Overhaulin
09-26-2006, 11:49 AM
#81
Melting Slicks
Originally Posted by mgsouthard
You Know... The first thing Chip asked was "Do you know if the engine/trans was original", and the lady responded that she didn't believe so as his dad raced the car. I think Chip would have tried to honor the car as much as possible if it maintained any originality.
After they stripped the body, it also showed damage on all four corners, (it was in bad shape). Even if they brought the thing back to original, I think very few here, and no one at NCRS would even have considered purchasing the car given the opportunity, having known the hit record.
I think that car was ripe for a resto mod or even more.
After they stripped the body, it also showed damage on all four corners, (it was in bad shape). Even if they brought the thing back to original, I think very few here, and no one at NCRS would even have considered purchasing the car given the opportunity, having known the hit record.
I think that car was ripe for a resto mod or even more.
Before you beat up Foose too bad. Look a the condition of that car BEFORE they began...All rights this car was a rolling basket case...The car didnt even run...
I dont think restoration for this car was thinkable...It had after market wheels and was not a solid "original" car..
I say the guy is lucky to have Chip work on it...This car would have sat in the garage for another 12 years...
09-26-2006, 01:07 PM
#82
True the car did not even run. And I find that funny since the shows rules say...
"The car MUST be in running condition. "
http://www.overhaulin.com/overhaulme.asp
This is what gets me.
"Improvements to the car generate tax obligations for the owner of the car."
Now if I didnt have the money to fix up my car in the first place...where am I gonna come up with the money to pay off the tax man?
How much do you think all the work/parts on an overhaul car come out to?
"The car MUST be in running condition. "
http://www.overhaulin.com/overhaulme.asp
This is what gets me.
"Improvements to the car generate tax obligations for the owner of the car."
Now if I didnt have the money to fix up my car in the first place...where am I gonna come up with the money to pay off the tax man?
How much do you think all the work/parts on an overhaul car come out to?
09-26-2006, 02:42 PM
#83
Burning Brakes
Member Since: Jan 2006
Location: Horsetown USA (Norco) Kaleeforkneeah
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Originally Posted by al329
"Improvements to the car generate tax obligations for the owner of the car."
Now if I didnt have the money to fix up my car in the first place...where am I gonna come up with the money to pay off the tax man?
How much do you think all the work/parts on an overhaul car come out to?
Now if I didnt have the money to fix up my car in the first place...where am I gonna come up with the money to pay off the tax man?
How much do you think all the work/parts on an overhaul car come out to?
Then he would actually have a tax write off
09-26-2006, 02:51 PM
#84
Le Mans Master
Originally Posted by al329
This is what gets me.
"Improvements to the car generate tax obligations for the owner of the car."
Now if I didnt have the money to fix up my car in the first place...where am I gonna come up with the money to pay off the tax man?
How much do you think all the work/parts on an overhaul car come out to?
try winning a really expensive car in a raffle and see what happens (I have 20 tickets for the Ford GT Ronnie Mac house raffle this year, if I win it they are obligated to collect tax on the estimated value of the car before I can take it, using some crazy high rate.)
09-26-2006, 09:48 PM
#85
Le Mans Master
Originally Posted by ctjackster
Under the tax code, pretty much anything good that comes your way is treated as income (and I mean anything, like you found a trunk full of money buired in your back yard), and thus subject to income tax - you don't owe the tax man the entire value of the Overhaulin job on your car, but since you were "given" that work it will be includable in the "income" line that year and income tax will be calculated. If your car got overhauled, hope they estimate it low for you.
try winning a really expensive car in a raffle and see what happens (I have 20 tickets for the Ford GT Ronnie Mac house raffle this year, if I win it they are obligated to collect tax on the estimated value of the car before I can take it, using some crazy high rate.)
try winning a really expensive car in a raffle and see what happens (I have 20 tickets for the Ford GT Ronnie Mac house raffle this year, if I win it they are obligated to collect tax on the estimated value of the car before I can take it, using some crazy high rate.)
09-26-2006, 10:09 PM
#87
Administrator
Member Since: Jul 2000
Location: About 1100 miles from where I call home. Blue lives matter.
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If you have a junker car and someone GIVES you $30-40k (or more) or so worth of custom restoration, paint, interior and stereo... what's so hard to understand about owing tax on it?
Ever hear of the lottery?
Ever hear of the lottery?
09-26-2006, 10:19 PM
#88
Live Free or Die
Originally Posted by Vettebuyer5863
If you have a junker car and someone GIVES you $30-40k (or more) or so worth of custom restoration, paint, interior and stereo... what's so hard to understand about owing tax on it?
Ever hear of the lottery?
Ever hear of the lottery?
Who didn't understand ?
09-26-2006, 11:24 PM
#90
Le Mans Master
Originally Posted by knight37128
I blame lawyers for this.
Take a look at the 16th amendment, passed in 1913 to overcome the Supreme Court's abolition of an earlier effort to tax the income of US citizens. Here's the first 1040 tax form from 1913, the beginning of the headaches:
now if anyone can tell me why I pay 10 times more in taxes than some other citizen, even though I am not enjoying 10 times as much in the way of government services as he is - oh, don't get me started on the wealth tax
09-26-2006, 11:28 PM
#91
Le Mans Master
Originally Posted by ctjackster
Sheesh, you blame lawyers for the tax code? now THAT'S the last straw! I only explain it to you, I didn't come up with the concept!
Take a look at the 16th amendment, passed in 1913 to overcome the Supreme Court's abolition of an earlier effort to tax the income of US citizens. Here's the first 1040 tax form from 1913, the beginning of the headaches:
now if anyone can tell me why I pay 10 times more in taxes than some other citizen, even though I am not enjoying 10 times as much in the way of government services as he is - oh, don't get me started on the wealth tax
Take a look at the 16th amendment, passed in 1913 to overcome the Supreme Court's abolition of an earlier effort to tax the income of US citizens. Here's the first 1040 tax form from 1913, the beginning of the headaches:
now if anyone can tell me why I pay 10 times more in taxes than some other citizen, even though I am not enjoying 10 times as much in the way of government services as he is - oh, don't get me started on the wealth tax
You live in the North is why you pay more taxes.
I blame lawyers for everything that I don't like.
09-26-2006, 11:42 PM
#92
Live Free or Die
Originally Posted by knight37128
You live in the North is why you pay more taxes.
I blame lawyers for everything that I don't like.
I blame lawyers for everything that I don't like.
Especially them gol dang yankee lawyers.My POS Jet hot coated TPIS headers on my C5 rusted through and blew a 1" hole in the collector today as well. This is clearly also your fault.
Last edited by Plastic Pig; 09-26-2006 at 11:46 PM.
09-26-2006, 11:47 PM
#94
Le Mans Master
As for Federal Income taxes, they don't play favorites based on where you live, they'll find you whether you are a Redneck Hillbilly or a Yankee.As for blaming lawyers for everything, well, get in line . . .
09-26-2006, 11:51 PM
#95
Live Free or Die
Originally Posted by ctjackster
As for Federal Income taxes, they don't play favorites based on where you live, they'll find you whether you are a Redneck Hillbilly or a Yankee.As for blaming lawyers for everything, well, get in line . . .
Being just a simple used car peddler myself, there isn't a day goes by that I don't thank the good lord for lawyers so there is someone lower on the totem pole of popularity than me.
