Barrett Jackson 914-6 Options

[altitude411]

Does anyone know the lot # for the 914-6's at the BJ auction in Scottsdale? TIA

[rhodyguy]

it's the total of the $ you're going to be paying after the hammer drops that is a little alarming. a 10% buyers premium and you're at $99k. now the Washington state 'second sticker'. you're going to endure a 7.3-10.3% sales/use tax dependent upon where you live. not to include any other fees such as title agency, plates and yearly tabs. call it $7.2k using the lower tax rate. $106k after tax dollars. yipes.

what is the scenario with regards the IRS when $90K+ suddenly appears in some account? audit time?

[larryM]

it's the total of the $ you're going to be paying after the hammer drops that is a little alarming.

what is the scenario with regards the IRS when $90K+ suddenly appears in some account? audit time?

for exactly that reason, i eventually declined a large tempting offer for my car last year - the buyer was a California "collector-dealer" - who would report his cost as his new basis - and was paying by traceable bank transfers

IRS Publication 551 is sobering

no matter how many old receipts we have - if we are selling as individuals it's a considerable problem - especially with cars that have gone up astronomically in value in the past few yrs & as pointed out above, especially if we did a lot of work ourselves (it's just a hobby, ya' know)

the reportable gains hit made my net far too low –I don’t need the money & I still like the car; so instead I decided to get rid of a couple other cars that won’t be a tax problem & spend my waning yrs enjoying just one - maybe someday i can just swap it for something of similar value that i'd enjoy more?

i have a friend who deals in hi-$$ US-iron a lot - he only does CASH; and i've subsequently had interest in my car from a similar fellow who said up front - " I bring CASH" (that can be a reason to sell for less than "auction value")

- how one gets a lot of cash into one's bank is another matter - the banks have reporting rules to follow, including if they see a whole bunch of "under-$10K" deposits

but maybe we can be too paranoid - or maybe we have no choice but to sell (been there....)

fwiw - a friend who privately sold a collectible vintage sports racer 2 yrs ago just took & deposited 2 20K payments and nary a thing happened - no IRS, no state taxes, no bank reports, etc

‘way back in time – I used to do “1031 exchange” real estate deals that delayed some problems – but they can be intensely complex, can require multiple parties, and are often scrutinized (google it)

.