2017 Raptor sells for 157000.00

[Dave66]

New Raptor sells at Barrett-Jackson auction for 157000.00

 

[SZDZMTR]

******* idiots

 

[u0104940]

Ahhhh to have EFF YOU money. But sounds like it was for a good cause.

 

[Gilligan]

Charity auction. 100% deductible

 

[SilentShooter]

Useless post.. If you want to create a post on it do some ******* work and actually post the details.. ******* trolls.


This was a charity auction so it was a tax write off and more to the point it was for a one of 2017. It will be the last 2017 built and the customer gets to pick what ever color they want it in. So it will be a 1 of 1 2017 raptor. But the reality is that the high price was due to the fact that its a charity auction where the price becomes a tax write off.

 

[hkguns]

How are they "******* idiots"? It is an auction for charity.

You're an idiot for contributing to a charity to buy the last 2017 off the production line and can choose a custom, one of a kind color? -I don't think so.

 

[SilentShooter]

How are they "******* idiots"? It is an auction for charity.

You're an idiot for contributing to a charity to buy the last 2017 off the production line and can choose a custom, one of a kind color? -I don't think so.

I'll give that poster the benefit since the OP is the idiot that made the thread with out any actual effort. I bet he is the type that posts in threads just to say first post.

 

[Deleted member 12951]

I am no tax expert but I don't think this would be a 100% tax write off. I am pretty sure how these work is you get to use the amount of the difference from MSRP to what you overpaid because you are receiving a tangible asset of worth. As example (to make it easy), if the MSRP is $57k, then you would get to write off $100k towards charity. And you can only write off charitable donations up to 1/2 of what you claim as income on your taxes. So you would have to make $200k a year to write off the whole $100k amount. If you don't then you can write off the $100k over the next 5 years taking up to half each year until the amount is depleted. This part I do know for a fact. But someone that can spend $157k for this most likely is making 7 figures or more.

IRS Proof: https://www.irs.gov/charities-non-profits/charitable-organizations/charity-auctions

---------- Post added at 11:00 AM ---------- Previous post was at 10:56 AM ----------

Charity auction. 100% deductible

Nope, not 100% but that would be nice.

 

[Dane]

The above is correct. My wife is a CPA/Accounting Director for a non-profit - an actual professional. I just spoke with her about the above situation and yes, the additional payment ABOVE MSRP would be tax deductible (assuming the income stuff was met).

 

[SilentShooter]

My bet is it was purchased by a corporation or a well off persons holding company so it would be a write off for the over MSRP and the vehicle cost would be a tax write off for business expense. Remember those that are well off do not leave money on the table so you can be sure they have companies to run money thru for tax savings.

Either way if I had millions sitting in liquid assets and capital gains that I need write offs for I would be doing the same thing.