemplating buying my dad's 2011 jaguar xj convertible with over 100k miles on it for roughly 10-12k. It's in great condition, is parked in a garage when hes at home and at work, no accidents, has never been driven more than 10 miles in snow and has never gone over 75-80 mph, and has been serviced every year at the dealership though I haven't looked at the records to see what's been done. Would you guys say this is a decent buy I've been drooling over this car since I was 15 and am kind of worried that I'll buy it and then in a year or two everything will need to be repaired but my brother has alot of friends who are mechanics that have done all his repairs at a much lower cost than dealerships or brick and mortar mechanics. Any thoughts would be greatly appreciated. I also apologize for my poor writing skills.
Thank You.
Thank You.
Last edited by GGG; 03-05-2020 at 10:12 AM. Reason: Change XJ to XK in thread title
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I disagree with ^^^^^. Sorry, mosesbotbol.
Here's how to buy your Dad's 2011 XK convertible.
Let's assume the wholesale value is $20,000. Let's also assume that even if you had the cash, you really don't want to part with it, and that your Dad doesn't need the money. So, why doesn't he simply gift it to you? One reason is that it's above the 2020 $15,000 annual gift tax exclusion and he doesn't want to use any of his lifetime exclusion. So what to do?
If your Dad is still married, he and his wife can make a joint gift of $20,000 cash to you free of gift tax because each of them is deemed to use $10,000 of their annual 2020 gift tax exclusion.
And that's not income to you because it's a gift.
Thereafter, you buy the car from your Dad for $20,000.
Here's why I recommend doing it that way. If anything ever goes wrong with the car (and it will), you have no reason to be upset with your Dad because you really didn't pay for it.
This is consistent with the Preamble of the Constitution of the United States of America, namely, "... to insure domestic tranquility."
Here's how to buy your Dad's 2011 XK convertible.
Let's assume the wholesale value is $20,000. Let's also assume that even if you had the cash, you really don't want to part with it, and that your Dad doesn't need the money. So, why doesn't he simply gift it to you? One reason is that it's above the 2020 $15,000 annual gift tax exclusion and he doesn't want to use any of his lifetime exclusion. So what to do?
If your Dad is still married, he and his wife can make a joint gift of $20,000 cash to you free of gift tax because each of them is deemed to use $10,000 of their annual 2020 gift tax exclusion.
And that's not income to you because it's a gift.
Thereafter, you buy the car from your Dad for $20,000.
Here's why I recommend doing it that way. If anything ever goes wrong with the car (and it will), you have no reason to be upset with your Dad because you really didn't pay for it.
This is consistent with the Preamble of the Constitution of the United States of America, namely, "... to insure domestic tranquility."
Last edited by Stuart S; 03-05-2020 at 03:53 PM.
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mosesbotbol (03-05-2020)
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Queen and Country (03-06-2020)
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But once you have bought it, it is yours. You dad seems to be selling to you cheap. If it goes wrong later, you should not stress him over it
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peterv8 (03-06-2020)
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Queen and Country (03-10-2020)
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