| Author | Message | ||
| Mike Fisher (Mikef)
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What ever happened to Joe Marchetti? Anybody know? He was one of the grandest gentlemen I ever met. He used to be sooooo enthusiastic and added sooooo much to his events. He seems to have faded from the scene. | ||
| Patrick S. Perry (Psp1)
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I declared the income, but as for the deduction... well sometimes it's best not to disturb the beast. IRS audits are at best distressing and at worst can really turn your world upside down. | ||
| michael marchese (Bigdog)
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Patrick, if you received payment for the "rental" of your TR that's taxable income and associated expenses can be deducted. I have a similiar thread going about this, and it was posted 11-1. Essentially this may be a "secondary business". Anyone else have any other comments regarding this agree/disagree? | ||
| Patrick S. Perry (Psp1)
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For what it's worth- My 88TR has been in a commercial, 2 TV shows (both Disney channel)and a movie(For Richer or Poorer) and the experience has been fine. I stipulate before I agree to let them use the car that 1) I will be on set at all times that the car is there. 2)I will be the only one to move/drive the car. and 3)If I am uncomfortable with ANYTHING they are doing to or with my car, I will take the car away immediately and they will still pay for its use for the day. As a practical matter, the production company pays me for carsitting duties, per diem, etc. as well as the fee for the use of the car. This usually equates to about $1,000 a day - down to about $500 for a 2-4 hour shoot. I haven't tried to write it off on the taxes - it seemed like too much of a red flag. | ||
| 1989 328 GTS (Vilamoura2002)
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That was not a dream .... that was a nightmare ! ROTFLOL | ||
| BretM (Bretm)
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LOL Michael, I read that thing about your advertising Martin right before I went to bed last night. Ironically enough I had a dream about being auditted because I had done that on the 308 apparently in this dream. I was fighting with the guy and was sure that I was to be arrested because of some sort of fist fight that was going to break out between us. For some reason he just wouldn't listen to me.  | ||
| Michael Fennell (Mfennell70)
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Martin: You'll have a hard time getting 'my track time was advertising' through an audit unless you can prove you actually got business from it. This from an accountant racer I know. | ||
| Martin (Miami348ts)
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I was thinking of putting my car in the database as well. I would not leave the key with them though but stay with the car and I drive it only. As to renting my family, no probelm! how much you pay? I have made magnetic signs for my car. In fact just picked them up. They will be placed on the car for track days. This way you can write off the whole day as a business expense. I could sell advertising space to my wife's company if my company is making negative and hers s making profit to divert some of the profits between the corporations, right? You might as well take your car into an off shore corp and sell yourself advertisement space on your own car for a horrific amount of money. Talking about smart! | ||
| Frederick Thomas (Fred)
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My car was in the movie Mo Money with Jamie Wayans. When I was buying the car the guy told me about it. So after I bought the car I got the movie and looked for it. It is in it for about 2 seconds parked in a garage! I missed it the first time and had to fast forward thru it again to catch it. | ||
| 1989 328 GTS (Vilamoura2002)
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How can you rent your loved cars? My cars are a part of my family and loved as my family is. I could never allow any stranger to go in one of my cars. Some persons say that they rent to weddings etc..., because with that money they can make all the service in the car.... Can you imagine renting your family to have what you need in your house? I don't see it!! Sorry :-( | ||
| david schirmer (David)
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I second Peter's remarks. Don't let film or TV crews use your house, car, girlfriend, pets, food... I could go on. I speak from experience on both sides of the equation. Sometimes it works out great. Do you feel lucky today ? | ||
| '75 308 GT4 (Peter)
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Be careful with these studios and letting them use your cars. In addition to the FCA, I belong to the Vintage Car Club of Canada and one of the members allowed use of his car for a set (for static display only). They drove the car abruptly, scraped off all of his club logos on his windows, curbed his tires and scraped the rims. At the end of the day, left his car on the side of the set, doors unlocked and keys in the ignition.... The studio payed him his fee, but covered none of the cost of repair which they deny they did it. | ||
| Ben Lobenstein 90 TR (Benjet)
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Solly - Around these parts there is a database of car(s) available for photo/movie shoots. If your car is an extra (just along side of the road) you get about $50/day. Principal cars get $400 - $1,500 per day with or without being driven/moving, alot of factors get into the mix there. I've done a few of these with various vehiciles, altho none with my TR. You should be aware that in order to deduct these costs for advertising etc. the cars MUST be making money, can't be making zero and having a ton of expenses. -Ben | ||
| Frank Parker (Parkerfe)
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First of all, I'm not a CPA. But, from my understanding a deduction is when you can reduce your tax by your tax bracket percentage you spend on something allowable under the tax code. Mortgage interest is one everyone is familiar with. For every dollar you spend on mortgage interest you deduct your tax bracket percentage amount. So if you're in the 39% tax bracket(soon to be 36%), and you pay $10,000.00 in mortgage interest for the year, you can deduct $3900.00. A business expense is dollar for dollar. So with an expensible item, if you spend $10,000.00, you reduce income from which you are taxed by that full $10,000.00. So a business expense is much better than a business deduction. Consult with your CPA but I'm pretty sure I'm correct on this. | ||
| Steven J. Solomon (Solly)
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Frank- Can you explain what you mean by business expenses being deductible at 100% on the dollar vs. a deduction at 39%? Do you mean he can depreciate the car as a business asset? Anyone else here use their cars for business and take write-offs? I'm thinking of putting my cars into a corporation, advertising them as available for movies, photo shoots, etc. and writing off all maintenance expenses and taking depreciation. Any thoughts? | ||
| Frank Parker (Parkerfe)
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Vilamoura, you could. All you need is double doors and room inside. You drive the car in and rope it off with those velvet rope. Then the car becomes a piece of art in a business and is thus expensible on your taxes. | ||
| 1989 328 GTS (Vilamoura2002)
|
I own a restaurant (not italian) but avoid parking my cars in front of the restaurant. If for some reason I need to do it for 2/3 minutes I do not feel good because all the eyes are in my direction when I go in or out of the car. The idea of having the car behind a glass....is fantastic!! I wish I could do it! | ||
| Tenney (Tenney)
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There's a guy in Chicago named Joe Marchetti who owns a restaurant called The Como Inn. He has also owned a Ferrari or two in his day. BTW - Additionally, Joe has hosted a few Ferrari gatherings at his family's estate (Montefiori) as well as the occasional historical track event at Road America. | ||
| BretM (Bretm)
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My pizza guy's (well he owns the joint) family owns an F40, 348, Mondial, and a 360. Not to shabby for making pizza, although I don't know what his father did for a living. | ||
| Frederick Thomas (Fred)
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I own a resturant called Sonny's Pizza Cafe and a Ferrari 308. If any of you guys ever get to Indy give me the heads up and you can stop by for lunch of dinner. | ||
| Mitchel DeFrancis (4re308)
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Nick Scianna has a really cool 50s style diner called Nicks Diner. A few friends and I went there to meet Nick, and saw the restaurant with 3 Ferraris parked out front. It was SOO cool. Great food too! | ||
| Frank Parker (Parkerfe)
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Tom, not just a deduction but an business expense ! That's 100% on the dollar, not 39% on the dollar like deductions are. | ||
| TomD (Tifosi)
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now that's my kinda tax deduction!! | ||
| Frank Parker (Parkerfe)
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I heard of a guy in Seatle that has an Italian Resturant that he parks his 365GTB/4 inside of behind a glass panel. He drives it to work, parks it inside and drives it home at quitting time. His customers love it and since it is an Italian car which is part of his Italian Resturant business he claims he expenses out all cost of ownership. Its sorta like a business fixture. Sounds like a great idea. | ||
| Allyn (Allyn)
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Carlucci in Arlington Heights IL had a dinner for Ferrari Owners this summer...don't know if he owns one himself. Nice place that's usually empty. | ||
| Mark (Study)
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Just a silly question. I use to live on Clearwater Beach FL, a guy down there had a Nice pizza resturant and he always parked his Ferrari out front while he worked the Dinner crowd. I be a lot of guys that own Italian Resturants also own Ferraris. Sounds like a fun life. Anyone else run into this? |