My Hot Rod for Bullion? Is it legal?

Not a problem, we started to wash it the other day however Houston decided to flood.

 

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One other issue comes to mind. In my state you need a bill of sale to get the tag and title changed. It would have to state a dollar amount. That dollar figure needs to match any figure reported for tax purposes. I guess I'm lucky. My CPA helps me with questions at no charge.

 

LOL. my does unless she has to do home work. See it seems it would be easier to sale one for cash then buy the bullion because just like I thought it gets very cloudy very quick.

 

I think you will have more issues with your state laws rather than the IRS. There is nothing wrong with bartering as you are trading one collectible for another. You can decide how you want to follow the IRS rules for that or not.

However, assuming you are going transfer the title and put a license tag on it, then you will have to deal with whatever your state requires for reporting on it and if any taxes are involved.

 

fully restored that car could be worth a ton of money, why not restore it then sell it. one of my best friends; his grandpa restored his challenger and his cuda and hes been offered over 100k each. mopars are good money.

 

*blink*

Now I really miss that old '74 Duster...

 

It can get "murky". To give an extreme example, a business man in Las Vegas paid his workers (construction) in gold and silver coins and then would, if desired by the worker, buy the gold and silver back. He reported the face value as what they were paid, presumably reducing other expenses (social security, etc.). I suspect that the gold and silver he used was deducted as a business expense, making up for the loss of the payroll deduction.

It took the IRS two tries, but they successfully charged and convicted him of tax evasion (see http://www.lvrj.com/news/46074037.html).

 

you had one to? i pay $100.00 for one in mint shape in 1980, wish i kept her:devil:

 

There was a story in the news back in 2009-9 or so about a home being sold in Florida for 800 Krugerrands. The sale was completed, and if the seller kept the krugerrands they have appreciated well since then.

 

no

 

Many lawyers will give you free advice if it is your first encounter with them. I'd just start calling around and asking the question. As much as I agree with a lot of the advice here I would not feel comfortable with such a legal question without professional consultation.

That being said, if it were me I would just sell the car for the blue book value in cash while having an agreement with the person that they would sell you the amount of bullion originally discussed for that same value. That way they are separate transactions, and it's still legal. There's no law against selling for less than fair value (that I am aware of).

 

From what I read so far, I think people havent thought of this. think what is best to do is sell the car for cash. A. the buyer of the car wont know what you will have in your house (in your case silver bullion)..will help lessen the chance of a break-in. B. Depending on your age you may do better putting the money in a savings acct. At least your money is always gaining interest whereas you can always state a loss with the bullion

 

nice

 

id sell my 1973 ranchero for 800 kugerands..

 

or you can gift it to the person intrade of bullion .. and not pay any taxes on the transaction...lol.

 

ill sell the 2000 Dodge Caravan that i drive for 2.5 oz of gold to be honest. but my father would be pretty ticked off.

 

Yes, but many states, including mine, has a minimum use tax ( for registration} for each year/model/mileage that is used, unless it is within family
or other exception. So low ball will only draw attention to your transaction. Everyone has the charge to pay only what taxes are legally due, but to cheat on taxes ( and millions do) can only bring problems in the future when you may be more susceptible to the charges. Bad Karma kills. IMO.
Jim

 

Your first step is to have this particular Mopar verified as a 440 6 pack car. Has the hood...but not the intake/carbs/air cleaner/throttle linkage. Your cowl/fender tag has ALL of the codes.

Second, consult your CPA.

 

Why not sell the car for cash, then buy bullion?

 

Heh. Got mine in '78 or '79, for something like $900; sold it in '86 and got an '84 Voyager. Stuck with Plymouth much longer than I should've.

I liked the Duster, but it sure wasn't in mint shape. Bent frame; not much to be done about that.