Raptor at Barrett-Jackson

[f150corey]

i bet pretty close to 225,000 only because some one with to much money needs a good tax write off and will get a truck out of it too.

 

[justvettn]

If its for charity, $300,000.00

 

[Wilson]

220k

 

[RAPTORSV]

100 k

 

[Icecobra]

Even if its auctioned for charity the check you write is not deductable unless you prove any amount more then the actual value of the truck is deductable. Tax agents are not off road specialists and will simply say thats what you paid thats what its worth no deduction for you..... The proceeds may go to charity the person that provides the truck gets the deduction....

 

[MikeD]

 

[Fred]

Even if its auctioned for charity the check you write is not deductable unless you prove any amount more then the actual value of the truck is deductable. Tax agents are not off road specialists and will simply say thats what you paid thats what its worth no deduction for you..... The proceeds may go to charity the person that provides the truck gets the deduction....

Yes...fill form 8283 and must attach a qualified appraisal for any non cash contribution over $5k that is not stock or bonds...plus a no cash deduction is subject to 30%, 20% in some cases, of AGI....so if the deductible contribution is $100k...your AGI would need to bee $300k to deduct the full amount...any amount not deducted is carry forward for 5 years...and yes the appraisal fee is deductible on SCH A as a misc. itemized deduction subject to 2% of AGI...

Oh and the charity must be one that is recognized as a 501 c 3 under the IRC...

Who said our tax laws were complex....

Btw- IRS agents hang out at these auctions...this well known...usually looking for folks selling cars and making sure they report the transaction on their tax returns...

 

[A.I.I.Raciing]

Buyer gets to use the difference between the purchase price and reasonable market value as a charitable deduction on his taxes. For example, pay $250k, truck worth $100k, use $150k as charitable deduction on taxes.

Who decides the "reasonable market value"? The Seller(Sanderson Ford), the builder(Foutz Motorsports), the winning bidder or Barrett Jackson

 

[Mil T]

When you have the money to purchase vehicles like this then you don't need to worry about how the tax law works. You have people that handle that for you.

2011 BJ auctions fell on their face. going for about 78% of projected values. What did do well was Charity vehicles. 2012 BJ auctions were up and many vehicles sold for 125% of what was projected. Everyone was happy and Charity vehicles also did VERY well. so I think that since it is a Charity but there is no significance to this particular vehicle other than an other than stock truck I'm not sure if it will draw that much. Unless they took the pictures before the truck was complete, I'd say it is a simple prerunner. I noticed they did not put the carpet back in the truck. Also they put Method Double Standards, (simulated bead locks) wheels on it so seriousness seems to gone out the door on the build. It's a nice truck, ok, but not for the serious BJ buyers. I'm going to project 135K to 150K selling price.
If the tone of this years BJ is high then it could top out around 200K

Mil T

 

[justvettn]

Ya your right, just took a second look at it, and it has the $146 dollar methods how cheap, what else did they cheap out on?