Posted on 06/07/2020 12:02:44 PM PDT by DFG
A Buffalo teenager who took it on himself to sweep up after George Floyd protests has been handsomely rewarded for his efforts.
Antonio Gwynn Jr., an 18-year-old high school student, has been offered a full scholarship to Medaille College and can zip to class in a red, 2004 Ford Mustang convertible, a gift from a grateful local who was moved by the teen’s initiative, according to reports.
He’s even getting a year of free auto insurance, courtesy of a local businessman.
“I just felt compelled to help him out,” Bob Briceland of Briceland Insurance told Buffalo’s WKBW-TV. “We just need to get together our whole city and show people how there’s so many good people here.”
(Excerpt) Read more at nypost.com ...
Hey, Drew Brees....this is what a real MAN looks like.
“How much is a 16 year old Ford worth?”
It’s old, but it looks to be in excellent condition. Is a car considered a classic if it’s 16 years old? Maybe to this kid it’s worth $1million.
The donor can give each recipient up to $15,000 each year to avoid the gift tax. If the donor is married, each spouse can write a separate check for up to $15,000 each year per recipient to avoid the gift tax for a total $30,000 exclusion per year. Tuition payments made directly to a college or medical bills paid directly to a provider are also exempt from the gift tax.
Right, the amount used for tuition is not taxable, but amounts used for other expenses are taxable.
Taxable
You must include in gross income:
Amounts used for incidental expenses, such as room and board, travel, and optional equipment.
College scholarship money used for tuition, required fees, and required books is not taxable. College scholarship money used for anything else (eg room and board) is taxable.
That’s my point. Shouldn’t be much of a tax issue.
GIVING — Just as the Father, Son and Holy Spirit are always giving to us.
It depends on how the donor reports it, I think.
The scholarship - tuition, the car, and the year of insurance all together.
I have no idea what sort of income the student has.
Let me guess, he’s black. If it were a white kid, he wouldn’t get anything.
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