Quote:
Originally Posted by alexiskai
You owe tax on the fair market value. You can have the car appraised, or you can document sales of other "similar" cars. As long as your stated value doesn't raise any red flags and if you can show your work, it would be highly unusual for the gov't to contest your assessment.
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That makes sense. Evidently, this car is somehow special. I've never heard of it but I wonder how would fair market value be appraised? Not easily, I expect. I also expect the Government wouldn't get too worried about it so long as they get some money out of it. Governments are the same all over the world - the most dangerous place to be is between a Government and a source of money!