Buffalo teen who cleaned up after protests gets car, college scholarship

NY Post ^ | 06/07/2020 | Jorge Fitz-Gibbon

[dfwgator]

Hey, Drew Brees....this is what a real MAN looks like.

[MayflowerMadam]

“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.

[DFG]

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.

[Dr. Sivana]

How much is a 16 year old Ford worth?

A Mustang, depends on condition and mileage. A quick look on Craigslist here in Phoenix has a similar car (red convertible), assuming a base engine asking $3,500. GT version starts at 5K, going as high as $10,000 for a vg condition low mileage GT.An 18 year old should not have the GT.

[Dr. Sivana]

Is a car considered a classic if it’s 16 years old?

No. Legally, "classic" plates in most states start at 20 years. Here in Phoenix, 20+ year old cars are all over (not much rust) and they are just "old cars". A few cars get the status just after 20 years if it is a significant model that was discontinued (e.g. Roadmaster wagon, Impala SS [RWD], Bronco, Blazer, Supra, Celica, Integra, etc.)

[ltc8k6]

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.

[DFG]

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.

[plain talk]

Hey man ... uh we see what you did for the brother. We want Mustangs too.

[mikey_hates_everything]

That’s my point. Shouldn’t be much of a tax issue.

[Salvation]

GIVING — Just as the Father, Son and Holy Spirit are always giving to us.

[ltc8k6]

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.

[Amberdawn]

Let me guess, he’s black. If it were a white kid, he wouldn’t get anything.