Jump to content

nick8086

Members
 View Profile  See their activity

  • Posts

    4,422

  • Joined

  • Last visited

 Content Type 

Posts posted by nick8086

    1954 Kaiser Darrin for Sale

    in "Not Mine" Automobiles For Sale

    Posted · Edited by nick8086 (see edit history)

    Not sure if I have 75k or 80K for my car insurance on them..

     

    They very fun to drive.. If you have the over drive working you can drive this car at 70 mph.

     

    It does not have any problems.

     

    It is all hood since you sit so low and you at the back of the car..

     

    It will not do burnout..

     

    Just FYI  - I was told 30 years ago one Kaiser Darrin had a Jaguar motor in it.. I try to track in down  with no luck..

    thumbnail_IMG_9658.png

    DSC_1204 640x480.jpg

    Mecum Florida Auction Seller Fees

    in General Discussion

    Posted · Edited by nick8086 (see edit history)

    20 hours ago, RansomEli said:

    nick8086, 

     

    If you acquired a car through probate, then for tax purposes the value of the car is the fair market value at that time. In other words, if I bought a Ferrari 250 GTO in 1965 for $35,000, kept it, died, and left it to you in my will, your cost basis of the car would not be $35,000; it would be approximately $55 million. I you sold the car you would report $0 profit. And if you spent a couple thousand tuning it up, you could report a loss.

     

    If you have inherited one or more cars and are considering selling, talk to a CPA or lawyer beforehand. The tax implications are very significant.

     

    When it comes to finances and legal issues, the internet is your enemy. Everyone has an incorrect opinion. Even me.

     

     

    I like how you think :

     

    The tax implications are very significant.

     

    and the other poster..

     

    As in either way you could be trying to avoid either estate taxes on one end or capital gains on the other end.

     

    They closed a lot of loop holes last  year..

    With the care act 2.0 and the March 2023 laws.

     

    I lost most of my stepped up basis with these two new laws..

     

    So I inherited in 2024 a Property - Value is 455,000.

     

    One trust owns 50% with a stepped up basis at 2012.

    The other trust own the other 50%. stepped up basis 2024..

     

     

    So lets do the math

     

    455000 / 2 = 227500..

     

    So I will not pay taxes on the 227500 for the trust in 2024.

     

    Now my stepped up basis for the 2012 trust is 28000.

     

    So my tax bill is 199500 or more..

     

    I should keep the 455000 house and get a new loan against it and buy a new car.

     

    Since the house is payed off..

     

    And write off  more stuff running the house as a rental and  less taxes..

     

    I needed to add the realtor fees and closing costs. maybe 45,000.00

     

     

     

     

     

     

     

     

     

     

    thumbnail_IMG_1061.jpg

    thumbnail_IMG_1060.jpg

    thumbnail_IMG_1066.png

    1954 Kaiser Darrin for Sale

    in "Not Mine" Automobiles For Sale

    Posted

    2 hours ago, DrumBob said:

    There's a Darrin up here in Sussex County at Space Farms, a local kid's attraction. It's been there for years and needs work. It's a stationary vehicle in their museum. They have a zoo, and have reportedly been cited many times for mistreatment of animals. The family has a reputation around the county for being "eccentric."

    Found it on line..

    28676260580_f386e6ec2a_c.jpg

    Mecum Florida Auction Seller Fees

    in General Discussion

    Posted · Edited by nick8086 (see edit history)

    Collector cars and other collectibles are considered tangible personal property. So when they're sold for a profit, capital gains tax is owed by the seller. Tax at the federal level is 28 percent, while state tax varies depending on the residency of the seller.

     

    28 plus 14 = 42..

     

    It s#ck to pay taxes..

     

    Yes I have looked into it.. That is why I still have the Darrin s..

     

     

    Here is why they sell a car to give the money to a Charity..

     

    One other approach is, rather than selling the collectible, donating it to a qualified charity. With this route, you'll receive a charitable-giving related tax deduction rather than a capital gain. The exact amount of the deduction will vary depending on what the qualified charity does with your collectible.

    • Like 1
    • Thanks 1
×
×
  • Create New...