Tax Shelter when selling anything...

[Tilikum Turbo]

I might be getting a pretty decent chunk of cash for selling my ride.

Any idea's how to protect assets to my benefit with a tax shelter, etc, and not to the govt's advantage.

Thanks in advance.

[MikeSid]

What possible tax are you worried about? Sales tax on a used vehicle is paid by the purchaser at registration. The sale proceeds are not income. You've simply converted a hard asset to cash.

[Gogar]

Originally Posted by MikeSid

What possible tax are you worried about? Sales tax on a used vehicle is paid by the purchaser at registration. The sale proceeds are not income. You've simply converted a hard asset to cash.

He's talking about Capital Gains Tax on the appreciation of the car while he's owned it.

[Hugh R]

Talk to an accountant, he can set up a revocable trust that can avoid the Cap gains. But do it before you sell it, not after.

[MikeSid]

Duh. That makes sense. Thanks. Not used to these things appreciating as much as they have.

[Bob Kontak]

Originally Posted by Hugh R

Talk to an accountant, he can set up a revocable trust that can avoid the Cap gains. But do it before you sell it, not after.

This is a good idea.

Revoke the trust in a lean income year if necessary.

[rwest]

sell it to me for way less than you bought it for- problem solved, you're welcome!

Originally Posted by Tilikum Turbo

I might be getting a pretty decent chunk of cash for selling my ride.

Any idea's how to protect assets to my benefit with a tax shelter, etc, and not to the govt's advantage.

Thanks in advance.

[pwd72s]

Originally Posted by rwest

sell it to me for way less than you bought it for- problem solved, you're welcome!

No green font here. I gave my friend Evren a very much friend's price...and deducting parts purchases, and other things allowed by the IRS, I made zilch.

In exchange for this, I got the promise that my old car would be forever out of the hands of the flippers, strippers, and pimps who inhabit the early 911 world. Pissing off all the right people was sheer joy!

I could afford it..another $250K wouldn't change my chosen lifestyle one bit. One of the best selling decisions I ever made.