Income Tax liability when selling Speedster???

356 Porsche-related discussions and questions.
Message
Author
User avatar
Martin Benade
356 Fan
Posts: 12177
Joined: Wed Nov 23, 2011 10:52 am
Location: Cleveland, Ohio

Re: Income Tax liability when selling Speedster???

#16 Post by Martin Benade »

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

User avatar
Pat Daily
356 Fan
Posts: 1140
Joined: Sat Mar 29, 2008 12:04 pm
Location: central Virginia

Re: Income Tax liability when selling Speedster???

#17 Post by Pat Daily »

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") 

User avatar
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???

#18 Post by Bob Kittel »

[quote= plus Mr Obama's 3.5 % for the ACA) ,[/quote]

3.5 capital gains on the sale of anything?
Bob Kittel

User avatar
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???

#19 Post by Charles H Jacobus »

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
Attachments
tax.jpg
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) :)

User avatar
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???

#20 Post by Wes Bender »

Ron LaDow wrote:
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.
BTW, I see it's you're first post, so welcome!
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.
+1
Some days it's just not worth chewing through the restraints.....

User avatar
Richard Zarbo
356 Fan
Posts: 184
Joined: Sat Jul 09, 2011 9:17 am

Re: Income Tax liability when selling Speedster???

#21 Post by Richard Zarbo »

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.
61 D'Ieteren Roadster, 71 911, 95 993 Cabrio, 98 993 C2S, 21 Macan S

Jay Darlington
356 Fan
Posts: 1347
Joined: Fri Dec 12, 2008 1:15 pm
Location: coos bay oregon

Re: Income Tax liability when selling Speedster???

#22 Post by Jay Darlington »

Adam Wright wrote:
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.
That's probably why most guys say when I come to buy their Speedster to "bring cash".
This pic was taken before I bought a 55 Speedster.
it doesn't get much simpler than this, if they want to buy the car tell them to bring Cash!
Jay D.
jay darlington

User avatar
Jay Wiener
356 Fan
Posts: 572
Joined: Thu May 31, 2012 1:27 am
Location: Los Angeles
Contact:

Re: Income Tax liability when selling Speedster???

#23 Post by Jay Wiener »

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.

User avatar
Martin Benade
356 Fan
Posts: 12177
Joined: Wed Nov 23, 2011 10:52 am
Location: Cleveland, Ohio

Re: Income Tax liability when selling Speedster???

#24 Post by Martin Benade »

This is making my head spin!
Cleveland Ohio
62 Cabriolet
56 VW
02 IS 300
04 Sienna

Post Reply