:iagree:

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...:eek:

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? :eek:

How much do you think all the work/parts on an overhaul car come out to?

That's ok...with the price of Southern California real estate, he could just pay the tax with a Heloc, or second mortgage:rofl: :rofl: :rofl: Then he would actually have a tax write off:leaving:

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.)

I blame lawyers for this.:rofl: :rofl:

:withstupid: :toetap: :toetap: :toetap:

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?

Who didn't understand ?

I don't think it's a question of not understanding it....It's more of not liking it!;)

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:

http://www.loc.gov/rr/business/images/1040.bmp


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.:cheers:

I blame lawyers for everything that I don't like.:rofl: :rofl:

:withstupid: Especially them gol dang yankee lawyers.

:leaving:


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. :yesnod: :yesnod:

Yep about sums it up.:D

:rolleyes: 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 . . . :rolleyes:

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. :yesnod: