1 ... 30 31 32
Robbie PowerDork
11/30/17 6:54 p.m.
Andy Neuman said:

Say I donate the remainder of my parts car can I use the amount I can deduct from my taxes as recoup? 

Depends on if the new tax law passes or not.

oldopelguy UltraDork
11/30/17 7:08 p.m.

So if a car that would have no issues competing gets built in the style of say a 60's gasser and gets taller, does it have to get measured for height and track or can it rest on it's previously established laurels?

GTXVette Dork
12/1/17 6:31 a.m.

In reply to Andy Neuman :

Andy, What would the HIGHER number ,  Tax DeDuct,  Scrap price,  FMV. ?   If it's Tax's I'd be in a jam,  Being Retired,

GTXVette Dork
12/1/17 6:36 a.m.

In reply to oldopelguy :

Would the Fun on the Straight's overpower the Fear and terror, getting through the corners.

Andy Neuman
Andy Neuman Dork
12/1/17 6:43 a.m.
GTXVette said:

In reply to Andy Neuman :

Andy, What would the HIGHER number ,  Tax DeDuct,  Scrap price,  FMV. ?   If it's Tax's I'd be in a jam,  Being Retired,

Tax deduction would be $500, I’m sure I could pull FMV for parts off of it to be higher. Scrap is probably $250. 

mtbgael New Reader
12/16/17 12:16 p.m.

Hey there eveyone,

Planning to do $2018.

I bought a '91 miata before I even had the thought to do the challenge for $2700 with hardtop and a trunk full of spares. Ok, over the limit.

I sold the hardtop and some latch hardware that came with the car for $950. That gets us to $1750 and under the limit.

I have also sold some of the spares off, and plan to sell what else I can. I have an honest $1450 in the car right now- I haven't even changed the oil or registered the car...hah.  I know the purchase price has to be less than $2018 but the hardtops trade at what I sold it for all the time.

What do the judges say? Can I start at $1750 as my "purchase price" and deduct whatever I wind up getting out of the spares package?  Should I incur a penalty? Do I need to light a Nissan leaf on fire as penance?


Thanks for the time.

Justin Rest

Stampie UltraDork
12/16/17 1:06 p.m.

In reply to mtbgael :

You know the head judge of the Challenge Supreme Court drives a Leaf right?

mtbgael New Reader
12/16/17 1:12 p.m.

Even better! I work for Nissan so it was the first thing to come to mind.

SVreX MegaDork
12/16/17 1:21 p.m.

In reply to mtbgael :

I'll let Tom respond, but I don't think it's gonna work.

I know this is gonna sound stupid, but experienced Challenge participants would have bought that differently.  2 different receipts, $1700 for the car, and $1000 for the hardtop and hardware.  THEN it would be legal.  

I understand this sounds like budget shenanigans, and you are probably right.  I'm just saying...

GTXVette Dork
12/16/17 1:27 p.m.

I am not sure but If you pay 10,000 for a car and sell off 8,000 in stuff you have a 2,000 dollar Car,  Under the limit,

I don't think Buy in Counts that way. It's what do you Have in it at the Starting Line.

  In a way the Fiero I have could be at 0 in a Hurry, But I like the stuff I COULD sell so I won't.    

Sounds Like you are DE Constructing a car where most are Constructing a Car

mtbgael New Reader
12/16/17 1:40 p.m.

I liked the car, so I bought the car. THEN I thought oh! GRM! If it won't work it won't work, I just want to know so I can move on or start planning.

1 ... 30 31 32
Our Preferred Partners