BARRETT - JACKSON !!!!

The ZR-1 sale was for CHARITY - The more he paid, the bigger the tax deduction.

 

He must have also asked them to raise the apr on his home loan because his deduction wasn't enough with the low rate!

 

You don't get a deduction when you recieve something in kind.

If you just walk out on the street and donate a Corvette to a passing charity, then you get to deduct the current value of the Vette from your gross "taxable" income (with 2% caps or so).

If you pay a charity $100k for a $100k car, then you get no deduction because you got something for your money.

Paya charity $1,000,000 for a $100k car and you get to deduct $900k from your taxable income (which could save you from a few hundred grand in taxes depending on your tax bracket and whether or not you trigger the AMT with such a deal).

 

Nope as I understand it. You have a charitable foundation which you fund over years. It has to give away 5% of it's assets per year but can give away more if it wants. It want to donate 900K to United Way, no problem.

Dr Who/Tax??

 

The one at BJ didn't have the original body it was manufactured with on the car today according to Speed.

 

You're right on the money. I could say more about private foundations and certain very wealthy people who advocate keeping the estate tax, while their private foundations have wiped out thier own potential estate tax bill, but I won't.

Dale

 

You can only write off up to 50% of your annual adjusted gross income in charitable contributions.

So if this was the guy's only charity donation (the $900k) he would have to have an AGI of $1.8mm to be able to write off the 900k.

You CAN roll over unused portions though, so if the guy has an AGI of $1mm, he can write off 500k this year, and write off the other 400k next year.

I believe he owns car dealerships out in AZ and I am guessing he makes a lot more than $200k a year, so I don't think he'll have too much trouble writing off the whole amount.

 

I have no idea when this American Iron bubble is going to burst but it will burst. And I don't want to have a $200K Chevelle in my garage when it does.

 

It's now titled to one George Costanza (I got the joke!)

 

My videos of BJ

http://www.youtube.com/profile?user=TestShoot

 

Are you forgetting the 10% fee for BJ on top of the $1M? That's $10,000 for the extra $100,000. He could of donated $100,000 to any charity without paying $10,000 fee to BJ.

 

yes, but remember it belonged to John Voight the Dentist, not the actor.

 

Really? I Read stupid crap on here daily, it's addictive though.......


Stupid is paying 1 mil for a new Vette....Intelligence is giving 900,000 to people that need it!

 

I think they said they waived the fees for the charity items. How generous of them!

 

Got my pics loaded up finally.

http://public.fotki.com/miniferrari/