Down to $265,000

[fjpikul]

What loss? He bought it at a charity auction and got to write it off.

 

[silver1331]

What loss? He bought it at a charity auction and got to write it off.

I think you would only be able to deduct the amount over fair market value not the whole purchase price...although if he paid 380k and used MSRP as fair value he probably did get a good deduction. in many respects if you were to buy any GT at a charity auction it would be this one (if you assumed MSRP was the fair value.) I assume all the other one-offs (mostly prototypes etc) would be harder to fair value for tax purposes but at least this was a production car with its own MSRP which you can show the IRS and likely defend as excess of fair value...

 

[fjpikul]

Exactly Silver. If I remember correctly, he paid $334K at the charity auction. Assuming a MSRP of $167K, that's a pretty good tax right-off for charity. Now assuming he did sell now at $252K, that's a good profit over sticker. Don't forget, the guy is a Ford dealer, so the other cars he has are at dealer cost.

 

[BlackICE]

Exactly Silver. If I remember correctly, he paid $334K at the charity auction. Assuming a MSRP of $167K, that's a pretty good tax right-off for charity. Now assuming he did sell now at $252K, that's a good profit over sticker. Don't forget, the guy is a Ford dealer, so the other cars he has are at dealer cost.

Then it would be reasonably IMHO to write off the amount over dealer cost and not MSRP. The flip side, the amount he sold over the "fair mkt value" he used to determine the tax write off would be taxable as a short, or long term capital gain. The more saved on the tax write off the more you have to pay on the gains of the sales.

Disclaimer, this shouldn't be construed as tax advice.

 

[Empty Pockets]

Disclaimer, this shouldn't be construed as tax advise.

'Wonderfull world we live in when a guy hasta be sure he states the obvious, ain't it.:frown

 

[BlackICE]

'Wonderfull world we live in when a guy hasta be sure he states the obvious, ain't it.:frown

I have to be even more careful than most, since I am US citizen living in CA where the courts don't cut any slack for people like me.

 

[Empty Pockets]

I have to be even more careful than most, since I am US citizen living in CA where the courts don't cut any slack for people like me.

Amen to that, bro' Clinton...amen to that.

 

[soroush]

I have to be even more careful than most, since I am US citizen living in CA where the courts don't cut any slack for people like me.

:biggrin, I thought you were going to say that you are a lawyer!

 

[TifosiTed]

Gee, I hope the IRS isn't lurking around here or the seller might have some splanin to do.:eek

 

[BlackICE]

:biggrin, I thought you were going to say that you are a lawyer!

If you are a lawyer, you can give legal advice.
If you are a tax attorney, or CPA you can give tax advice.
If you are neither, you cannot advise on either!

I am not lawyer, CPA, politician, or certified mechanic, so most of my posts here have little grounds to be believed at all!

:biggrin

 

[B O N Y]

Thanks for the great disclosure!
I have reviewed my CV and feel that all my posts on selectiotns of fine liquor and wine, great cigars and restaurants should be seriously considered. The remaining views are worth wha you have paid for then

 

[BlackICE]

Thanks for the great disclosure!
I have reviewed my CV and feel that all my posts on selectiotns of fine liquor and wine, great cigars and restaurants should be seriously considered. The remaining views are worth wha you have paid for then

+1 :thumbsup

 

[fjpikul]

Perhaps both of you could improve your status if you stayed at a Holiday Inn Express.

 

[FlorIdaho Chris]

Perhaps both of you could improve your status if you stayed at a Holiday Inn Express.

:lol:lol:lol

 

[MAD IN NC]

SOLD - proud owner= GTJoey and the gang from the NE!

 

[B O N Y]

congrats.... since Joey started a new thread on this car, I am closing this thread.