Original Bullett Mustang shatters auction record

[EcoVert]

https://www.msn.com/en-us/autos/cla...ells-for-dollar34m/ar-BBYQ2Ab?ocid=spartandhp

Sold for $3.400,000

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[Bikeman315]

https://www.msn.com/en-us/autos/cla...ells-for-dollar34m/ar-BBYQ2Ab?ocid=spartandhp

Sold for $3.400,000

Yeah, I dropped out at $3M

 

[Silver Bullitt]

That's cool!

 

[Mick St John]

Was wondering what kind of tax liability, if any, the seller would be hit with. The car was purchased for $3500.
Would there be any income or capital gains issues?

 

[GNN60GT500]

I bid 3,399,999 dollars...I really wanted the car but I didnt have any more in my bank account.

 

[Bikeman315]

Was wondering what kind of tax liability, if any, the seller would be hit with. The car was purchased for $3500.
Would there be any income or capital gains issues?

Sean lives in NJ, the land if high taxes. He will get hit, hard, but he can now afford it.

 

[tcman54]

Yep >

The Bullitt Mustang has sold for $3.4 million — $3.74 million including buyers fees — at a Mecum Auction in Kissimmee, Fla. The hammer price was the most money ever spent on a Mustang at public auction, beating the previous record of $2.2 million for the 1967 Shelby GT500 Super Snake set at Mecum’s Kissimmee auction in 2019.

 

[I Bleed Ford Blue]

Sean lives in NJ, the land if high taxes. He will get hit, hard, but he can now afford it.

I read they moved out of jersey and now live on a horse farm in kentucky

 

[Silver Bullitt]

Was wondering what kind of tax liability, if any, the seller would be hit with. The car was purchased for $3500.
Would there be any income or capital gains issues?

Technically, the tax basis for Sean would be the fair market value of the car in 2014 when he inherited it from his father. If he was smart, he would have gotten an appraisal at that time. His gain on the sale would be the difference between his net proceeds (sales price less any selling costs like fees, shipping, etc.) and his tax basis (what the car was worth when he inherited it). It would also qualify for the reduced capital gains tax rate since he had it more than one year. So, he should have actually came out pretty good on it.

 

[EcoVert]

I offered 50k and my 2015 Ecoboost convertible needless to say I wasn't even close.

 

[Bikeman315]

So, he should have actually came out pretty good on it.

He just sold the car for $3.4 million dollars. I think he is going to be just fine.

By the way he has a financial team in place so I am sure he did his due diligence before agreeing to put the car up for auction.

 

[Silver Bullitt]

He just sold the car for $3.4 million dollars. I think he is going to be just fine.

By the way he has a financial team in place so I am sure he did his due diligence before agreeing to put the car up for auction.

My point was he should owe tax on only a small portion of that $3.4M, and at capital gains rates which are considerably lower than regular income tax rates.

 

[Bikeman315]

My point was he should owe tax on only a small portion of that $3.4M, and at capital gains rates which are considerably lower than regular income tax rates.

Gotcha

 

[NoVaGT]

 

[13GetThere]

All I ever found in barns was hay, manure, and maybe somebodies Playboy stash.

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