70-442-W30

Next week my mother in law gets here, then we'll be away for a week. Hoping this all goes well...

Over the last few weeks I've been actually discovering how life is without a W-30 in the garage again. (Truth be told, I don't like it near as much...) Spent some time kicking around getting rid of one of our main vehicles and getting a 2016 Camaro SS, which in the end I decided I'm just not at that point in my life...yet. Mostly after I got the CarMax in quote on the megavan. $28k is way too low for a 2016 with just above 5k on the odometer. New is $38k plus all the dealer fees and possible add ons. I'm willing to make some money for someone on a trade and also on the purchase, but not have them make $5-6k on the trade for something that basically has demo miles on it.

For now the space has been taken up with my tractor and normal fall-time leaf attachment and some of our outdoor furniture. Ho hum. And the dark blue misfit with the futuristic 15" steelies wonders where the good looking ride went...still unsure whether to sell or hold. I figure I'll have some time to think it over while on vacation. Hard to clear your mind with all that goes on around here sometimes.

Got the MCACN magazine in the mail yesterday. Very impressed with whoever put it together. Layout and graphics are great. Not long now...it is going to be great to see the car again, meet some people, and reunite with others. Lots of interesting info in the magazine, it is almost overwhelming the variety of vehicles that will be there. I can't wait to see it all.

btw

Misfits need love too Bill. Don't be a h8tr.

Bashton

Thanks for the kind words regarding the new MCACN magazine. The thing is, this truly is a mere sampling of what we'll have at the show this year. I know, I know..another "promoter" hyping another car show....

There is a tremendous amount of passion and enthusiasm that goes into putting this show together from a whole lot of people, and our success is due to people like you that share this enthusiasm and passion, (which some may consider insanity). This allows us to produce a show we can truly be proud of.

Hope I get a chance to meet you at the show and most importantly, don't hesitate to jump right in and share some stories when you see "the dark blue misfit" at the show.

The countdown is on....

Bashton
MCACN Managing Member
www.mcacn.com

70-442-W30

Hey, I always loved that misfit toys part of the Rudolph movie...

70-442-W30

Promoting anything (in my opinion) is only bad if it is hype. From what I've seen on those YouTube videos, this show is the real deal and probably under-promises and over-delivers. Can't wait.

No, there can't be another dark blue misfit...can there??? Or at least not one with 35,000 miles. And I thought this car was rare!!!

70-442-W30

Mother in law in town tomorrow...kinda nervous. Not sure how all this is going to go. I probably won't be back on to update before the trip, but I'll let you all know how it went when we get back.

In other news, I still have the "FAST" plate. Can't return it for some reason. I need to check on the law to see when I need to turn it in. I'm sure there are plenty of people who never turn in their plates after selling a car, but I don't want to get in any trouble. Yeah, I'm one of those people. My lifetime DMV record consists of two speeding tickets and that's it. Boring, I know...

Glad this vacation is almost here, because I'm pretty near burnt out. Looking to get a few moments of quiet time and just relax some for once. Then the trip to Chicago for MCACN. Hopefully they will become World Series champs again tonight!!! These late ball games and the election crap have been taking their toll on many I suppose. Go Cubs!

70-442-W30

Was just watching the Dallas Mecum auctions and saw there is a 1970 W-30 4 speed non-console car going this weekend. Originally from Chicago area...take a peek when you get a chance. Estimate $100k-$125k. Not sure on the particulars...just saw a brief intro on the car and didn't read the listing yet... https://www.mecum.com/lots/DA1116-25...bile-442-w-30/

70-442-W30

Some good shots of it in this video:

btw

I happen to know you can keep the plate until it expires as it is possible to move it to another car. If you are having heartburh letting it go, simply call the DMV and tell them the plate is lost at which point you can keep it into perpetuity, peel off the expiration stickers and run it on the F85 or any of your other DDs. If you are the Boy Scout driver you make yourself out to be, you'll never get stopped.

I have a couple of personalized plates from 25 years ago I occasionally put on my rides.

What I want to know is what line are you feeding your MIL about why the 442 isn't in the garage?

70-442-W30

Yes, Cubs...really. Heard they already won from someone who had a time machine. Now tonight is just gonna provide some proof.

What line am I feeding my MIL? I'm telling her the truth about how I thought it was more important for her to have some additional funds in her bank account than it was for us to have that car. The whole point of buying it from her in the beginning was to help her out. The sale of it just enables us to help her some more.

Thanks again to Stefano and the other bidders.

70-442-W30

Got a text from BTW...he thought I was trying to keep her out of the garage until we were on the trip. But I plan on telling her when she gets here. That's why he said asked "What line am I feeding her?"

Anyway BTW...can you really believe that we live 10 minutes from each other and have never met??? That's sad. Let me know when you want to meet up at the neighborhood restaurant. I've not been there yet.

Stefano

Proof..... Cubs Win !

70-442-W30

That's how you do it!!! I was really hoping for a Cubs win. Mostly because my brother in law is closely related to someone from the Cubs in the HOF.

rand5204

Bashton,


Just made my reservations for the show. I've never been able to go before and I'm really looking forward to it. A double bonus for me is that my brothers 69 Ford Mustang factory race team SS/IA Cobra Jet Mustang will be there. The car is currently out at the SEMA show

70-442-W30

Ok, let me pick up where I left off...

My mother in law arrived here about 10 days ago and we then went on a cruise. We had previously planned a trip with Sea World/Disney, but I started getting cruise offers via email and we decided to do that instead since she had never been on a cruise before.

Prior to us leaving, we announced to her that we sold the car and she was getting a nice check from us. I think she was in shock a little, but overall she was very touched by it and thought it was a great gesture. The only concern she had was how my wife's grandpap would take the news. But, we reminded her of how he said multiple times that my father in law would have never got that car if he had anything to do with it. As a matter of fact he said "Don't go killing yourself in that thing!" to me when he heard it was running. So it probably made him worry.

At any rate, my premise for the whole event was Philippians 2:3-4. I didn't initially go into this thinking I would not have the car someday, but as time went on...it became clearer to me that it really was her additional money that I would be keeping if I kept the car. Again, Philippians 2:3-4...a good read, trust me.

So anyway, the trip went well...the kids had a good time with grandma, got to see some parts of the world they didn't yet see, and they enjoyed a little time at what was formerly Downtown Disney too. We didn't take a full vacation this summer like we normally do, so this was our vacation for the year. My wife had been working a ton of OT (mortgage business) so it was a great break for all of us.

I'm happy that my mother in law reacted favorably to the decision to sell the car. At one point she said she was a little sad to take the money...and then I said well, we will just keep it then. She laughed and confirmed she was appreciative of the effort and would definitely be taking the money.

We did hold back some for capital gains tax. $2000. Not sure what it will be yet, but if it ends up being less then the funds will find there way to her. The PA title was signed over a year ago, but from the actual date of the NC title received in the mail was less than a year because it wasn't able to be processed until that State Trooper inspection this spring. So I'm unsure if it would be short term capital gains rate or long term. If there is anyone out there who knows for sure, please let me know.

I'm very much looking forward to meeting up with everyone at the show. I got a call from Steve M when I was in San Juan (good timing Steve, as I didn't have cell phone service at any of the other islands.) So I know I'll see him there now, plus Stefano and his wife, Bashton, and Eric and his wife. Should be a great trip. I'll be in early Saturday morning. It is going to be great to see all of the cars you all have spent so much time on and have such amazing stories about. Can't wait!

btw

A standard to live by for sure.

On the gains issue, if you owned the car longer than a year, you'll pay long-term capital gains (20% federal plus NC state taxes). If you owned it for less than a year - short term - 39.6% fed plus NC state taxes).

If you are in ATM (alternative minimum tax), you'll have the value lumped with your income; if you gross more than $200,000, there is an additional 3.8% investment tax on top of ST or LT capital gains.

You just need to keep good receipts of everything.

70-442-W30

Thanks Brian. I did know about the 12 month rules for short term vs long term capital gains, however I just wasn't sure of what they would consider the date of ownership: the date the PA title was signed and witnessed by the notary, or the date that was actually on the new NC title. Should be the former I think because that was the date ownership was released...but just want to be sure.

70-442-W30

Oh and by the way, I got a nice letter from the DMV stating I now owe them for hanging on to the "FAST" license plate. Guess the penalty for my indecisiveness is $50. Do I get to subtract that from the gain?

Stefano

More Kool 007 W-30 stuff.

Stefano

Date code on Fender.

70-442-W30

Still sick here so not going to type the book that I normally do.

I'm loving those pics. Did you check the door panels for another broadcast card yet? You just never know...

Thanks for spending over an hour with me there at MCACN. I know it was a great place for you to market your business and for you to set some time aside and spend it with me, well that's priceless. I was totally surprised by the enormity of the show and also was impressed with the flow of visitors into the barn finds and hidden gems section. That area got so much traffic. Great to see so much interest.

Nice to see some others there that I already knew and also some members here that I never met before.

Stefano

Bill,

It was nice to finally meet you in person. Hope that you enjoyed having the W-30 on display at the show. While I needed to spend most of my time in our display, I did get lots of comments and questions about the car.

It was certainly one of the cleaner and better looking barn finds and hidden gems : ) This aspect of the show gets a lot of attention.

Eric had a nice spot and also got a lot of attention with his special OLDs.

Nice to see old friends and meet new ones as well, this is part of what MCACN is all about, the comradery as well as relationships established.

Did you notice the cooler we were using in our display? Thanks for the unexpected and thoughtful gift, you are all class. Get well soon.

RandyS

Just curious, buy why would you have to include the sale of a car for a profit on your taxes? I've never heard of that. Can you also deduct a sale for a loss?

BlackGold

The IRS requires you pay taxes on ALL capital gains -- ie, anything you sell for more than you paid. Technically, if you sell a toaster at a garage sale for more than you paid, you owe income tax on it.

For most capital gains, you are allowed to reduce your gain by what you put into it; not just the original purchase price but also purchase and selling commissions, any improvements, etc. But for some reason with automobiles you're not allowed to reduce your gain by the amount it took to maintain the car. Likewise, you can't claim a capital loss on your daily driver due to maintenance or depreciation. A true double standard in the IRS's favor.

The only way around this is to incorporate a business and buy, maintain, and sell your collector vehicles through that business. You can then reduce your profits by your expenses. You'll find some racers doing this to offset their winnings (which are taxable as income) by their expenses. The catch is that the IRS has little patience for people who claim their hobby is a business and yet mysteriously never makes a profit. I can't remember the exact timeframe, but I think you basically have to show a profit at least every 5 years of the IRS will penalize you.

70-442-W30

Finally feeling about 75% today. Thinking I had a sinus infection which was made worse by the plane ride up and back and then hitting the cold air when I got back home that evening.

Missed Thanksgiving in Dollywood, as my family took off without me. Wise choice. The kids had a good time with their cousins.

Yes, I'm hopeful that I can return to MCACN as some point in the near future. It was way more than I could explore while sick and I wanted to do so much more there. I loved the setup with the hotels connecting to the event and it was just an amazing environment.

Wanted to meet Bob, but was hanging out waiting to introduce myself when he was pulled in another direction by someone else. As I can imagine with an event like this, he probably has about zero free time anyhow. Anyway, Bob and whoever else might have had a hand in it...thanks for letting the W-30 be on display there. It finally has new life now that it is out of the garage and it is ready to rock.

344870M

Oh yeah. My 4spd 70 W30 has these from the dealer. I took her down the PA turnpike one time. ONE....TIME. lol Never again.

70-442-W30

Well I remember when the turnpike had a max speed limit of 55 the whole way across the state. I read about your 4 speed recently and thanks for the private message. It will be great to finally have your car restored. Wish you the best of luck.

70-442-W30

Was just reading back through this and my mother in law did mention it to me who did the artwork. He is still living and in the same county as her. Just out of curiousity what does a trunk lid in this shape go for nowadays?