What happens when selling your Shelby?

[tesgt350]

I'm not sure if I have asked this before so I will again............ You sell your Shelby for $200,000, what happens next?  Do you claim it on your Taxes and give the Government a big chunk of it?  If so, what do they get?  If not, what do you do?  How do you minimize that loss? 

If selling at Auction, how does the Auction House handle it?  Do THEY report the Sell to the IRS?

[TOBKOB]

I think you will find any transaction over 10K must be reported...

TOB

[67 GT350]

Sell for cash no auctions

[98SVT - was 06GT]

Talk to a taxman. Capital gains would be the $200,000 minus your purchase and expenses since (not gas & oil). Banks are required to report CASH transactions (or ones they feel are suspicious) over $10,000 to the feds. This is why you insist on cash that you can deposit slowly over a period of time - I'm not an accountant or attorney so taking my advice is between you and the new 87,000 armed IRS agents.

[Stillakid54]

Identical rules up here in Canada.

[deathsled]

Identical rules up here in Canada.

Unless your Shelby happens to be your principal residence and then there is no capital gains tax in Canada.

[shelbydoug]

You will paying a large portion to the "shrink" for treatment of your suddenly new suicidal tendencies now realized by the departure of this amazingly magical healing machine.

"Oh no, what did I do?" 

[trotrof1]

The residence approach sounds doable. A drive up restaurant tray for the mailbox along with smattering of bushes and windchimes.

[98SVT - was 06GT]

The residence approach sounds doable. A drive up restaurant tray for the mailbox along with smattering of bushes and windchimes.

Especially here in California - single gets a $250,000 waiver on capital gains married $500,000.

[deathsled]

You will paying a large portion to the "shrink" for treatment of your suddenly new suicidal tendencies now realized by the departure of this amazingly magical healing machine.

"Oh no, what did I do?" 

Seller's remorse.  Cars are hard to hang on to for any period of time.  Something and more oftentimes "someone" gets in the way.

[tesgt350]

Talk to a taxman. Capital gains would be the $200,000 minus your purchase and expenses since (not gas & oil). Banks are required to report CASH transactions (or ones they feel are suspicious) over $10,000 to the feds. This is why you insist on cash that you can deposit slowly over a period of time - I'm not an accountant or attorney so taking my advice is between you and the new 87,000 armed IRS agents.

Yeah, lately I have insisted on CASH.  I have several Big Ticket items (not Shelby Related) I hope to start selling off soon and was also considering Trades as well.

[67 GT350]

Cash on the dash. No auctions, dont be greedy......you can discount the car for cash and same many headaches ...... hows that song go? Taxman.....

[98SVT - was 06GT]

If they ask if you'll take payments say yes....... ONE.

[gt350bp]

Car worth X and parts worth 3X?

Don
gt350bp

[67 GT350]

Car worth X and parts worth 3X?

Don
gt350bp

+1