More often one loses money on cars. To be fair under the tax code then you would report those as losses? Sent from my iPhone using FerrariChat
Yeah just like buying furniture out of state and letting your home state know so you can pay sales tax. Your call.
you likely won't fit, even with Racing seats. My dealer sent my way a 6'4" F12 coupe owner to try my GTS that has racing seats, and it was a big no no, especially has it was mostly torso height. I'm 6'3" and already think I could use more leg space AND tilt the seat backward further to make the ride more comfortable.
Yeah…that’s what I am afraid of. I was supposed to connect with a kind forum member yesterday to check out his GTS (equipped with comfort seats), but something came up on my end. I am sure that at some point, I’ll get up with him. I don’t really need to be comfortable, I just need to be able to shoehorn myself in.
Fair? The tax code? More seriously, capital losses on "personal use" items like houses and vehicles are not deductible.
I am told, if selling car for a profit, as rare as that is, you need to report it as income. Whether it is ordinary income or capital gains probably depends on a few factors. Not sure about that. You can offset sale price (profit) by cost of car, plus: maintenance, improvements, repairs, insurance, storage, concours d'elegance related fees if car is shown (as that increases value), marketing expenses etc... Large deposits are tracked by regulatory agencies, so if you are audited, probably should have above ready. Of course, confirm with you accountant.
My understanding (as a non-accountant lay person who is not giving financial guidance) is that if the sale is less than 1 year after purchase, it is a short term gain and taxed at the incremental income tax rate (though it is reported as a capital gain, not income), while sales a year or more after purchase are long term and taxed at the capital gains rate.
Yes, the holding period for long-term capital gains is 12 months. Sent from my iPhone using FerrariChat.com mobile app
https://www.facebook.com/297478880197/posts/10165175399325198/ I’m not sure why the op posted here. He most be negotiating with the dealer.
