Prices are on the rise......

[rush0024]

Twister Orange too

Fixed. Completely forgot about Twister Orange.

Someone correct me if I'm wrong.... but LFG and Grabber Blue are the only other single year colors outside of the 5 new ones for 2020.

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[BostonDMD]

No replacement for a while, plenty of other cars in the garage to drive and add miles on.....

 

[Rev Happy]

No replacement for a while, plenty of other cars in the garage to drive and add miles on.....

I think it's going to be a hard car to replace too

 

[rush0024]

https://bringatrailer.com/listing/2020-ford-mustang-shelby-gt350-22/#comments-anchor

I'll also bet $100 that a new GT350R will be posted on BaT within 24hr, lol. I wonder how many they have lined up?

Welp, glad no one took that bet lol.

This is the 1st time in months that BaT has not had a GT350R live.

 

[stanglife]

Welp, glad no one took that bet lol.

This is the 1st time in months that BaT has not had a GT350R live.

Well. There always seems to be some that are for sale but to say that there are a lot of these on the market would be a stretch!

 

[stanglife]

Curious - how do the savvy handle the capital gains from a car that sells at twice what they paid for it? I guess that's something to consider when looking at these sales?

 

[Tractor Junk]

Curious - how do the savvy handle the capital gains from a car that sells at twice what they paid for it? I guess that's something to consider when looking at these sales?

Can a creative accountant do a 1031 exchange on a car? Or maybe long term capital gains if held more than a year.

 

[Dharri21]

Im curious as to what documents are filed that would kick in capital gains on a car sale from an individual to another? I ask because I do not know. I know with a house a HUD1 gets filed with the government, stock sales are reported to government so they would need to be handled on your taxes.

 

[Dharri21]

I know that technically a capital gain is realized when you sell for more than your overall investment. Legally you should file a schedule D and pay capital gains, but how many actually do? But if you only sell 1 car for a profit and there are no federal filings can the IRS track the transaction other than seeing a deposit into your banking accounts.

 

[key01]

Anything over $10,000 cash deposit is reported They will find you.

But if you have to pay taxes on large income that’s a good thing, no?

 

[Dharri21]

I frequently deposit checks over that amount. When I deposit cash I usually have to sign a form to report, I know of no requirement for checks. As far as I can tell it is purely the honor system with vehicles because 99% are normally for less than the original purchase price until the last year or 2 with some of these cars.

 

[stanglife]

I frequently deposit checks over that amount. When I deposit cash I usually have to sign a form to report, I know of no requirement for checks. As far as I can tell it is purely the honor system with vehicles because 99% are normally for less than the original purchase price until the last year or 2 with some of these cars.

Even checks get reported but like you said, cash is also a different animal.

@key01 Making money is a good thing but depending on your tax bracket - could be talking 30% less of that profit. That $80k profit turns into mid 50s.

It's not a bad thing - I'm just saying that it's just another thing to consider. Isn't it great? When you buy a depreciating asset and lose your ass for years on vehicles, that's not an expense but the second you come out ahead, then you have to pay ;)

 

[key01]

Ha! Then one needs to take up gambling where you can write your loses off against your winnings.

 

[460Fred]

Nobody, I mean nobody is reporting this as a capital gain.

 

[UpACurb]

When you sell a car at a loss, does that mean you get to write off what you lost? : ) lol

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