Auction and taxes

[Ed L.]

Re: Auction and taxes

Ken,

Was that car a green coupe with a black interior?

Ed

[Michael J.]

Re: Auction and taxes

One trick I learned in my state, where you do not have to pay the sales price excise tax to title and register a newly purchased car, is to buy it is a state like Ohio, that requires the dealer to issue a new Ohio title in your name. In my state, that allows you to transfer the title in your name to your state and register it without paying any excise tax on the purchase price. That saves lots of money......

[Mark F.]

Question 1: Does the U.S. IRS for an individual tax payerQuestion (Scenario?) 2:

• individual tax payers in the U.S. pay 0% on the first $80,250 of IRS CAP GAINS (all sources included) right?
• So, if Johnny has no other CAP GAINS to report (stocks; mutual funds; etc.) he pays no Federal tax on his sale, right?

[Bob B.]

Re: Auction and taxes

Interesting re capital gains. Lets flip this deal, I buy my 21 Corvette for $100,000 drive it a couple years then sell it for say $60,000,
unless I use it for business I CAN NOT write off the loss. But if I happen to sell it in 10 years at a profit I pay capital gains ?
I don't think so. I didn't buy it as a investment
JUST A FYI Tennessee, where I spend a lot of the year, $37 a year license plates for a 21 Corvette, about $100 ONE TIME / forever
classic plates dont expire, classsics they give back the ORIGANAL title stamped, rural no smog inspection or ANYTHING inspection-
and country roads you can really get out and drive on oh, but regular gas is now up to $2.50 gallon, VS $4 plus in Calif
ALL my cars are going to TN and no state income tax can't figure why so many people are moving to TN.
The price of a dump hole in CA buys a mansion in TN take a look at Crossville / Fairfield Glade

[Terry M.]

Re: Auction and taxes

1967 L-88 Corvettes were not legal to register anywhere in the USA because they were not equipped with a PCV system that was required first in the 1961 model year in California and all the other 49 states in 1963.

The '68 and '69 L-88s did have PCV and exhaust emission controls, but I'm not sure it they met just 49 state or both CA and 49-state standards.

I was surprised that the '67 L-88 that I helped disassemble when new just had a road draft tube, but the owner never attempted to register it and had it trailered to his garage. I don't know if Alan Green Chevrolet would have registered it for the road if asked to. I expect they would have because the administrative staff may have not been aware that it was not legal for road use

Duke

If not legal for road use I would expect the MSO to note something to that effect. If it was the standard MSO form who would know the difference?

[Ronald L.]

Re: Auction and taxes

Patrick, I had to surrender my out of state title 12or more years back, when did this start?

I scanned mine at 500dpi before I gave it to the...

Here in MI, with an original title like that the DMV (Secty of State) will stamp it "historical" and hand it back to you to keep.
They did this with my Austin-Healey a few years ago when I bought it, and would do the same for this car if someone wanted to title it.
I believe that as long as it's 25 years old, they will do this.

So, not every state makes you sacrifice the title.

[Bill M.]

[Mark F.]

Re: Auction and taxes

Interesting re capital gains. Lets flip this deal, I buy my 21 Corvette for $100,000 drive it a couple years then sell it for say $60,000, unless I use it for business I CAN NOT write off the loss. But if I happen to sell it in 10 years at a profit I pay capital gains ? I don't think so. I didn't buy it as a investment...

red fontpleasure, or investment is a capital asset...

The following items are examples of capital assets.
Stocks and bonds.
A home owned and occupied by you and your family.
Household furnishings.
A car used for pleasure or commuting <Huh?, Commuting???!!!.

https://www.irs.gov/publications/p544

[Kenneth B.]

Re: Auction and taxes

Yes it was. Came from Dade CO. Florida. Real sidepipe car. Its the one in my picture on here. Do you know if its still in Long Island ?

[Ed L.]

Re: Auction and taxes

No longer on LI, Ken. Just outside Philadelphia now. Great car.

[Kenneth B.]

Re: Auction and taxes

No longer on LI, Ken. Just outside Philadelphia now. Great car.

THANKS Yes it was a great Corvette with great paperwork. I had the corvette restored & Top Flighted. Do you own it now?

[Ed L.]

Re: Auction and taxes

I do own it Ken. I bought it out of LI 4 years ago or so. First saw it about 10 years ago. It’s held up very well. Runs quite strong too.

[Bob B.]

Re: Auction and taxes

red fontpleasure, or investment is a capital asset...

The following items are examples of capital assets.
Stocks and bonds.
A home owned and occupied by you and your family.
Household furnishings.
A car used for pleasure or commuting <Huh?, Commuting???!!!.https://www.irs.gov/publications/p544

So I can offset my capital gains with loss on my loss (depreciation) on my daily driver it sounds like to me.
You sound like a CPA I dont keep the IRS publication on my night stand for bed time reading probably a good CPA at that

[Mark F.]

Re: Auction and taxes

So I can offset my capital gains with loss on my loss (depreciation) on my daily driver it sounds like to me. You sound like a CPA I dont keep the IRS publication on my night stand for bed time reading probably a good CPA at that

Hey Bob,

No CPA here...not even close!
I just went on the web and that's what I got steered towards...
It would seem fair if you can get whacked (Gains); you should be able to whack back (losses), but fair doesn't always come into play and it's all a mystery to me...