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Originally Posted by 6spdC6
Well that is normal get as much as you can when you sell. Sometimes common sense takes over and you take a lower offer, after figuring in your auction cost and transportation back to where you keep your car is figured in!
FWIW I like Mecum a hell of a lot better than BJ. More cars shown, less bullshit talked about, less commericals, more realistic prices and hardily none of those time wasting charity things, which normally is a who has the bigger dick contest. ( I want to see cars, not people) According to my limited knowledge of tax rules any amount over what’s a reasonable cost to purchase can be used as a tax write off, so these big spenders are doing as much or more for themselves as charity!
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As a viewer though, I like to watch an auction to see what a car will actually bring, not a circle jerk that ends without a conclusion.
As to the charitable issue, a person who purchase items at a charity auction may claim a charitable deduction for the excess of the purchase price over the item's fair market value. You have to be able to show that you knew that the value of the item was less than the amount paid. In recent years, the IRS has challenged a couple of these cases where the true FMV of the item is unclear. For example, tickets to a sporting event or airfare, etc. are relaitvely easy to prove. But the first C7 to roll off the assembly line? You have to be able to prove that the only reason the price got that high was due to the deduction and that the other bidders didn't consider the price to be the FMV of the car without regard to the deduction. In one case I am aware of, the taxpayer lost because the person he was bidding against wasn't a US citizen or resident and would not have gotten the benefit of the charitable deduction. In that case, his bid did, in fact, represent FMV. Best way to ensure a deduction is to turn around and sell the car immediately thus proving it's true value as well as establishing that you really didn't want it to begin with.