So.... What Do?

"4muddyfeet - bare knuckle with an EZ30" (4muddyfeet) 01/31/2014 at 18:21 • Filed to: beige

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I am soon to be gifted a 2001 Honda Accord 2.0 Executive Automatic in Azure Metallic with 32,000m on the clock...

BUT. It's my grandmothers car, and as grandmothers are wont to do, she is flinging money and assets left, right and centre to avoid inheritance tax.

I have two cars already, so I don't need a third (certainly not an automatic saloon), but I think she would be disappointed if I (a.) didn't drive it, or (b.) hooned it. Selling it is plain rude. She knows I love cars and in her mind this is the greatest beige ever to have been on the road, she loves it, so I will too. That's how grandmas work.

So; What Do?

jlmounce > 4muddyfeet - bare knuckle with an EZ30 01/31/2014 at 18:24

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If she's shedding assets, you may need to check on taxation on your end as well. I'm not sure if it applies to hard assets like a car, but any time you're skipping a generation, the GSTT( Generation Skipping Transfer Tax) can come in to play. Especially if you sell the car and it becomes cash, you may need to report this.

If you don't want it, or the GSTT applies, she may be better off donating the car to charity.

awe46m3zcp > 4muddyfeet - bare knuckle with an EZ30 01/31/2014 at 18:26

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Drive it till the wheels fall off, or until she dies (then immediately sell it).

4muddyfeet - bare knuckle with an EZ30 > jlmounce 01/31/2014 at 18:29

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Is that US only? I'm in the UK. As far as I am aware she has a 7 year window to 'gift' any asset or amount under the inheritance tax threshold before death

jlmounce > 4muddyfeet - bare knuckle with an EZ30 01/31/2014 at 18:33

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Yes, that's US. You may want to check your taxation situation to see if there's something like that however. If she's getting rid of it to avoid some taxation, she's going to have to prove where it went, which means you're going to have to claim the gift. If you're uninterested in the car, that may be your out if something doe apply.

Then you could say "I'm not in a financial situation to be able to accept the gift." Then, you're no longer a bad guy.

offroadkarter > awe46m3zcp 01/31/2014 at 18:33

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^ this, just hope she doesn't come back and haunt you over selling the car

505 - morphine not found > 4muddyfeet - bare knuckle with an EZ30 01/31/2014 at 18:43

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Build a Type-R from it? After all, this is the only Accord generation ever to get a proper, factory Type-R.

Aloha Milkyway > 4muddyfeet - bare knuckle with an EZ30 01/31/2014 at 18:47

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Keep it. I wouldn't say no to a free car. Also, it's pristine. Use this as your daily then get a weekend toy.

4muddyfeet - bare knuckle with an EZ30 > 505 - morphine not found 01/31/2014 at 18:52

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K-series? I'm not too clued up on hot Hondas, so how much work involved? Engine swap or bolt ons? Certainly trans swap, body work, suspension and brakes...!

duurtlang > 4muddyfeet - bare knuckle with an EZ30 01/31/2014 at 18:55

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Does she have other grandchildren (or children for that matter) who might like this car? If so you might be able to convince her that other grandchild needs it more than you do.

edit: apparently I missed the reply advising the same thing.

4muddyfeet - bare knuckle with an EZ30 > Aloha Milkyway 01/31/2014 at 18:55

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I have a daily (sort of) and an offroad toy already. If it was better on MPG and had a manual then I'd certainly use it as the daily!

4muddyfeet - bare knuckle with an EZ30 > duurtlang 01/31/2014 at 18:59

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Only my sister who lives 300 miles away near London and has a Clio which is all she needs. My parents have no need whatsoever of such a car. She offered it solely to me and was excited to do so, I'm soft as shit so can't say no thank you.

duurtlang > 4muddyfeet - bare knuckle with an EZ30 01/31/2014 at 19:01

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I understand. It's quite a sizable car too, and a thirsty one at that, especially with that automatic. Will it be expensive to own for you, even if you don't drive it? Insurance and tax?

4muddyfeet - bare knuckle with an EZ30 > duurtlang 01/31/2014 at 19:07

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12 months tax £280, insurance probably around the £300 mark. Have a car that does 14 MPG so I'm used to fuel costs! The cost isn't an inhibiting factor. I'm considering turning it into a Type-R sleeper now though...!

duurtlang > 4muddyfeet - bare knuckle with an EZ30 01/31/2014 at 19:11

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Oh, that's not so bad then. I pay about €1100 a year for my Peugeot 406 coupe in tax alone and another €450-500 in insurance. So having a surplus large-ish car I wouldn't drive isn't something I'd consider myself.

4muddyfeet - bare knuckle with an EZ30 > duurtlang 01/31/2014 at 19:16

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I LOVED that car when it first came out! It's aged brilliantly as well. How does it drive?

505 - morphine not found > 4muddyfeet - bare knuckle with an EZ30 02/01/2014 at 03:15

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I"m really not much in the know, but i would wager it's a K-series, so swap. Yeah, i know....