🎉Plano ISD Gave New Lexus Cars To Their Top Teachers🎉

[MurphyPl1]

I live in Murphy and there's quite a number of PISD teachers living here.

[calgirlinnc]

If I had a brand new Lexus to drive around for 3 months, and then had to go back to my regular car, I think it would make me feel worse than if I had just stayed with my regular car.

You can't miss what you've never had.

Also, not all teachers drive crappy cars.

It doesn't seem like a very good "gift."

[stan4]

I very much doubt the value of the lease will be much more than $1000.

[UnfairPark]

Originally Posted by calgirlinnc

If I had a brand new Lexus to drive around for 3 months, and then had to go back to my regular car, I think it would make me feel worse than if I had just stayed with my regular car.

You can't miss what you've never had.

Also, not all teachers drive crappy cars.

It doesn't seem like a very good "gift."

I’m all for a free Maserati Levante rental for several months, going back to my boring SUV is not going to be a problem.

[Threestep2]

Originally Posted by UnfairPark

Four months worth of brand new Lexus rental for free can be nothing for you but a big perk for someone on a teacher’s salary. It’s a good promotion for Lexus too and more commercial residents should show their appreciation for the teachers.

And then they are back to driving what they were driving before. Who covers insurance and return damages? Nothing but publicity.

[Threestep2]

Originally Posted by UnfairPark

I’m all for a free Maserati Levante rental for several months, going back to my boring SUV is not going to be a problem.

Could you handle it?

[Peter5457]

I see hella lotta nice SUV's in the Plano Sr Lot reserved for teachers. Good for them. They deserve it.

And Unfair isn't always Unfair. I think he mostly fair. And he not Yellow, I think he Brown. Or, is it called Purple now? Maybe Rainbow?

OOPS, did I post that OUT? Sorry Unfair, my bad.

[synchronicity]

Originally Posted by TurtleCreek80

“Free”. There’s a gift tax, you know. I’m wondering what taxes the teachers owe on this “big perk”??? $500/mo for 4 months is a $2,000 prize. Pretty sure they’ll owe around $500 to Uncle Sam for a gift they’re technically borrowing.

TC, you may already know this, but if this were to be considered a "gift", then there would be no tax to be paid by the teachers, as the giver of the gift would owe any tax, and the amount is well below the annual exclusion, anyway. (I can go into all the details of gift tax if you really want to know). However, since these cars were not given by an individual in a gesture of kindness, but rather by a company as, effectively, prizes, this would most likely be viewed as income to the teachers in question and therefore taxable as such. So your overarching point remains - $2,000 (or whatever) of taxable income is likely taxed at the federal level at 12% (since they're teachers, it's possible but probably unlikely that they're in the 22% or higher brackets unless they're married to spouses who earn more, and/or they are fortunate enough to have other assets that generate substantial income).

Granted, ~$240 cost to drive around a Lexus for 4 months is a pretty good deal, but given overall teacher salaries, they'd probably appreciate having $2,000 in cash to put in their bank accounts instead.