The 20 Million Dollar Volvo

[ckissick]

I'd snap it up if I lived in New York.

https://www.kbb.com/car-news/worlds-most-expensive-volvo-wagon-offered-used-for-20-million/

[Baz]

Why? Because it has a New York tag?



Pfffttt.....

Now if it had a "Bazza" tag..........

[Neilk]

Now that the cat is out of the bag, I am sure the state of NY will do anything to torpedo the sale... unless they can tax the transaction.

[Bob Kontak]

Originally Posted by Neilk

Now that the cat is out of the bag, I am sure the state of NY will do anything to torpedo the sale... unless they can tax the transaction.

State of New York will gladly facilitate. And then there's income tax on the sales price, net of car's fair market value, of $2,722.

[GH85Carrera]

Originally Posted by Bob Kontak

State of New York will gladly facilitate. And then there's income tax on the sales price, net of car's fair market value, of $2,722.

And one whopper of a capital gains tax bill to the feds.

[stomachmonkey]

Unlike some places plates in NY do not transfer with the car, they stay with the registrant.

The only way around it is to Title in new owners name but registration needs to stay with and be maintained by the family.

Unless they can figure out a way to incorporate as the original registrant then make the new owner the majority holder?