In reading through some challenge threads and trying to learn how this all works.
I read about "self trades" which I understand that you can trade parts with yourself as long as the FMV is similar? is that correct?
I think this is legal.
My donor engine came with 4 Saab coils, I need 4 cobalt coils, to make the ecu work that I want to run.
I can trade my 4 Saab coils to myself for 4 cobalt coils? If I can do that how do I note it on my budget?
Do I need to put together Proof that the FMV of the coils is similar?
In reply to Somebeach (Forum Supporter) :
The rules say,
You may sell or trade parts to yourself for fair market value.
and to establish FMV,
All fair market values used must be proved in your build book with supporting documentation. Ways to prove fair market value include:
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Copies of corporate listings of similar items for sale.
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Copies of at least three comparable listings from a peer-to-peer selling website (eBay, Facebook Marketplace, Craigslist, etc.)
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A copy of a GRM message board thread where at least 5 users with more than 50 posts have agreed with a proposed fair market value for your item.
If you can prove the FMV of both items, you should be good to go. If items are different in value by more than maybe 10% I'd put cash on top to keep everything even.
A lot of competitors look down on the self-trade rule because it's a massive loophole. My take is that it's fine to use as long as you're not a dick about it. Good luck with the build and start a thread!
In reply to CrustyRedXpress (Forum Supporter) :
Thanks.
Do you track those trades on the budget as exempt purchases then? or how do you account for them in the build book?
Somebeach (Forum Supporter) said:
Do you track those trades on the budget as exempt purchases then? or how do you account for them in the build book?
i have them listed in my spreadsheet as budget exempt with the FMV listed
In reply to AngryCorvair :
Thanks!
Resurrecting this ........Can I trade wheels with myself then? I have a set of Diamond Racing steelies that I got for zero dollars and I own a set of Bassett steelies that I paid $150 for. Both sets are the same size and weight and in great shape, I just don't like the look of the Diamonds as they are gloss black. The Bassetts are silver. Currently , I intend to use the Diamonds because of the cost, but I'd prefer the look of the Bassetts and the second set of wheels for autocrossing are also Bassetts, so all 8 wheels would match.
