Income Tax liability when selling Speedster???
- Martin Benade
- 356 Fan
- Posts: 12177
- Joined: Wed Nov 23, 2011 10:52 am
- Location: Cleveland, Ohio
Re: Income Tax liability when selling Speedster???
Can it be done as a trade-in with some money exchanged to make them equal, and only pay tax on the difference? This of course in the rare case that two people want each other's cars.
Cleveland Ohio
62 Cabriolet
56 VW
02 IS 300
04 Sienna
62 Cabriolet
56 VW
02 IS 300
04 Sienna
- Pat Daily
- 356 Fan
- Posts: 1140
- Joined: Sat Mar 29, 2008 12:04 pm
- Location: central Virginia
Re: Income Tax liability when selling Speedster???
Can you put the car in an IRA or Roth IRA before selling it and then sell later and avoid some taxes?
Pat Daily
Midlothian, VA
356B coupe (121123 aka "Fast Frieda")
Midlothian, VA
356B coupe (121123 aka "Fast Frieda")
- Bob Kittel
- 356 Fan
- Posts: 195
- Joined: Wed Sep 03, 2008 2:12 am
- Location: Long Beach, California
Re: Income Tax liability when selling Speedster???
[quote= plus Mr Obama's 3.5 % for the ACA) ,[/quote]
3.5 capital gains on the sale of anything?
3.5 capital gains on the sale of anything?
Bob Kittel
- Charles H Jacobus
- 356 Fan
- Posts: 493
- Joined: Wed May 28, 2014 5:02 pm
- Location: Dallas, TX
Re: Income Tax liability when selling Speedster???
When you reach 72 you are forced to begin taking your IRA investments out and they are taxed as earned income (for a Traditional IRA) making your income level high. But when you finish extracting most of your IRA out you will end up mostly paying on retirement and SSAN income which for most of us will not be near $75,000. If you are earning $70,000 and filing jointly this table says you pay 0% on long term capital gains. In addition, the 0 tax rate will probably be raised with inflation over time.
That's good incentive to keep driving your Speedster (or other 356) until you are 85.
ChuckJ
That's good incentive to keep driving your Speedster (or other 356) until you are 85.
ChuckJ
Current:
2012 Silver 991
1995 Midnight blue 993
1965 Red 356C
Past:
Fond memories of 14 others (including a '63 Normal and a 61 S90)
2012 Silver 991
1995 Midnight blue 993
1965 Red 356C
Past:
Fond memories of 14 others (including a '63 Normal and a 61 S90)
- Wes Bender
- 356 Fan
- Posts: 4860
- Joined: Wed Aug 27, 2008 10:54 am
- Location: Somewhere in the Gadsden Purchase, USA
Re: Income Tax liability when selling Speedster???
+1Ron LaDow wrote:BTW, I see it's you're first post, so welcome!Joseph Gregory dahlem wrote:If you sell a Porsche you have owned and raced for 50 years, is there a tax liability. Need to know, please.
But in answer to your question, it's probably better if you get advice from a tax pro rather than opinions taken from the web.
Some days it's just not worth chewing through the restraints.....
- Richard Zarbo
- 356 Fan
- Posts: 184
- Joined: Sat Jul 09, 2011 9:17 am
Re: Income Tax liability when selling Speedster???
What if...
You put your vehicle asset into your revocable trust?
Then what if the executor, could still be you, sold that asset and retained those funds in the trust?
What say you counselors.
You put your vehicle asset into your revocable trust?
Then what if the executor, could still be you, sold that asset and retained those funds in the trust?
What say you counselors.
61 D'Ieteren Roadster, 71 911, 95 993 Cabrio, 98 993 C2S, 21 Macan S
-
- 356 Fan
- Posts: 1347
- Joined: Fri Dec 12, 2008 1:15 pm
- Location: coos bay oregon
Re: Income Tax liability when selling Speedster???
it doesn't get much simpler than this, if they want to buy the car tell them to bring Cash!Adam Wright wrote:That's probably why most guys say when I come to buy their Speedster to "bring cash".Joseph Gregory dahlem wrote:If you sell a Porsche you have owned and raced for 50 years, is there a tax liability. Need to know, please.
This pic was taken before I bought a 55 Speedster.
Jay D.
jay darlington
- Jay Wiener
- 356 Fan
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- Joined: Thu May 31, 2012 1:27 am
- Location: Los Angeles
- Contact:
Re: Income Tax liability when selling Speedster???
transfer the car to a LLC, then gift the LLC to whomever. You have up to $5.1 million tax free $ to give. If you're married, then it doubles.
- Martin Benade
- 356 Fan
- Posts: 12177
- Joined: Wed Nov 23, 2011 10:52 am
- Location: Cleveland, Ohio
Re: Income Tax liability when selling Speedster???
This is making my head spin!
Cleveland Ohio
62 Cabriolet
56 VW
02 IS 300
04 Sienna
62 Cabriolet
56 VW
02 IS 300
04 Sienna