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(4-SALE) 67-GT500

Discussion in 'Shelby Mustang List' started by Cevon Mclean, Mar 30, 2006.

  1. Cevon Mclean

    Cevon Mclean Guest

    Hey guys,
    I just bought a large piece of land and need to sell my real red(9)....
    (1 of 45 made) 67 GT500 that I have had for 6 years.
    Just want to let you guys know before I put it on ebay.
    Richard, your brother still looking for a car?..
    Cevon...301.922.2009 cell anytime.
    Asking..$175K....#2408.......no rust, no undercoating,no surprizes.
    58K miles documented.
    Automatic.
    Im not very excited about selling it.
    Im keep my GT350....


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  2. Randall Paul

    Randall Paul Guest

    You'll get it. I just saw a great piece of land as well. But I just can't
    bring my self to sell the car for it. My wife says one or the other. How
    frustrating!
    Good luck with the sale. Hope that land is worth it!

    Randall


    ----- Original Message -----
    From: "Cevon Mclean" <cmclean (AT) rbhnrc (DOT) usda.gov>
    To: "Shelby List" <shelbymustang (AT) carmemories (DOT) com>
    Cc: "G. Richard Gray" <richard (AT) grayassoc (DOT) com>
    Sent: Friday, March 31, 2006 7:41 AM
    Subject: (4-SALE) 67-GT500


    > Hey guys,
    > I just bought a large piece of land and need to sell my real red(9)....
    > (1 of 45 made) 67 GT500 that I have had for 6 years.
    > Just want to let you guys know before I put it on ebay.
    > Richard, your brother still looking for a car?..
    > Cevon...301.922.2009 cell anytime.
    > Asking..$175K....#2408.......no rust, no undercoating,no surprizes.
    > 58K miles documented.
    > Automatic.
    > Im not very excited about selling it.
    > Im keep my GT350....
    >
    >



    --------------------------------------------------------------------------------


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  3. Cevon Mclean

    Cevon Mclean Guest

    I know, it sucks...
    Yes its worth it..If all goes well i can pay cash later for a mint KR
    conv...hehehe...
    Cevon...

    From: "Randall Paul" <randall.paul (AT) randallpaul (DOT) com>
    To: <cmclean (AT) rbhnrc (DOT) usda.gov>, "Shelby List" <shelbymustang (AT) carmemories (DOT) com>
    Copies to: "G. Richard Gray" <richard (AT) grayassoc (DOT) com>
    Subject: Re: (4-SALE) 67-GT500
    Date sent: Fri, 31 Mar 2006 09:14:19 +1200

    You'll get it. I just saw a great piece of land as well. But I just can't
    bring my self to sell the car for it. My wife says one or the other. How
    frustrating!
    Good luck with the sale. Hope that land is worth it!

    Randall


    ----- Original Message -----
    From: "Cevon Mclean" <cmclean (AT) rbhnrc (DOT) usda.gov>
    To: "Shelby List" <shelbymustang (AT) carmemories (DOT) com>
    Cc: "G. Richard Gray" <richard (AT) grayassoc (DOT) com>
    Sent: Friday, March 31, 2006 7:41 AM
    Subject: (4-SALE) 67-GT500


    > Hey guys,
    > I just bought a large piece of land and need to sell my real red(9)....
    > (1 of 45 made) 67 GT500 that I have had for 6 years.
    > Just want to let you guys know before I put it on ebay.
    > Richard, your brother still looking for a car?..
    > Cevon...301.922.2009 cell anytime.
    > Asking..$175K....#2408.......no rust, no undercoating,no surprizes.
    > 58K miles documented.
    > Automatic.
    > Im not very excited about selling it.
    > Im keep my GT350....
    >
    >



    --------------------------------------------------------------------------------


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    > Date: 20 Apr 2003, 14:33
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    >



    --------------------------------------------------------------------------------


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  4. g adams

    g adams Guest

    I have a question when you sell a car of this
    magnatude.
    Can you do a 1031 transaction on vehicles? Similar to
    selling real estate when you exchange it for another
    parcel of land? At least you would avoid getting
    taxed on the large gain.

    Any accountants out there?

    Greg


    --- Cevon Mclean <cmclean (AT) rbhnrc (DOT) usda.gov> wrote:

    > I know, it sucks...
    > Yes its worth it..If all goes well i can pay cash
    > later for a mint KR
    > conv...hehehe...
    > Cevon...
    >
    > From: "Randall Paul"
    > <randall.paul (AT) randallpaul (DOT) com>
    > To: <cmclean (AT) rbhnrc (DOT) usda.gov>, "Shelby
    > List" <shelbymustang (AT) carmemories (DOT) com>
    > Copies to: "G. Richard Gray"
    > <richard (AT) grayassoc (DOT) com>
    > Subject: Re: (4-SALE) 67-GT500
    > Date sent: Fri, 31 Mar 2006 09:14:19 +1200
    >
    > You'll get it. I just saw a great piece of land as
    > well. But I just can't
    > bring my self to sell the car for it. My wife says
    > one or the other. How
    > frustrating!
    > Good luck with the sale. Hope that land is worth
    > it!
    >
    > Randall
    >
    >
    > ----- Original Message -----
    > From: "Cevon Mclean" <cmclean (AT) rbhnrc (DOT) usda.gov>
    > To: "Shelby List" <shelbymustang (AT) carmemories (DOT) com>
    > Cc: "G. Richard Gray" <richard (AT) grayassoc (DOT) com>
    > Sent: Friday, March 31, 2006 7:41 AM
    > Subject: (4-SALE) 67-GT500
    >
    >
    > > Hey guys,
    > > I just bought a large piece of land and need to

    > sell my real red(9)....
    > > (1 of 45 made) 67 GT500 that I have had for 6

    > years.
    > > Just want to let you guys know before I put it on

    > ebay.
    > > Richard, your brother still looking for a car?..
    > > Cevon...301.922.2009 cell anytime.
    > > Asking..$175K....#2408.......no rust, no

    > undercoating,no surprizes.
    > > 58K miles documented.
    > > Automatic.
    > > Im not very excited about selling it.
    > > Im keep my GT350....
    > >
    > >

    >
    >
    >

    --------------------------------------------------------------------------------
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    >
    > > The following section of this message contains a

    > file attachment
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    > message format.
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    > > Date: 20 Apr 2003, 14:33
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    > >

    >
    >
    >

    --------------------------------------------------------------------------------
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    >
    > > The following section of this message contains a

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    >
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  5. Good question - would this be considered a "like" trade by IRS standards?
    Or, should the seller simply report less to Big Brother (not an endorsement
    of any kind!)
    We must have a Accountant or Lawyer lurking out there in the ether...

    M.
    (or to the authorities, Anonymous)

    In a message dated 3/30/2006 6:08:46 P.M. Eastern Standard Time,
    mrgt350 (AT) yahoo (DOT) com writes:

    I have a question when you sell a car of this
    magnatude.
    Can you do a 1031 transaction on vehicles? Similar to
    selling real estate when you exchange it for another
    parcel of land? At least you would avoid getting
    taxed on the large gain.

    Any accountants out there?

    Greg


    --- Cevon Mclean <cmclean (AT) rbhnrc (DOT) usda.gov> wrote:

    > I know, it sucks...
    > Yes its worth it..If all goes well i can pay cash
    > later for a mint KR
    > conv...hehehe...
    > Cevon...
    >
    > From: "Randall Paul"
    > <randall.paul (AT) randallpaul (DOT) com>
    > To: <cmclean (AT) rbhnrc (DOT) usda.gov>, "Shelby
    > List" <shelbymustang (AT) carmemories (DOT) com>
    > Copies to: "G. Richard Gray"
    > <richard (AT) grayassoc (DOT) com>
    > Subject: Re: (4-SALE) 67-GT500
    > Date sent: Fri, 31 Mar 2006 09:14:19 +1200
    >
    > You'll get it. I just saw a great piece of land as
    > well. But I just can't
    > bring my self to sell the car for it. My wife says
    > one or the other. How
    > frustrating!
    > Good luck with the sale. Hope that land is worth
    > it!
    >
    > Randall
    >
    >
    > ----- Original Message -----
    > From: "Cevon Mclean" <cmclean (AT) rbhnrc (DOT) usda.gov>
    > To: "Shelby List" <shelbymustang (AT) carmemories (DOT) com>
    > Cc: "G. Richard Gray" <richard (AT) grayassoc (DOT) com>
    > Sent: Friday, March 31, 2006 7:41 AM
    > Subject: (4-SALE) 67-GT500
    >
    >
    > > Hey guys,
    > > I just bought a large piece of land and need to

    > sell my real red(9)....
    > > (1 of 45 made) 67 GT500 that I have had for 6

    > years.
    > > Just want to let you guys know before I put it on

    > ebay.
    > > Richard, your brother still looking for a car?..
    > > Cevon...301.922.2009 cell anytime.
    > > Asking..$175K....#2408.......no rust, no

    > undercoating,no surprizes.
    > > 58K miles documented.
    > > Automatic.
    > > Im not very excited about selling it.
    > > Im keep my GT350....
    > >
    > >

    >
    >
    >

    ------------------------------------------------------------------------------
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    > message format.
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    > > you should be able to save it or view it from

    > within your mailer.
    > > If you cannot, please ask your system

    > administrator for assistance.
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    > > ---- File information -----------
    > > File: mvc-006s.jpg
    > > Date: 20 Apr 2003, 14:33
    > > Size: 40008 bytes.
    > > Type: JPEG-image
    > >

    >
    >
    >

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    >
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    > > Date: 20 Apr 2003, 14:34
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    >
    >
    >

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    > > Date: 20 Apr 2003, 14:37
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    > >

    >
    >
    >
    >
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  6. A collector car held for investment exchanged for another collector car held
    for investment would qualify for tax free exchange treatment (1031).

    Car for Land, etc. doesn't work.

    Wendell

    In a message dated 3/30/2006 5:30:08 P.M. Central Standard Time,
    APPTELINC (AT) aol (DOT) com writes:

    Good question - would this be considered a "like" trade by IRS standards?
    Or, should the seller simply report less to Big Brother (not an endorsement
    of any kind!)
    We must have a Accountant or Lawyer lurking out there in the ether...

    M.
    (or to the authorities, Anonymous)

    In a message dated 3/30/2006 6:08:46 P.M. Eastern Standard Time,
    mrgt350 (AT) yahoo (DOT) com writes:

    I have a question when you sell a car of this
    magnatude.
    Can you do a 1031 transaction on vehicles? Similar to
    selling real estate when you exchange it for another
    parcel of land? At least you would avoid getting
    taxed on the large gain.

    Any accountants out there?

    Greg
     
  7. Randall Paul

    Randall Paul Guest

    Don't see why not. A car is a car and if you sell a piece of land is there a capital gain on it in the US? If it is not your primary residence then here there is tax. Cars can not be taxed unless you are deemed a dealer or an active trader trading 8 cars annually. Interesting
    ----- Original Message -----
    From: WendellTX (AT) aol (DOT) com
    To: APPTELINC (AT) aol (DOT) com ; mrgt350 (AT) yahoo (DOT) com ; cmclean (AT) rbhnrc (DOT) usda.gov ; shelbymustang (AT) carmemories (DOT) com
    Sent: Friday, March 31, 2006 11:41 AM
    Subject: Re: (4-SALE) 67-GT500


    A collector car held for investment exchanged for another collector car held for investment would qualify for tax free exchange treatment (1031).

    Car for Land, etc. doesn't work.

    Wendell

    In a message dated 3/30/2006 5:30:08 P.M. Central Standard Time, APPTELINC (AT) aol (DOT) com writes:
    Good question - would this be considered a "like" trade by IRS standards?
    Or, should the seller simply report less to Big Brother (not an endorsement of any kind!)
    We must have a Accountant or Lawyer lurking out there in the ether...

    M.
    (or to the authorities, Anonymous)

    In a message dated 3/30/2006 6:08:46 P.M. Eastern Standard Time, mrgt350 (AT) yahoo (DOT) com writes:
    I have a question when you sell a car of this
    magnatude.
    Can you do a 1031 transaction on vehicles? Similar to
    selling real estate when you exchange it for another
    parcel of land? At least you would avoid getting
    taxed on the large gain.

    Any accountants out there?

    Greg
     
  8. g adams

    g adams Guest

    Ok, What if you bought the car because you liked the
    car and were not really thinking of it as an
    INVESTMENT?

    If it was not purchase as an investment could you
    still do the 1031 assuming you found a similar car?

    Might be getting to techincal but you know how the IRS
    is.

    Greg


    --- Randall Paul <randall.paul (AT) randallpaul (DOT) com> wrote:

    > Don't see why not. A car is a car and if you sell a
    > piece of land is there a capital gain on it in the
    > US? If it is not your primary residence then here
    > there is tax. Cars can not be taxed unless you are
    > deemed a dealer or an active trader trading 8 cars
    > annually. Interesting
    > ----- Original Message -----
    > From: WendellTX (AT) aol (DOT) com
    > To: APPTELINC (AT) aol (DOT) com ; mrgt350 (AT) yahoo (DOT) com ;
    > cmclean (AT) rbhnrc (DOT) usda.gov ;
    > shelbymustang (AT) carmemories (DOT) com
    > Sent: Friday, March 31, 2006 11:41 AM
    > Subject: Re: (4-SALE) 67-GT500
    >
    >
    > A collector car held for investment exchanged for
    > another collector car held for investment would
    > qualify for tax free exchange treatment (1031).
    >
    > Car for Land, etc. doesn't work.
    >
    > Wendell
    >
    > In a message dated 3/30/2006 5:30:08 P.M. Central
    > Standard Time, APPTELINC (AT) aol (DOT) com writes:
    > Good question - would this be considered a
    > "like" trade by IRS standards?
    > Or, should the seller simply report less to Big
    > Brother (not an endorsement of any kind!)
    > We must have a Accountant or Lawyer lurking out
    > there in the ether...
    >
    > M.
    > (or to the authorities, Anonymous)
    >
    > In a message dated 3/30/2006 6:08:46 P.M.
    > Eastern Standard Time, mrgt350 (AT) yahoo (DOT) com writes:
    > I have a question when you sell a car of this
    > magnatude.
    > Can you do a 1031 transaction on vehicles?
    > Similar to
    > selling real estate when you exchange it for
    > another
    > parcel of land? At least you would avoid
    > getting
    > taxed on the large gain.
    >
    > Any accountants out there?
    >
    > Greg
    >
    >



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  9. Rob Zanussi

    Rob Zanussi Guest

    I can't speak for the US but in Canada you would pay capital gains on it. I
    am selling my 68 for the same reason to buy property. My accountant and my
    investment broker both tell me any profit is supposed to be declared and
    taxes paid. Ya, right!

    I asked if I have to pay capital gains on it, can I offset those gains by
    the loses I took in other car deals? Nope, don't work that way. The other
    thing, banks here are supposed to report any deposits in excess of 10K (to
    fight the drug trade) I have heard that includes cheques. I asked what if I
    get a series of cheques all under 10K, nope, cause that looks suspicious
    and the bank is supposed to report that as well.

    My only saving grace is one govt agency can not tell another govt agency of
    its findings.

    I suppose I could get the buyer to give me cash and just hand that over to
    the property seller and make it his problem with the bank. LOL

    Rob


    At 06:28 PM 3/30/2006 -0500, you wrote:
    > Good question - would this be considered a "like" trade by IRS
    >standar
    >
    >
    >
     
  10. in the US you cannot pay 'cash' for property because that was a method of
    money laundering with the drug trade

    bob
     
  11. Cevon Mclean

    Cevon Mclean Guest

    I guess cash would work.
    I had a friend who sold his shelby and would only take cash.
    When the buyer bulked, he told him to never mind, I guess you
    dont want my car that bad..The buyer came back with 55K in
    cash...done deal. I guess part cash and the rest with a wire to my
    Schwab account...no cashiers checks.
    Cevon...

    Date sent: Thu, 30 Mar 2006 20:53:30 -0700
    From: Rob Zanussi <rzanussi (AT) shaw (DOT) ca>
    Subject: Re: (4-SALE) 67-GT500
    To: shelbymustang (AT) carmemories (DOT) com

    I can't speak for the US but in Canada you would pay capital gains on it. I
    am selling my 68 for the same reason to buy property. My accountant and my
    investment broker both tell me any profit is supposed to be declared and
    taxes paid. Ya, right!

    I asked if I have to pay capital gains on it, can I offset those gains by
    the loses I took in other car deals? Nope, don't work that way. The other
    thing, banks here are supposed to report any deposits in excess of 10K (to
    fight the drug trade) I have heard that includes cheques. I asked what if I
    get a series of cheques all under 10K, nope, cause that looks suspicious
    and the bank is supposed to report that as well.

    My only saving grace is one govt agency can not tell another govt agency of
    its findings.

    I suppose I could get the buyer to give me cash and just hand that over to
    the property seller and make it his problem with the bank. LOL

    Rob


    At 06:28 PM 3/30/2006 -0500, you wrote:
    > Good question - would this be considered a "like" trade by IRS
    >standar
    >
    >
    >
     
  12. The government reporting is mandatory. That would apply to cashiers checks,
    not personal or business checks. They have to fill out a cash reporting
    form (I believe 8300) for cash transactions over $10,000. Depending on the
    interpretation of the law. They will fill out the forms for a cumulative amount
    if the transactions are within a certain period.

    If there was a deal that required cash, it would not stop me from buying a
    car. I just would not go alone.

    Lee
    66 # 869
    69 # 2055
     
  13. In a message dated 3/31/2006 7:35:42 PM Eastern Standard Time,
    GT350HZ (AT) aol (DOT) com writes:
    If there was a deal that required cash, it would not stop me from buying a
    car. I just would not go alone.

    Lee
    Lee's absolutely right. I once sold an aircraft to a guy from Florida who
    paid us in $100 bills and cashier's checks drawn on a bank in New Jersey.
    Fortunately, my partner in the plane was an Indiana Conservation Officer (they have
    State Police powers here) who accompanied me to deliver it to Dayton, Ohio in
    uniform with gun. We then sent a formal notice to the FAA that we had sold
    and delivered it.

    The buyer never registered the aircraft, and six months later it was seized
    in Florida carrying drugs. Had we not done as we did, we would have had some
    'splaining' to do when the Feds came calling about "our" aircraft.

    Currently at B-J in West Palm; just watched a dealer-installed a/c '67 GT500
    make $210k + premium, and two '69 Mach's make $118k and $100k. Good Grief!

    Cheers,
    Mike Heroy
     
  14. Randall Paul

    Randall Paul Guest

    Guy her has a nice 68 428 mustang at $125,000 Good grief1

    Randall
    ----- Original Message -----
    From: MHeroy (AT) aol (DOT) com
    To: shelbymustang (AT) carmemories (DOT) com
    Sent: Sunday, April 02, 2006 8:16 AM
    Subject: Re: (4-SALE) 67-GT500


    In a message dated 3/31/2006 7:35:42 PM Eastern Standard Time, GT350HZ (AT) aol (DOT) com writes:
    If there was a deal that required cash, it would not stop me from buying a car. I just would not go alone.

    Lee
    Lee's absolutely right. I once sold an aircraft to a guy from Florida who paid us in $100 bills and cashier's checks drawn on a bank in New Jersey. Fortunately, my partner in the plane was an Indiana Conservation Officer (they have State Police powers here) who accompanied me to deliver it to Dayton, Ohio in uniform with gun. We then sent a formal notice to the FAA that we had sold and delivered it.

    The buyer never registered the aircraft, and six months later it was seized in Florida carrying drugs. Had we not done as we did, we would have had some 'splaining' to do when the Feds came calling about "our" aircraft.

    Currently at B-J in West Palm; just watched a dealer-installed a/c '67 GT500 make $210k + premium, and two '69 Mach's make $118k and $100k. Good Grief!

    Cheers,
    Mike Heroy
     

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