Th Come on. You know it's not likely to happen. The outlook is for things to get taxed or banned. Regardless of where you live, who is in charge etc.
When I got pulled over by the dps, they asked about the plate, and I was honest with them. Said they would do the same. Plus I hate letting the kids drive the car for the safety inspections. Trailers in Texas need a yearly inspection.....ha! There is one place in my city, and about 20,000 oil field trailers. I towed one of my trailers down there for 3 weeks straight....no one qualified ever showed up to do the inspection. I tried, but they make it too hard sometime. I don't even car about the tax, it's the time and inconvenience.
1000% times 2! Disagree, just because people have money (that they worked hard for) does NOT give the government any rights to it. Taxation as a whole has gotten WAY out of control. I'll be another Georgian chiming in here. I was born in GA, but lived everywhere else before moving back down here in 2016. We lived in Ohio prior, where we had 4 cars. We paid sales tax on ALL of those cars to Ohio. Since Georgia does not charge sales tax on cars, but TAVT, We had to pay taxes AGAIN just to register the cars in Georgia. The only saving grace was that GA valued the cars less than they were worth, since they had way below average miles on them...but it was still being double charged and throwing thousands of dollars down the drain. I live close to the TN line, and almost moved there because of that, but you can get way more house for the money in Georgia, so it made up for it, in a way. I got my revenge though...I bought the Ferrari a few months after moving back down here. According to the GA TAVT calculator, my 1999 jalopy was only worth $32k...so I only paid taxes on that, which I think was around $2500. Not bad for a $60k+ car. This past year, my company discontinued their company car program. I bought out the lease from the fleet company. It's a 2015 Fusion. The car had much higher than average miles since I drive a lot for work. Georgia's value was a few grand more than I bought the car for. I appealed their value and they taxed me on what I actually paid for the car. YMMV as I live in a beautiful little hick county that probably has never had a Ferrari registered in it before me, not metro Atlanta where the DMV may be a bit more savvy...there are a few more tricks out there.
Didn't Doug DeMuro just recently post about this with his GT40? He opted to pay the CA taxes rather than the MO loophole I think.
My understanding according to the VinWiki investigative journalist interview is that this is not really about the LLC tax avoidance strategy, but about dealerships informing buyers about the tax loophole to influence the sale, thus conspiring and committing fraud. Is this the correct interpretation?
Image Unavailable, Please Login My new shirt is look great right about now. Besides Delaware LLCs are now all the rage Sent from my iPhone using Tapatalk
imho, the best part of the article is the interview / quote a "criminal" giving his legal expertise......
Eventually can't avoid 2 things: Death and taxes. First one is inevitable, the second is legalized extortion.
you know if you well heeled buyers would just buy your cars in SPE - then we could just buy and sell the SPE with no taxes.........................
wouldn't it only be fraud if it was completely illegal? telling a consumer what may be advantageous to them doesn't seem malicious, it seems smart for the dealership to retain a happy customer (just IMHO, I don't know enough legally to cement my thoughts
My understanding according to the VinWiki investigative journalist interview is that this is not really about the LLC tax avoidance strategy based on their expertise in the area..... fwi, the ole its a law but it hasnt been enforced doesnt seem to work in court as a defense
Conspiracy to commit fraud would be difficult to prove, as there must be intent. I don't see that on the part of a dealer. It's called educating the consumer. That doesn't mean, however, that an aggressive prosecutor won't see this as a great opportunity. And, many settle just to avoid the hassle. That said, and here's the rub, it's highly problematic for any tribunal to determine whether the laws of its' jurisdiction are legal or not. There's a built-in conflict of interest problem. Not only that, EVEN IF you adhere to the letter of the law, the IRS can say "So what?" In their opinion, even if you've done everything correctly, it can (and has) said the only purpose of the structure is to avoid taxes. As a consequence, they determine it to be a scheme and will not honor it. I see this, broadly, as a state v. state issue, however. If the formalities are observed and the vehicle is properly titled and registered in one state, on what basis can another state claim it has the power of taxation over that asset? Some say that nexus is where the car is garaged. Using a rationale that that vehicle is "consuming" the roads and putting wear and tear on them. Never mind that you pay property taxes for this and gasoline (use) taxes. And, never mind that vehicles from neighboring states may put tens of thousands of miles on the roads, yet most high-dollar exotics spend the majority of their lives parked. I find that to be particularly egregious. CW
This firestorm about exotic car taxes avoidance sounds like another ploy to hide real issues with some states. I am a surprise GA seem to turn into a Massachusset copcycat when it comes to some taxation. In the scope of things I would love that state or any other to put up a chart on how much the lose on exotic taxation vs true tax fraud schemes etc... The "crackdown" make it sound like everyone and their brother has an Exotic car registered in MT. But of course it is more popular with voters to go after high value, high visible targets that shadows conducting fraud schemes. Besides I beleive new laws in MT impose taxation on cars less than 10 or 12 years so I am confused about what someone gains would be. I can see a gain in state where emission testing is another nightmare to deal with when a car get driven only a 1000 miles a year, if that. This remains me of France where they caught a Aston Martin English driver near my birth place driving 120mph in a 60mph a few years ago. This made the local newspapers for over 1 week with smiling cops "always on the hunt for violators" immediate confiscation and arrest. They were so proud. Tthe buy would have done that in an Honda (and many do over there) this would have had no press. Meanwhile that same town is becoming a hub for gun and drug traffiquing due to its geographical location...