Vintage Mustang Forums banner

1 - 16 of 16 Posts

·
Registered
Joined
·
1,670 Posts
Discussion Starter #1
I placed the Mustang for sale today on the VMF Classifieds and in the Autotrader for next week. The tax man cometh, and he's carrying a VERY big stick. Were trying to taking a proactive stance by selling our beloved toys to avoid selling off our very depressed stock at fractions of what we paid for it.

I'm trying to keep a good attitude about this, I love Classic Mustangs so much, just talking about them and looking at them is almost enough for me. Even still, I will truly miss my Mustang, it is after all my favorite year, color, and body style. But, there have been many Mustangs in my past and there will be many more in my future, after all I'm only 27. I console myself with the thoughts of buying an early fastback rolling chassis (I have a used,but good 289 drive line in the garage) within the next year or so and tinker with that until I can afford to buy what I really want, a show worthy early Real GT Convertible.

Thanks for listening, your friend in Mustangs,

http://www.bluefinger.net/my025.jpg

Jason
Formerly Bluestangcom
"Got gas?"
Vintage Burgundy'66 Conv. 289 & C4. GT-ized
Strawberry/Silver '91GT
Guards Red 2000 Porsche Boxster
http://www.bluestang.com
 
G

·
Guest
Joined
·
0 Posts
Awww... that's horrible.

Maybe you can work something out with a buddy or something, to sell it to him until you can gather up the greenbacks to buy it back?

I hate to see someone lose their dream car, it happened to me once... but I finally found another 65 coupe to restomod.

Hope for the best!

-M

AIM: SixFivePony

'65 Coupe ***Total Project***
Current Stats: Dead 200 six, C4, surface rust, hole in the floorpan :)

Plans: Tremec TKO, 351C, MII front suspension, no shock towers :)
 
G

·
Guest
Joined
·
0 Posts
Open a margin account, move all marginable securites to the account and withdraw a check vs. the marginable securities.

It's just like if you bought the stocks on margin and kept the additional money you didn't put up on the side to pay your taxes.

Keep in mind you will be paying interest on the debit that's withdraw. Should be around 8-9% yearly. Also if the stocks continue falling the brokerage house may wan't it's money back sooner than expected. A bit risky. Don't sell the stang if possible.

http://www.hurtle.com/cars/mustang/sig.gif
Please contribute to my Reproduction Parts Rating Site
 
G

·
Guest
Joined
·
0 Posts
Why not sell that porsce? you could buy another car at almost 1/2 the price of the porsce and still come out w/ about as much money from the stang.
 

·
Premium Member
Joined
·
5,293 Posts
I'm sorry to hear of your dilemma, and hope that you don't end up selling a car that you seem to really love.
I think the idea of selling it to a friend, relative, or fellow mustang club member with a buyback agreement makes a lot of sense.
How about taking out a home equity loan? The interest is tax-deductible, and as it's a collateralized loan you can often get a pretty reasonable rate.
I, like many, would like to think that the market will turn around later this year once the Fed's rate cuts start to "bite" in our economy, and corporate earnings (hopefully) recover. Remember that fear and greed rule the market. Greed got us to the lofty levels of the late 90's, and fear is what's got the market be the throat now.
It could (although I doubt it) turn around quicker than expected - e.g. the NASDAQ was up 9% today on some good news from Dell.
I'd just hate to hear that you sold your 'vert to pay Uncle, only to see your portfolio recover over the next 18 months, during which you wish you had never sold.
It's somewhat of a gamble either way, but I'd rather take out a home equity loan (at say 8-9%?) and know that my downside is the interest expense, than sell the car, or the stocks that have IMHO more upside than downside at this point.
Best of luck - Dickson

1965 GT fastback
There's a fine line between "hobby" and "mental illness" - Dave Barry
 
G

·
Guest
Joined
·
0 Posts
That is sad! But just remember you guys might catch back up again sometime in the future! Keep your eye out!
 

·
Registered
Joined
·
3,179 Posts
Sorry to hear about your dilema. The other folks provided some good advice. Hope it all works out in your favor.

Here's to better days...

Regards,

Dean T

Shikatta Ga Nai - "It cannot be helped"
 

·
Registered
Joined
·
4,800 Posts
When the going gets tough, the tough file an extension! Oh, you still owe the tax anyway? Never mind.

Wasn't there a bank of Teebone at one time?

J. Boggs

http://albums.photopoint.com/j/View?u=1574992&a=11972962&p=43108527.jpg
 

·
Registered
Joined
·
1,670 Posts
Discussion Starter #11
We're selling the Porsche too.

http://www.bluefinger.net/my025.jpg

Jason
Formerly Bluestangcom
"Got gas?"
Vintage Burgundy'66 Conv. 289 & C4. GT-ized
Strawberry/Silver '91GT
Guards Red 2000 Porsche Boxster
http://www.bluestang.com
 

·
Registered
Joined
·
1,670 Posts
Discussion Starter #12
We're selling both. Fortunately the Mustang is paid for and the Porsche is almost paid for, and the both hold there values fairly well.

http://www.bluefinger.net/my025.jpg

Jason
Formerly Bluestangcom
"Got gas?"
Vintage Burgundy'66 Conv. 289 & C4. GT-ized
Strawberry/Silver '91GT
Guards Red 2000 Porsche Boxster
http://www.bluestang.com
 

·
Registered
Joined
·
1,670 Posts
Discussion Starter #13
Good advice. We are looking into a home equity loan right now, but it still won't cover the tax bill (I could fill my 3 car garage with Shelbys instead of paying Uncle Sam *G*.) We know people in worse shape though, some have lost their jobs and have had to put there homes up for sale. I expect things to turn around towards the end of the year, but I'm not willing to wait that long to make my move. I'll miss the car, but will eventually replace it with something better.

http://www.bluefinger.net/my025.jpg

Jason
Formerly Bluestangcom
"Got gas?"
Vintage Burgundy'66 Conv. 289 & C4. GT-ized
Strawberry/Silver '91GT
Guards Red 2000 Porsche Boxster
http://www.bluestang.com
 
G

·
Guest
Joined
·
0 Posts
I can't believe no one came up with the obvious.
Tell the IRS to go to hell. Put the amount where it says "tax owed" into "Amount you want refunded" They won't pay enough attention, soon enough you'll get a nice fat check and you can laugh all the way to the bank. Bwahahahahaahha
Get your pets social security numbers and declare them as dependants. They won't check. Sell some of the stock and take the deduction.
 

·
Registered
Joined
·
391 Posts
Are you doing your own taxes or using a potentially light weight person from someplace like H&R Block. Try a knowledgeable CPA and discuss with him your options from correcting possible errors or missed opportunities, payments, and even an eventual "offer in compromise." Just a thought.

If it's money needed for filing your extension or return, I don't think you are going to have it sold in time anyway.

Russ

http://albums.photopoint.com/j/View?u=1595962&a=12199293&p=44747301&Sequence=1&res=high.JPG
 

·
Registered
Joined
·
1,670 Posts
Discussion Starter #16
That's good advice, I wish that were the problem. I am using the same CPA that I use for my business and he saved me thousands last year. The taxes are the biggest part of it and of course we are filing an extension, but the other part of it is the market has substantially deflated out income as well. So we are trying to reduce costs and debt all around. Thanks for your concern. Nice Car BTW.

http://www.bluefinger.net/my025.jpg

Jason
Formerly Bluestangcom
"Got gas?"
Vintage Burgundy'66 Conv. 289 & C4. GT-ized
Strawberry/Silver '91GT
Guards Red 2000 Porsche Boxster
http://www.bluestang.com
 
1 - 16 of 16 Posts
Top