Who REALLY owns their Z???

ocfoilist · 05-20-2013, 12:53 AM

Quote:

Congrats on the newborn and on such awesome plan. Nothing like knowing there won't any worries about how to cover college for the kid when comes the time.

Are you doing 529? I am staying away from it and doing with something else.

Yes, we decided to go with the 529. It's got decent outs for various possibilities such as scholarships and such. There is a limit to schools outside of the US but it can also be applied to grad school. It can also be transferred to another family member, which I wasn't originally aware of.

birdmanx1 · 05-20-2013, 01:36 PM

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Originally Posted by Tigger

As long as the City of Virginia Beach keeps charging personal property tax I'll never actually own my Z even if it is paid off. What a scam.

I'm not sure I follow.

Quote:

Originally Posted by ocfoilist

Yes, we decided to go with the 529. It's got decent outs for various possibilities such as scholarships and such. There is a limit to schools outside of the US but it can also be applied to grad school. It can also be transferred to another family member, which I wasn't originally aware of.

Ah got it boss. I opted for individual stocks, mutual funds, buying property as college planning alternative. Got some decent returns on the stocks. An older friend of mine spooked me by the amount of money his 529 lost in the midst of the crisis right when his kid was set to start college.

MarkGideon · 05-20-2013, 01:58 PM

Quote:

Originally Posted by birdmanx1

I'm not sure I follow.

You never really "own" anything as long as if you don't pay personal (or real ) property taxes the local government will take it away.

MMC Racing · 05-20-2013, 02:17 PM

Quote:

Originally Posted by MarkGideon

You never really "own" anything as long as if you don't pay personal (or real ) property taxes the local government will take it away.

That is a silly way to look at things. No one ever owns their house either?

At least personal property tax on vehicles is tax deductible if you itemize. Pure vehicle registration fees aren't. I think all states have registration fees, so it is semantics in wording between states and nothing more.

The state with $50 in registration fees and $300 in personal property doesn't "own" your vehicle in contrast to the state with $250 in registration feels and $0 personal property.

MacCool · 05-20-2013, 02:22 PM

I lease my 2011. When the lease is up in a year, I'll either buy it, lease another one, or walk away and get something else.

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05-20-2013, 02:22 PM	#5 (permalink)
MacCool A True Z Fanatic Join Date: Apr 2011 Location: Midwest Posts: 1,349 Drives: 370Z PW 2014 Rep Power: 17	I lease my 2011. When the lease is up in a year, I'll either buy it, lease another one, or walk away and get something else.