Prices are on the rise......

[Dharri21]

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 ;)

Always put your depreciating assets into a company. Then you collect the depreciation and all costs associated with ownership that are not normally deductible.
Question: if you sell a car for less than you bought it for is that not a capital loss as long as there was no declared depreciation? I have no idea. But why would it not be like gambling losses where they profit and loss offset each other. The only reason I am concerned is because I have a base HEP and a HEP R and one of them is going on the market if these prices keep this up.

Sponsored

 

[rr6237]

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

If the auction house is issuing the seller a 1099, they seller needs to report the sale. Online websites are now required to issue a 1099 for cumulative sales of greater than $600 per seller.

Disclaimer: Regardless of a 1099 being issued, you are required to report the gain.

 

[key01]

If the auction house is issuing the seller a 1099, they seller needs to report the sale. Online websites are now required to issue a 1099 for cumulative sales of greater than $600 per seller.

Disclaimer: Regardless of a 1099 being issued, you are required to report the gain.

I guess we should find out if BaT issues 1099’s. That would tell a lot.

 

[rr6237]

I guess we should find out if BaT issues 1099’s. That would tell a lot.

If the sale is greater than $600, they are required to issue a 1099. The penalties for not Issuing 1099’s is $250 per 1099 not issued.

 

[Inthehighdesert]

There is some really bad information floating in here about the sale proceeds, 1099's, deposits, capital gain's, etc. I'm not going to correct all the bad information but I strongly suggest you guys educate yourselve's.

 

[stanglife]

There is some really bad information floating in here about the sale proceeds, 1099's, deposits, capital gain's, etc. I'm not going to correct all the bad information but I strongly suggest you guys educate yourselve's.

Ooooo K. Many are just asking - we don't know. But you say you know but you're not going to say. Not helpful! Post it up!

 

[key01]

If BaT is just brokering the deal between two private parties, and not handling the transaction then It’s like a private party sale. BaT is only getting a commission from the purchaser and small listing fee.

 

[Inthehighdesert]

The key for a 1099 for BAT is if they handle the transfer of funds. Since they don’t, there out of the IRS loop. On a private party sale a 1099 is not needed. A business is obligated on amounts over $600 to individuals, but does not have to issue if payments are to an LLC or S Corp. If your a business and want to pay cash, do it out of petty cash. The trick to capital gains is seasoning the asset 12 months and a day. This is the abbreviated version.

If BaT is just brokering the deal between two private parties, and not handling the transaction then It’s like a private party sale. BaT is only getting a commission from the purchaser and small listing fee.

 

[RJ787]

2016 Triple Yellow Base R, 2,200 miles. Have at it:

https://www.autotrader.com/cars-for...eCode1=FORD&modelCode1=MUST&clickType=listing

 

[Tomster]

2016 Triple Yellow Base R, 2,200 miles. Have at it:

https://www.autotrader.com/cars-for-sale/vehicledetails.xhtml?listingId=635135890&zip=66204&referrer=/cars-for-sale/searchresults.xhtml?zip=66204&city=Shawnee+Mission&incremental=all&modelCodeList=MUST&makeCodeList=FORD&sortBy=derivedpriceDESC&location=%5Bobject+Object%5D&state=KS&searchByDma=false&firstRecord=0&marketExtension=include&relevanceConfig=relevance-v2&searchRadius=0&trimCodeList=MUST%7CShelby+GT350%2CMUST%7CShelby+GT350R&isNewSearch=false&numRecords=25&searchByDma=false&firstRecord=0&modelCodeList=MUST&makeCodeList=FORD&searchRadius=0&trimCodeList=MUST|Shelby GT350,MUST|Shelby GT350R&makeCode1=FORD&modelCode1=MUST&clickType=listing

Oh my.... that's a rare car.

 

[Sdsaathoff]

That BaT auction was crazy! 167K…. Makes me happy I didn’t take the 250K offer the day after I got home with her. Sadly, I’ve stopped driving her around for fun at 500+ miles. I charge it and start it every once and a while. I still drive her in for recalls and maintenance.

I hope some of you guys are enjoying yours! I have been driving my 2015 a lot more as it isn’t worth much of anything apparently. But it’s TONS of fun to drive!

 

[TENTEX]

That BaT auction was crazy! 167K…. Makes me happy I didn’t take the 250K offer the day after I got home with her. Sadly, I’ve stopped driving her around for fun at 500+ miles. I charge it and start it every once and a while. I still drive her in for recalls and maintenance.

I hope some of you guys are enjoying yours! I have been driving my 2015 a lot more as it isn’t worth much of anything apparently. But it’s TONS of fun to drive!

Mine is sitting in the garage at 10K miles waiting on the damn dealer to give me a call about a oil filter. I guess I don't mind it that much.

 

[rush0024]

That BaT auction was crazy! 167K…. Makes me happy I didn’t take the 250K offer the day after I got home with her. Sadly, I’ve stopped driving her around for fun at 500+ miles. I charge it and start it every once and a while. I still drive her in for recalls and maintenance.

I hope some of you guys are enjoying yours! I have been driving my 2015 a lot more as it isn’t worth much of anything apparently. But it’s TONS of fun to drive!

Bro. That chassis plate is sexy as hell. Congrats on owning one of the most valuable GT350RS.

 

[460Fred]

That BaT auction was crazy! 167K…. Makes me happy I didn’t take the 250K offer the day after I got home with her. Sadly, I’ve stopped driving her around for fun at 500+ miles. I charge it and start it every once and a while. I still drive her in for recalls and maintenance.

I hope some of you guys are enjoying yours! I have been driving my 2015 a lot more as it isn’t worth much of anything apparently. But it’s TONS of fun to drive!

I hope you’ve got that thing insured for that 250K+.
I remember when you got that car. It just happened right? No special order or knowing someone.

 

[Nfs1000f]

Happy for you guys that own low mile desirable GT350R’s. On the downside, if you’re like me, you couldn’t drive them and fully enjoy the experience anymore.

Sponsored