| Author | Message | ||
| Terry Springer (Tspringer)
Member Username: Tspringer Post Number: 492 Registered: 4-2002 |
I just sold my '67 E-Type. Sold it for full asking price to a gentleman who saw it on Ebay. I agreed to end the auction early to take the full price deal. I had the car 2 months, made a few bucks and the buyer got what I think is a very good deal. Everybodys happy.... | ||
| Greg (Greg512tr)
Junior Member Username: Greg512tr Post Number: 124 Registered: 2-2002 |
An indidvidual cannot deduct cap losses on cars so why we we need to pay taxes on cap gains? | ||
| David P. Smith (Dave330gtc)
Junior Member Username: Dave330gtc Post Number: 116 Registered: 3-2002 |
Thanks, P. I wasn't trying to get on my soapbox. We all have to live with ourselves. I think it is important to do the right thing. | ||
| P. Thomas (Ferrari_fanatic)
Junior Member Username: Ferrari_fanatic Post Number: 214 Registered: 4-2003 |
Dave, I commend your honesty and integrity. You are truly part of a dying breed. | ||
| Peter Sedlak (Peters)
Member Username: Peters Post Number: 360 Registered: 1-2003 |
Martin, your post does not count  (Glad you made some money though)! | ||
| David P. Smith (Dave330gtc)
Junior Member Username: Dave330gtc Post Number: 114 Registered: 3-2002 |
I think tracking my sale would have been hard to do. I do believe that even though I may have complaints at times with how the government spends my money it still is my obligation to pay the taxes that I legitimately owe; so I did. | ||
| Frank Parker (Parkerfe)
Intermediate Member Username: Parkerfe Post Number: 2267 Registered: 9-2001 |
My BB512i sold in 1989 for $275k ! | ||
| P. Thomas (Ferrari_fanatic)
Junior Member Username: Ferrari_fanatic Post Number: 209 Registered: 4-2003 |
Kyle, "does someone have to pay income tax on the net profit/gain of their sale?" Technically yes. I am not giving any advice, but in ALL other types of transactions a tracking mechanism is in place (ie 1099, etc). That is why a TIN (Tax Payer Identification)form is required. If it were a legitimate business (licensed dealer, etc) than there is really no way around it. However, if it is a private party (an unlicensed individual, not completeing a schedule "C")......Well I will stop. I here the phone ringing...I think it is the IRS...Bye. | ||
| David P. Smith (Dave330gtc)
Junior Member Username: Dave330gtc Post Number: 113 Registered: 3-2002 |
The buyer still owns the car. I talked to him about a year ago. He has had many Ferraris including some competition cars over the years and I don't think that the value of the car was that important to him. I ran into him at a vintage race and it was a lot of fun to see the car again. | ||
| Warren L. (Warren)
Junior Member Username: Warren Post Number: 206 Registered: 2-2002 |
Poor poor buyer. Did he ever call you to discuss his mistake? I hope he wasn't a friend. Maybe he was too rich to care. Then it wouldn't have mattered at all. | ||
| David P. Smith (Dave330gtc)
Junior Member Username: Dave330gtc Post Number: 112 Registered: 3-2002 |
It was very painful to pay the tax on this sale and I had very little added expense to add to my basis. I did pay the tax though and and as it turned out was still money ahead over keeping the car and watching the value continue to drop every year after. | ||
| Warren L. (Warren)
Junior Member Username: Warren Post Number: 205 Registered: 2-2002 |
That's a lot of cap gain tax for Mr. David Smith. Offset it with anything?? Ie. maintenance, interest, tax??? | ||
| Robert Callahan (Rcallahan)
Junior Member Username: Rcallahan Post Number: 194 Registered: 7-2002 |
Yes | ||
| Kyle Madan (Kmadan)
New member Username: Kmadan Post Number: 29 Registered: 1-2002 |
Newbie question - does an individual have to pay captial gains tax on a automobile if you profit from its sale? | ||
| David P. Smith (Dave330gtc)
Junior Member Username: Dave330gtc Post Number: 111 Registered: 3-2002 |
I owned a 250 PF coupe from early 1985 through the end of 1989. Sold it for about 10 times my purchase price. | ||
| Martin - Cavallino Motors (Miami348ts)
Advanced Member Username: Miami348ts Post Number: 4535 Registered: 5-2001 |
Bought my SPider in March, sold it yesterday and made some $$$. but then I own a dealership. | ||
| Ron Vallejo (Ron328)
Junior Member Username: Ron328 Post Number: 123 Registered: 3-2003 |
Was looking at the 365 GTC4...was $20-25k way back '71-72, now they're worth over 50K. | ||
| Jerry W. (Tork1966)
Member Username: Tork1966 Post Number: 660 Registered: 7-2001 |
Sorry Ashley, there is already someone on this board with dibs on writing in all caps...LOL!! | ||
| ashley bradley (Ash232)
New member Username: Ash232 Post Number: 21 Registered: 1-2003 |
I WAS LOOKING AT THIS LAST WEEK IN SOME OLD CAR MAGAZINES IN 85 A 365 GTB DAYTONA WAS �28,700 AND THAN IN 95 IT WAS UP TO �225,000 NOW IN THE UK YOU COULD PICK ONE UP FOR �80,000 IS THEIR ANY ONE PAID THE NINETIES OVER THE TOP PRICES.ASH | ||
| ross koller (Ross)
Intermediate Member Username: Ross Post Number: 1170 Registered: 3-2002 |
anybody who bought one of the low production run cars prior 1975 and then had the presence of mind to sell in the late 80's made a bundle...... | ||
| Warren L. (Warren)
Junior Member Username: Warren Post Number: 203 Registered: 2-2002 |
Anyone sell their F- for more $$$ than they purchased it for? Answer could include $$ spent on insurance, tax, maintenance etc... or not. |