tax on collector cars we owe the goverment
April 1st, 2011, 06:02 AM
#1
tax on collector cars we owe the goverment
http://www.saac.com/files/newsletter...s-04-01-11.pdf
Has anyone else seen this one floating around its a bunch of bs.
Must be nice that everyone that owns a classic car is rich. No one told me i was rich should of retired long ago.
Has anyone else seen this one floating around its a bunch of bs.
Must be nice that everyone that owns a classic car is rich. No one told me i was rich should of retired long ago.
April 1st, 2011, 06:14 AM
#2
2 '66 98's
Join Date: Aug 2008
Location: central New Jersey
Posts: 489
What is the basis for such a tax?? As far as I know, people who own paintings, diamonds, etc do not have to pay any sort of Federal tax on the standing value.
This could actually turn out to be a good thing. If they want to tax "capital gains" that would also mean you could write off "capital losses". We would then have a chance to reclaim the loss after putting $20,000 into building /restoring a car and ending up with it being valued at $12,000.
This could actually turn out to be a good thing. If they want to tax "capital gains" that would also mean you could write off "capital losses". We would then have a chance to reclaim the loss after putting $20,000 into building /restoring a car and ending up with it being valued at $12,000.
Last edited by bigoldscruiser; April 1st, 2011 at 06:28 AM.
April 1st, 2011, 06:44 AM
#5
Cutlass Lover
Join Date: Jul 2009
Location: Twinsburg, Ohio
Posts: 6,587
Rocketraider posted this also. What a crock!! I wonder if we would write to him, if our names would go on a list somewhere, and then they'd know we have a classic car?? Not that they won't find out anyhow, but I sure don't want to help em any!
April 1st, 2011, 06:49 AM
#6
Registered
Join Date: Jul 2006
Location: Northeast Ohio
Posts: 4,430
If it was true I would narc you out anyway.
...sorry... and didn't want to spoil the fun over there.
April 1st, 2011, 07:05 AM
#8
Registered User
Join Date: Jul 2008
Location: Seneca Falls, NY
Posts: 5,266
I admit, as a resident of NY, the first thing I did was go to Schumer's
website so I could give him a piece of my mind. When I didn't find any mention of this on there I started putting 2+2 together
website so I could give him a piece of my mind. When I didn't find any mention of this on there I started putting 2+2 together
April 1st, 2011, 07:23 AM
#11
Connoisseur d'Junque
Join Date: Sep 2010
Location: The Hudson Valley
Posts: 21,183
April 1st, 2011, 07:51 AM
#14
Registered
Join Date: Jul 2006
Location: Northeast Ohio
Posts: 4,430
April 1st, 2011, 08:58 AM
#16
Registered User
Join Date: Jan 2008
Location: South River, New Jersey
Posts: 3,515
just in case....this aint a hoax... LOL
saw this maybe it helps
The sale of classic and collector-cars can be very costly for investors if not structured properly. However, by using a personal property exchange, the sale can be treated as an "exchange" that is Not Taxable!
I have performed many of these 1031-exchanges for investors, on many different types of cars.
In order to defer all of the gain, your replacement-car typically should be equal or greater in value than your old relinquished-car, and all of your equity (or proceeds) from the sale of your old relinquished-car should be reinvested into your new replacement-car.
The key factor is that both the car that is given up and the new car that is received, must both be held for a "qualified purpose".
What does this mean?
Well, a "qualified purpose" means that you are holding the car either as an investment or for use in your trade or business.
1031 Tip: This does NOT mean that you can do a 1031 exchange on your "family car", because this "family car" would be considered to be held primarily for personal use.
The maximum capital gains rates for collectibles is 28% (as oppose to a mere 15% which is currently the ordinary maximum capital gains rate).
This means that the tax savings for collectors is nearly twice as advantages than with other types of property.
There are very few people who know how to properly structure a 1031 collector-car exchange.
To avoid making a costly mistake, before you sell, you should make the proper-arrangements with an experienced qualified intermediary FIRST so that the transaction is treated as a "trade" or "exchange" (rather than a sale and repurchase) to be sure that you qualify for maximum tax-savings.
The sale of classic and collector-cars can be very costly for investors if not structured properly. However, by using a personal property exchange, the sale can be treated as an "exchange" that is Not Taxable!
I have performed many of these 1031-exchanges for investors, on many different types of cars.
In order to defer all of the gain, your replacement-car typically should be equal or greater in value than your old relinquished-car, and all of your equity (or proceeds) from the sale of your old relinquished-car should be reinvested into your new replacement-car.
The key factor is that both the car that is given up and the new car that is received, must both be held for a "qualified purpose".
What does this mean?
Well, a "qualified purpose" means that you are holding the car either as an investment or for use in your trade or business.
1031 Tip: This does NOT mean that you can do a 1031 exchange on your "family car", because this "family car" would be considered to be held primarily for personal use.
The maximum capital gains rates for collectibles is 28% (as oppose to a mere 15% which is currently the ordinary maximum capital gains rate).
This means that the tax savings for collectors is nearly twice as advantages than with other types of property.
There are very few people who know how to properly structure a 1031 collector-car exchange.
To avoid making a costly mistake, before you sell, you should make the proper-arrangements with an experienced qualified intermediary FIRST so that the transaction is treated as a "trade" or "exchange" (rather than a sale and repurchase) to be sure that you qualify for maximum tax-savings.
April 1st, 2011, 01:43 PM
#23
Old(s) Fart
Join Date: Mar 2007
Location: Northern VA
Posts: 47,479
April 1st, 2011, 01:56 PM
#24
Connoisseur d'Junque
Join Date: Sep 2010
Location: The Hudson Valley
Posts: 21,183
Did you hear how the Border Patrol caught some Arab guys sneaking dirty-looking dogs into the US over the Canadian border? They always examine everything, so they x-rayed the dogs, and they found cellphone-activated explosives in pouches surgically implanted in the dogs. There was enough Semtex in each dog to blow up a house. They'd been finding areas of the border with dog crap along them for the past few months, so they put two and two together, and realized that there could be thousands of stray dogs wandering all over the US, which can be detonated individually or even all at once.
A word of warning - don't take in any stray dogs, or even adopt any at the pound, unless you get them x-rayed first.
The ASPCA will deny any of this, but people who work there will admit they have begun x-raying dogs!
A word of warning - don't take in any stray dogs, or even adopt any at the pound, unless you get them x-rayed first.
The ASPCA will deny any of this, but people who work there will admit they have begun x-raying dogs!
April 1st, 2011, 05:02 PM
#26
Registered User
Join Date: Jan 2008
Location: Sherwood Park, Alberta
Posts: 2,623
April 1st, 2011, 05:27 PM
#27
Registered User
Join Date: Sep 2009
Location: Braintree, Mass
Posts: 729
No joke, The idea of taxing collectables has often been kicked around, legalized theft. If they have tried taking our cars away in the name of the environment what is to stop the vile despicable pigs from taxing them as collectables.
April 1st, 2011, 06:23 PM
#29
April 1st, 2011, 06:28 PM
#30
for any injuries he get's from the accident.So mean while a person under a DUI gets hurt, he gets nothing
April 1st, 2011, 09:15 PM
#31
Registered User
Join Date: Jul 2010
Posts: 78
so is this April fools or not? Date of the paper is March 28th, 2011, not april first.
Leave it to NY to hire some demorat senator to conjure up an idiotic idea as this. and yes, they've tried to crush our classics, anything older then 25 years, before so why wouldn't they try to get into our pocketbooks with this crap?
How about going after GE for not paying a DIME into taxes this year? Nothing, zip, zilch! It was calculated that if GE paid in the 18% everyone else pays they would have paid in $2.8B in taxes of the 14B they made last year.
I say we tax all the "haves" that can afford a NEW car every three years. If you are in a lease or just trade your car in when it needs tires, you should be taxed like tobacco users! Just my $0.02.
Leave it to NY to hire some demorat senator to conjure up an idiotic idea as this. and yes, they've tried to crush our classics, anything older then 25 years, before so why wouldn't they try to get into our pocketbooks with this crap?
How about going after GE for not paying a DIME into taxes this year? Nothing, zip, zilch! It was calculated that if GE paid in the 18% everyone else pays they would have paid in $2.8B in taxes of the 14B they made last year.
I say we tax all the "haves" that can afford a NEW car every three years. If you are in a lease or just trade your car in when it needs tires, you should be taxed like tobacco users! Just my $0.02.
April 1st, 2011, 10:54 PM
#32
Registered User
Join Date: May 2009
Location: USA
Posts: 2,202
Uh....yeah.
I have an email I want to forward to you.
The world is ending if you don't forward it to 23 people and then cluck
like a chicken 3x while writing these digits down in order 8,6,7,5,3,0,9.
Otherwise Obama is banning your gun rights.
Okay, now seriously.....for the older guys not too savvy with the internet yet.
First rule of fact checking, Google the main phrase of the email or topic.
Typically if it's true you will see it on MAIN US MEDIA websites.
Not wingnut websites. Google this topic and you'll see it's not ANYWHERE
except on the newsletters main site as the 1st search result. That's your 1st clue.
2nd rule of fact checking, www.snopes.com to verify an emails authenticity.
Here's a clue 99.9% of the emails you're sent are written by some jackass
wanting to jerk your chain. They work, because 80% of the recipients
forward them blindly.
I have an email I want to forward to you.
The world is ending if you don't forward it to 23 people and then cluck
like a chicken 3x while writing these digits down in order 8,6,7,5,3,0,9.
Otherwise Obama is banning your gun rights.
Okay, now seriously.....for the older guys not too savvy with the internet yet.
First rule of fact checking, Google the main phrase of the email or topic.
Typically if it's true you will see it on MAIN US MEDIA websites.
Not wingnut websites. Google this topic and you'll see it's not ANYWHERE
except on the newsletters main site as the 1st search result. That's your 1st clue.
2nd rule of fact checking, www.snopes.com to verify an emails authenticity.
Here's a clue 99.9% of the emails you're sent are written by some jackass
wanting to jerk your chain. They work, because 80% of the recipients
forward them blindly.
Last edited by Aceshigh; April 1st, 2011 at 10:58 PM.
April 1st, 2011, 11:35 PM
#33
Oldsdruid
Join Date: Dec 2007
Location: Southside Vajenya
Posts: 10,312
Yeah, I got suckered in, along with about half the AACA, because I didn't bother reading the other BS on the page.
I'm antsy about any suggestion of taxation like this because of experience here in Virginia with a state legislator who thinks it is his mission to jack with the antique car laws- in the name of safety of course, but you pull the financial projections out of these bills he sponsors and you will see that they're nothing but a disguised money grab. The last time he monkeyed with the old car statutes, the estimated take was $8 million. At least the Democrats will call a tax a tax- he's a Republican who likes to call revenue schemes "fees".
What gripes me the most is he calls himself a car guy, simply because he races Porsches at VIR.
If this was the Shelby Club's idea of an April Fool joke, not funny and not appreciated. They're having a big meet at VIR next month, and those schitheads need to realise the above-mentioned Virginia legislator represents the House district VIR is in.
I'm antsy about any suggestion of taxation like this because of experience here in Virginia with a state legislator who thinks it is his mission to jack with the antique car laws- in the name of safety of course, but you pull the financial projections out of these bills he sponsors and you will see that they're nothing but a disguised money grab. The last time he monkeyed with the old car statutes, the estimated take was $8 million. At least the Democrats will call a tax a tax- he's a Republican who likes to call revenue schemes "fees".
What gripes me the most is he calls himself a car guy, simply because he races Porsches at VIR.
If this was the Shelby Club's idea of an April Fool joke, not funny and not appreciated. They're having a big meet at VIR next month, and those schitheads need to realise the above-mentioned Virginia legislator represents the House district VIR is in.
April 2nd, 2011, 12:47 AM
#35
Registered User
Join Date: Dec 2008
Location: Sebago, Maine
Posts: 875
Yeah, I got suckered in, along with about half the AACA, because I didn't bother reading the other BS on the page.
I'm antsy about any suggestion of taxation like this because of experience here in Virginia with a state legislator who thinks it is his mission to jack with the antique car laws- in the name of safety of course, but you pull the financial projections out of these bills he sponsors and you will see that they're nothing but a disguised money grab. The last time he monkeyed with the old car statutes, the estimated take was $8 million. At least the Democrats will call a tax a tax- he's a Republican who likes to call revenue schemes "fees".
What gripes me the most is he calls himself a car guy, simply because he races Porsches at VIR.
If this was the Shelby Club's idea of an April Fool joke, not funny and not appreciated. They're having a big meet at VIR next month, and those schitheads need to realise the above-mentioned Virginia legislator represents the House district VIR is in.
I'm antsy about any suggestion of taxation like this because of experience here in Virginia with a state legislator who thinks it is his mission to jack with the antique car laws- in the name of safety of course, but you pull the financial projections out of these bills he sponsors and you will see that they're nothing but a disguised money grab. The last time he monkeyed with the old car statutes, the estimated take was $8 million. At least the Democrats will call a tax a tax- he's a Republican who likes to call revenue schemes "fees".
What gripes me the most is he calls himself a car guy, simply because he races Porsches at VIR.
If this was the Shelby Club's idea of an April Fool joke, not funny and not appreciated. They're having a big meet at VIR next month, and those schitheads need to realise the above-mentioned Virginia legislator represents the House district VIR is in.
These"antquie" cars of 1980s vintage, are being used for daliy drivers.
April 2nd, 2011, 08:35 AM
#37
Harper!!!
April 5th, 2011, 12:51 PM
#39
Old(s) Fart
Join Date: Mar 2007
Location: Northern VA
Posts: 47,479
Originally Posted by SEMA
SEMA Action Network Members:
Some of you may have received notice of an alleged New York Times article indicating that legislation was being drafted in the U.S. Congress to create a federal tax on collector cars. Hopefully, most of you know by now that the article was an April Fools Day prank. The author has indicated his regrets for any confusion or embarrassment to automobile collectors and enthusiasts caused by the prank. Below, we have included the full text of his letter revealing the hoax.
Please contact me if I can be of additional assistance.
Steve McDonald
Vice President, Government Affairs
Specialty Equipment Market Association
SENATOR SCHUMER “TAXING CLASSIC CARS” NEW YORK TIMES ARTICLE REVEALED AS ONLY AN APRIL FOOL’S PRANK
The Shelby American Automobile Club’s annual April Fool’s gag reached a much wider audience that anyone could have predicted. Initially a four-page newsletter was emailed to every member. It contained stories about a perpetual motion ’68 Shelby, a ’69 GT350 that supposedly got 40 miles per gallon and a bogus front page recreation of the New York Times, dated March 28th, that had two stories. One was a hoax about purported tax legislation being prepared by Sen. Charles Schumer, which would tax every collector car, antique, hot rod and race car in the country. This was, of course, concocted out of thin air. But it was, on the surface, believable and it hit numerous hot buttons of car owners.
As soon as some SAAC members read this they immediately went into full “Paul Revere mode,” posting the article on a wide variety of Internet car forums. Once on those forums, readers swarmed like angry killer bees, both posting angry comments about the unfairness of the concept and spreading parts and pieces of the original article in emails and postings. It was the classic definition of something “going viral.”
When readers on some forums recognized the whole thing as an April Fool’s joke and posted this, other readers seemed to look right past the warnings. We now know how Orson Wells must have felt after his 1938 “War of the Worlds” radio broadcast resulted in traffic jams as panicked people tried to flee New Jersey.
While we enjoy a good April Fool’s prank as much as anyone, we never envisioned that this one could spread so quickly or so widely beyond the Shelby American Automobile Club. We deeply regret if taking this story seriously has caused anyone any undue distress or embarrassment. To keep more of that from happening we would greatly appreciate it if you could forward this message to as many car enthusiasts as possible. If they forward it to others who can forward it to even more people, maybe this second message will catch up with and overpower the first one.
And finally, please do not contact Senator Schumer’s office. He already has his hands full with real issues of importance.
Best regards,
Rick Kopec
Shelby American Automobile Club
This message was intended for: joe_padavano@rocketmail.com
You were added to the system June 30, 2007. For more information
click here.
Update your preferences | Unsubscribe
Some of you may have received notice of an alleged New York Times article indicating that legislation was being drafted in the U.S. Congress to create a federal tax on collector cars. Hopefully, most of you know by now that the article was an April Fools Day prank. The author has indicated his regrets for any confusion or embarrassment to automobile collectors and enthusiasts caused by the prank. Below, we have included the full text of his letter revealing the hoax.
Please contact me if I can be of additional assistance.
Steve McDonald
Vice President, Government Affairs
Specialty Equipment Market Association
SENATOR SCHUMER “TAXING CLASSIC CARS” NEW YORK TIMES ARTICLE REVEALED AS ONLY AN APRIL FOOL’S PRANK
The Shelby American Automobile Club’s annual April Fool’s gag reached a much wider audience that anyone could have predicted. Initially a four-page newsletter was emailed to every member. It contained stories about a perpetual motion ’68 Shelby, a ’69 GT350 that supposedly got 40 miles per gallon and a bogus front page recreation of the New York Times, dated March 28th, that had two stories. One was a hoax about purported tax legislation being prepared by Sen. Charles Schumer, which would tax every collector car, antique, hot rod and race car in the country. This was, of course, concocted out of thin air. But it was, on the surface, believable and it hit numerous hot buttons of car owners.
As soon as some SAAC members read this they immediately went into full “Paul Revere mode,” posting the article on a wide variety of Internet car forums. Once on those forums, readers swarmed like angry killer bees, both posting angry comments about the unfairness of the concept and spreading parts and pieces of the original article in emails and postings. It was the classic definition of something “going viral.”
When readers on some forums recognized the whole thing as an April Fool’s joke and posted this, other readers seemed to look right past the warnings. We now know how Orson Wells must have felt after his 1938 “War of the Worlds” radio broadcast resulted in traffic jams as panicked people tried to flee New Jersey.
While we enjoy a good April Fool’s prank as much as anyone, we never envisioned that this one could spread so quickly or so widely beyond the Shelby American Automobile Club. We deeply regret if taking this story seriously has caused anyone any undue distress or embarrassment. To keep more of that from happening we would greatly appreciate it if you could forward this message to as many car enthusiasts as possible. If they forward it to others who can forward it to even more people, maybe this second message will catch up with and overpower the first one.
And finally, please do not contact Senator Schumer’s office. He already has his hands full with real issues of importance.
Best regards,
Rick Kopec
Shelby American Automobile Club
This message was intended for: joe_padavano@rocketmail.com
You were added to the system June 30, 2007. For more information
click here.
Update your preferences | Unsubscribe
April 5th, 2011, 12:55 PM
#40
"me somebody" site member
Join Date: Jul 2007
Posts: 1,612
There's a similar thread to this one on ROP; I think you guys should stop before it gets as bad as that one.
Ever re-read something you wrote on the internet that you were embarrassed about? Apparently the answer is "no" for a lot of people.
Ever re-read something you wrote on the internet that you were embarrassed about? Apparently the answer is "no" for a lot of people.
