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Post by featherduster on Jan 18, 2020 20:42:47 GMT -5
I was giving some thought to purchasing the very first 2020 Corvette mid-engine Stingray , you know the one with VIN#00001.
Well it turns out that Rick Hendricks the famous Nascar team owner and owner of a lot of other things just bought it at the Barrett Jackson auction for a mear THREE MILLION DOLLARS.
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Post by esshup on Jan 18, 2020 21:38:55 GMT -5
What? You mean you let him out bid you??
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DANG !
Jan 19, 2020 7:22:59 GMT -5
via mobile
Post by welder on Jan 19, 2020 7:22:59 GMT -5
No thanks.
Nowhere to haul groceries or my dog box!
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Post by Woody Williams on Jan 19, 2020 8:43:24 GMT -5
I was giving some thought to purchasing the very first 2020 Corvette mid-engine Stingray , you know the one with VIN#00001. Well it turns out that Rick Hendricks the famous Nascar team owner and owner of a lot of other things just bought it at the Barrett Jackson auction for a mear THREE MILLION DOLLARS. Probably going to be his daily driver! |
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DANG !
Jan 19, 2020 9:13:04 GMT -5
Post by featherduster on Jan 19, 2020 9:13:04 GMT -5
I was giving some thought to purchasing the very first 2020 Corvette mid-engine Stingray , you know the one with VIN#00001. Well it turns out that Rick Hendricks the famous Nascar team owner and owner of a lot of other things just bought it at the Barrett Jackson auction for a mear THREE MILLION DOLLARS. Probably going to be his daily driver!  |
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DANG !
Jan 19, 2020 10:32:19 GMT -5
via mobile
Post by greghopper on Jan 19, 2020 10:32:19 GMT -5
I was giving some thought to purchasing the very first 2020 Corvette mid-engine Stingray , you know the one with VIN#00001. Well it turns out that Rick Hendricks the famous Nascar team owner and owner of a lot of other things just bought it at the Barrett Jackson auction for a mear THREE MILLION DOLLARS. Rick is a Huge Corvette collector...... On a side note you got watch what you buy when you get a old Corvette, many fake cars out there! |
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Post by treetop on Jan 19, 2020 10:45:46 GMT -5
He shows up at a lot of the auctions buys Chevy mostly as most of his dealerships are puts them on his dealer floor for a short time and than they head to his private collection, that way he can write them off his taxes as a Business expense as advertising
He also buys a lot of cars were the proceeds go to charity than he gets the car and can write it off as charitable deductions
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DANG !
Jan 19, 2020 12:04:34 GMT -5
Post by esshup on Jan 19, 2020 12:04:34 GMT -5
He shows up at a lot of the auctions buys Chevy mostly as most of his dealerships are puts them on his dealer floor for a short time and than they head to his private collection, that way he can write them off his taxes as a Business expense as advertising He also buys a lot of cars were the proceeds go to charity than he gets the car and can write it off as charitable deductions Can you write off the $$ as a charitable deduction if you receive "goods" for the deduction? If the "goods" are sold later, do you have to claim that as income? |
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DANG !
Jan 19, 2020 12:15:58 GMT -5
via mobile
Post by firstwd on Jan 19, 2020 12:15:58 GMT -5
He shows up at a lot of the auctions buys Chevy mostly as most of his dealerships are puts them on his dealer floor for a short time and than they head to his private collection, that way he can write them off his taxes as a Business expense as advertising He also buys a lot of cars were the proceeds go to charity than he gets the car and can write it off as charitable deductions Can you write off the $$ as a charitable deduction if you receive "goods" for the deduction? If the "goods" are sold later, do you have to claim that as income? With a tax code bigger than a set of encyclopedias, I'm pretty sure you could find a way to to just about anything. |
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Post by schall53 on Jan 19, 2020 12:22:12 GMT -5
When you purchase an item as a charitable donation you must determine the fair market value of the item. The donation is the amount over this. An example would be buying a 4-H pig for $400, it’s only worth $150, your charitable donation would be $250. Now if you resold it for $200, you would have to report a $50 gain.
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Post by esshup on Jan 19, 2020 12:26:26 GMT -5
When you purchase an item as a charitable donation you must determine the fair market value of the item. The donation is the amount over this. An example would be buying a 4-H pig for $400, it’s only worth $150, your charitable donation would be $250. Now if you resold it for $200, you would have to report a $50 gain. I had a feeling someone would know the answer! Thanks!!! |
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Post by medic22 on Jan 19, 2020 12:58:26 GMT -5
Rich people got rich and stay rich cause they were either lucky, or much smarter than the rest of us.
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Post by treetop on Jan 19, 2020 13:44:50 GMT -5
When you purchase an item as a charitable donation you must determine the fair market value of the item. The donation is the amount over this. An example would be buying a 4-H pig for $400, it’s only worth $150, your charitable donation would be $250. Now if you resold it for $200, you would have to report a $50 gain. I had a feeling someone would know the answer! Thanks!!! Yes and aother way to increase your deduction is that they can set the value of the item being sold. It’s a bit harder on every day iteams but one of a kinds or services are harder to value, you can’t stretch a million but it happens a lot especially on smaller fund raising events We’re your odds of getting caught are slim |
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Post by featherduster on Jan 19, 2020 14:36:16 GMT -5
When you purchase an item as a charitable donation you must determine the fair market value of the item. The donation is the amount over this. An example would be buying a 4-H pig for $400, it’s only worth $150, your charitable donation would be $250. Now if you resold it for $200, you would have to report a $50 gain. I had a feeling someone would know the answer! Thanks!!! YEAH! and I knew who that someone was going to be. |
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DANG !
Jan 20, 2020 20:57:17 GMT -5
Post by Sasquatch on Jan 20, 2020 20:57:17 GMT -5
Can't fall asleep with that bidding paddle in your hand!
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Post by 36fan on Jan 21, 2020 12:51:47 GMT -5
If I can't get the match set of VIN#00001 AND VIN#00002, then I don't want it! Hendrick can just keep it.  |
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DANG !
Jan 21, 2020 13:32:19 GMT -5
Post by jbird on Jan 21, 2020 13:32:19 GMT -5
I like real sheet metal of the late 60's early 70's.....Rick can have his vette. I like watching the auction just to see some of the old stuff and see what sorts of things people buy. Some folks have to loose their butt's as the cost of restoration and the like has to exceed the sale price on some of those....but that is the risk of "no reserve". I also liked some of the bronco's and pick-up trucks as well.
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Post by treetop on Jan 21, 2020 15:40:57 GMT -5
I’d say a lot of people take a beating on some of those cars
Just think they still have to pay a selling fee and than they add a 10% buyers fee
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