Like that thread says, technically, NHRA requires BOTH windows and window nets, but it's an obvious mistake.
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Oct. 10, 2008 9:31 p.m. SVreX UltraDork
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Oct. 12, 2008 7:45 p.m. 924guy HalfDork
okay, I thought i had it, but now you guys have confused me on FMV...so ill ask two yes or no questions, because this is what im about to do if this is the case:
- If i buy a parts car for $100, and transfer $1000 worth of parts(@FMV) from that parts car, to my challenge car, i only add $100 to my expense list ?
- If i sell left over parts from that parts car, no matter how much $$ i get from that, i can only DEDUCT $100 from my expense list.?
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Oct. 12, 2008 7:50 p.m. SVreX UltraDork
1-Yes. 2-Yes.
I think you've got it.
Although the phrase FMV wouldn't come into play.
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Oct. 13, 2008 9:34 a.m. VWguyBruce Reader
So, I think I may have been figuring my budget incorrectly.
If something is advertised to the public as free and I pick up free parts to use on the Challenge car then I still have to assign a FMV? I'm not speaking of a good buddy kind of deal but free parts advertised as such on a public forum.
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Oct. 13, 2008 9:40 a.m. John Brown UltimaDork
Very fine line, you SHOULD count transportation costs getting there and back if you read the rules... most people don't.
I would rather have a $250.00 parts car versus a free box of parts.
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Oct. 13, 2008 9:49 a.m. VWguyBruce Reader
Ok, seems like it would feel more honest to include FMV for free stuff. It's not like I got some high dollar parts for free anyway, just a few things no one but me would ever want.
I had been feeling some guilt since $2006 for not including gas in my budget and I'd planned on including gas used while chasing parts for $2008, well, now $2009.
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Oct. 13, 2008 10:43 a.m. MrJoshua SuperDork
Advertised free is free. Visit a friend or do some other chore near the pickup point and you dont have to count transportation cost.
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Oct. 13, 2008 11:31 a.m. bluej HalfDork
MrJoshua wrote:
Advertised free is free. Visit a friend or do some other chore near the pickup point and you dont have to count transportation cost.
agreed. my challenge car's FMV was $0 as I interpret it. the "seller", a board member, had been trying to sell the car at $500 OBO with no luck. He finally just offered it up to the boards to anyone who wanted to come get it. Only thing preventing driving it away was a blown rear brake hardline. So total cost to get the car was the cost of renting a tow-dolly from u-haul for the day, plus a few miles of gas. So the car cost me ~$50 to get it to my parents house. Same cost would have applied to anyone here, so that's the FMV of the car. (I later tacked on the $150 cost of the tow dolly to get it down here to FL. Could have driven it but the GF ended up buying a jeep up in NH while we were there to get the challenge car and it was cheaper/easier to tow it behind the jeep and share driving duties.)
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Oct. 13, 2008 11:36 a.m. John Brown UltimaDork
I would count the $50.00 it cost you to get it but not the $150.00 for the tow dolly you used to pull it to the Challenge (unless you are like me and need the tow dolly to get the car down the track or around the cones)
Tools, trailer/dollies, specific oultined safety equipment and beer drank AT the Challenge do not count against budget. Beer bought as payment for work on the Challenge car does.
As an aside I CHARGE all of the people a case of beer to work on my Challenge cars, we get a lot of help but never seem to get the cars finished.
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Oct. 13, 2008 11:59 a.m. MrJoshua SuperDork
Theres no FMV needed if you have a purchase price. It was advertised as free and given away for free its free.
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Oct. 13, 2008 12:00 p.m. GUNDY Reader
While we're discussing free vs fair market value, answer this one.
A while back it was established that you could trade for labor or parts with beer and charge the cost of the beer.
Years ago when we first started building MR2's for the Challenge, I was told of a Toyota repair shop that was going out of business and had a lot of MR2 parts to get rid of. I contacted the owner on a friday, saturday was the end of the month and he had to be out. Anything left in the building would be discarded by the landlord and the expence subtracted from the deposit. The owner basicly paid me with a few beers to remove a full 4'x8' trailer full of parts. How do you handle this in the budget when you finally use a part form the pile?
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Oct. 13, 2008 12:09 p.m. Osterkraut Reader
Negative FMV! Nice!
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Oct. 13, 2008 12:11 p.m. MrJoshua SuperDork
GUNDY wrote:
While we're discussing free vs fair market value, answer this one.
A while back it was established that you could trade for labor or parts with beer and charge the cost of the beer.
Years ago when we first started building MR2's for the Challenge, I was told of a Toyota repair shop that was going out of business and had a lot of MR2 parts to get rid of. I contacted the owner on a friday, saturday was the end of the month and he had to be out. Anything left in the building would be discarded by the landlord and the expence subtracted from the deposit. The owner basicly paid me with a few beers to remove a full 4'x8' trailer full of parts. How do you handle this in the budget when you finally us a part form the pile?
Free but share the wealth so fellow challengers dont come after you with torches.
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Oct. 13, 2008 12:55 p.m. SVreX UltraDork
John Brown wrote:
I would count the $50.00 it cost you to get it but not the $150.00 for the tow dolly you used to pull it to the Challenge (unless you are like me and need the tow dolly to get the car down the track or around the cones)
Bluej lives in FL. I don't think he was saying the tow dollie was used to go to the event, but rather to get it home.
In which case, I agree with your $200 figure, Bluej
The tow dollie rental to pick up the car is part of the purchase cost (transport). The tow dollie rental to get it to the event is not part of the cost.
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Oct. 13, 2008 3:35 p.m. patgizz Dork
SVreX wrote:
The tow dollie rental to pick up the car is part of the purchase cost (transport). The tow dollie rental to get it to the event is not part of the cost.
which is why it pays to own a trailer.
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Oct. 13, 2008 3:44 p.m. bluej HalfDork
SVreX wrote:
John Brown wrote:
I would count the $50.00 it cost you to get it but not the $150.00 for the tow dolly you used to pull it to the Challenge (unless you are like me and need the tow dolly to get the car down the track or around the cones)
Bluej lives in FL. I don't think he was saying the tow dollie was used to go to the event, but rather to get it home.
In which case, I agree with your $200 figure, Bluej
The tow dollie rental to pick up the car is part of the purchase cost (transport). The tow dollie rental to get it to the event is not part of the cost.
exactly. towed it to the rents house in NH and fixed the brakes, added a battery, and added a seat belt
sat there for a few months.
gf and I flew up to drive it home to FL. gf ended up buying yellow jeep that was at the challenge in NH. drove the next day to buffalo, NY from NH, me in the toyota, her in the Jeep to visit her family briefly and get some miles on the jeep. rented the tow dolly in buffalo, then towed the toyota behind the jeep back down to florida.
all cost was recouped with the $350 sale of the transmission to a guy in jersey building a track car out of an older toyota.
i could sell the engine as well, but that feels kinda sheisty after the spirit of how the car was passed to me. I like that it's going to go into one of these better:
anyways, carry on budget discussion.
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Oct. 13, 2008 8:21 p.m. SVreX UltraDork
Under those circumstances, you might talk your way out of the dollie rental.
The PURCHASE got it to your parents house. Maybe that was home. The move a few months later was just that- a move.
It sort of doesn't matter, since you recouped it all, but it might be debatable (my brain is WAAY too fried right now to think it through- someone else give it a shot. Where you at, AngryP??
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Oct. 14, 2008 9:37 a.m. AngryCorvair Dork
expanding on SVreX's idea above, transportation costs are what it takes for you to actually take possession of the item at your primary work location at the time of purchase. If your primary work location was your parents house at the time of purchase, then getting it from there to your current work location is just a move.
and it does matter, because now you don't have to waste any of your recoup on the dolly. so if you buy a parts car / bike / bin of parts, you can spend more on that purchase because you have more potential recoup available.
expanding further, if you used a motorhome to pick up vehicles and parts, you'd never have to claim transportation costs because you're not paying to get the part to your home, rather you're paying to get your home to the part!
(silently searching CL for a nice winnebago....)
