Hey, thanks for straightening me out on that. Next year I'll just tell the IRS that I didn't have any income in 2006, that any money I received was a gift, and that they don't have any right to say otherwise. With any luck I'll not only not have to pay taxes, I'll qualify for welfare! /sarcasm
Oh goody! Another FReeper who thinks tossing out a straw-man argument bolsters his view of the subject at hand.
We were talking about the State inflating the value of privately sold vehicles, not you income taxes. DO try and keep up.
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So Grandpa should have to pay for the privilege of giving a family member his car that he can no longer drive? Do you think a working family should have to pay for the 'privilege' of accepting it?
Do you think a vehicle that was actually sold for $100 due to mechanical issues should be taxed by its blue book value...which could be in the thousands?
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It has NOTHING to do with the State trying to 'fix' what a few dishonest people have done, it has to do with the State deciding the extent of its powers for the sole purpose of collecting revenue.
We have a right to private contract, and the State has NO right forcing ITS idea of 'market value' on two parties who have already agreed what its worth.
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I hope it goes to court and the State gets its keister sued off!