Jump to content

warsky

Members
  • Content Count

    11
  • Joined

  • Last visited

Community Reputation

10 Good

About warsky

  • Rank
    Junior Member
  • Birthday 02/06/1971
  1. No worries, it is confusing. Now does anyone have any idea if I can use the cost of the storage unit I used to store the car to adjust my basis? I would not have had that expense if not for the car, and leaving it outside would have certainly reduced its value.
  2. Thanks for the info, but unfortunately you assertions are incorrect, and technically even that bankrate.com link is incorrect, or at least it makes an assumption that is not clear. Here's the part of that irs.gov page you linked that applies: What if I sell property that has been given to me? The general rule is that your basis in the property is the same as the basis of the donor. For example, if you were given stock that the donor had purchased for $10 per share (and that was his/her basis), and you later sold it for $100 per share, you would pay income tax on a gain of $90 per share So, wh
  3. It shouldn't, but alas it appears to.... I will do more research and mention your modified comments to the accountants. Thanks. The car was never meant as an investment, either for me or my grandfather, so to get nailed with a $4500 tax bill is pretty brutal.
  4. Thanks for the info, but its not an estate issue. The car was given to me 8 years before my grandfather's passing, so his basis was given to me at that time. It's kind of messed up really, if I had inherited the car at his death then you are right, the basis would be adjusted to the value at the time of death, but since he was alive, I get his basis. If he had sold the car and given me the $12,500 as a gift instead of the car itself then it would have fallen under the gift rules for close family and I would not have a tax liability either. Of course he would be liable for the gains, but hi
  5. Update: the car is sold. Though the buyer has yet to pick it up, he has paid, so I think its pretty much a done deal. Since its rather easy to find asking prices, but not so easy to find final selling prices, I thought I'd share. I listed the car on hemmings at 13.5 and got many interested parties, with offers all over the place. After a few weeks it settled down to three firm offers, two at 12.5k and one at 14k. The one at 14k was from Europe, and as a sentimental car, I just didn't want to send it that far even for the extra money. So, it went to someone rather close (600 miles) for $1
  6. I've had some interest and created an email to make it easier to contact me. Anyone interested can email at: car@azeotech.com. If I don't email back within a day or two, call me as well and leave a message that you emailed so I check my spam folder.
  7. Thanks. #3 is probably about right. I think the appraiser also looked at what it would take to fully restore and how much it would be worth then. As for what someone actually paid, I see a 1920 4 dr that sold on ebay for $15k about a week ago. Its definitely in better shape, in terms of the top, seats and paint job (though the paint on mine is actually not bad, it just looks bad in the photos because its dusty), but not much else from what I can tell, and I can't imagine those improvements run 9k. The roadster also appears to be a bit more rare than the 4 seater version (which I see a lot
  8. OK, appraisal is in, and I've posted a new thread to sell it. Please see: http://forums.aaca.org/f126/1921-studebaker-special-6-two-seater-361357.html
  9. I have a 1921 Studebaker Special 6 in the two seater roadster form for sale, located in Southern Oregon. It was purchased by my grandfather in 1945 and he drove it around near his property in rural upstate New York, keeping it in a garage for most of this time. I acquired it 13 years ago and transported it out here. Its mostly been sitting on jackstands in a garage since. It runs nicely, though right now it is drained of gas and water. I unfortunately do not have the time or skills to give it a proper restoration and hope to find someone who does. It is the quiet unique and hard to find
  10. Thanks. Anything helps, though its hard to tell the condition with one picture. Seems inexpensive if the person from this thread got anywhere near $6k for just the chassis. That '24 looks quite different than mine. Not only is it a 4 seater instead of a roadster, but the chrome is different, it has a single pane window, and the hood is more angular. Maybe that's just how things changed in 3 years... I had it appraised on Friday and should get the result this week.
  11. StudeBig6: if you don't mind me asking, what did you end up getting for the Stude? I ask because I have a 1921 Special Six and I'm trying to determine its value. Its complete (engine, chassis, etc) and a two seater so not exactly an apples / apples comparison, but your experience would give me a starting point. I'm also getting a professional appraisal tomorrow. Feel free to message/email me if you don't want to post the price publically. For everyone else, here's a picture. I'll probably put it up for sale very soon and will post lots more pictures then under a separate topic. Anyone
×
×
  • Create New...