IRS question

[rlh5window]

It is getting that time of year again.

The IRS forms are in the mail and Uncle Sam is awaiting our contributions.

Does anyone know what form to use to declare our project car as a dependent??

Maybe I could declare myself mentally unstable for starting on this " hobby"!



Randall

[deuce_roadster]

Let us know if you are successful, or if you end up behind bars!

[Drbrown]

The IRS may not believe that your wife delivered a 3200 pound baby. She probably doesn't remember it either.

[ford38v8]

Don't laugh! I know of a guy that bought a 1940 Mercury Convertible Sedan to advertise his business (named Mercury M*******). He told me this himself on the day he sold the car.
Disclaimer: Interesting possibilities, but I have no knowledge of his IRS tax status.

[39portlander]

[QUOTE=rlh5window;1197970]It is getting that time of year again./QUOTE]

What ,it's the last day of November. There are 24 shopping day's till Christmas and April 15th is a long way away.

There is no snow yet were I am but it's that time of year to get your snowblower and shovels ready

[G.M.]

Sponsored Links (Register now to hide all advertisements)

I have to cough up big bucks today to get the discount on real
estate taxes. G.M.

[Joe Immler]

Maybe claim it as a Syrian refugee. No records or background will be checked.

[ct1932ford]

Just tell them you are an illegal and you won't need to file at all!

[tubman]

Ever hear of "Truley Nolen"?

[Planojc]

Just give Lois Lerner a call. She might just tell you.

[V8COOPMAN]

Originally Posted by rlh5window

It is getting that time of year again.

The IRS forms are in the mail and Uncle Sam is awaiting our contributions.

Does anyone know what form to use to declare our project car as a dependent??

Maybe I could declare myself mentally unstable for starting on this " hobby"!



Randall

Do NOT EVER, EVER, EVER even begin to suggest to ANYONE that you may have even the slightest hint of mental instability, even JOKINGLY! Physicians (for instance) are now legally required to "note" such remarks or observations in official documentation. For one thing......you'll likely never purchase another fire arm legally. The list goes on. DD

[19Fordy]

WOW! That's pretty scary. Doctors are smart.
Along with other annual check up questions they ask the seemingly innocuous
question:
"Do you ever feel depressed or feel like you would ever
do harm to yourself or others?"

[39topless]

Originally Posted by V8COOPMAN

Do NOT EVER, EVER, EVER even begin to suggest to ANYONE that you may have even the slightest hint of mental instability, even JOKINGLY! Physicians (for instance) are now legally required to "note" such remarks or observations in official documentation. For one thing......you'll likely never purchase another fire arm legally. The list goes on. DD

And that would be a bad thing?

[19Fordy]

I think what V8 was referring to was that you should never "JOKE"
by making such statements when you really are having no "bad" thoughts or intentions.
You are correct. If you really are serious, then that's a different matter. The doctor should know.

[jack orchard]

Originally Posted by G.M.

I have to cough up big bucks today to get the discount on real
estate taxes. G.M.

THANKS, G.M. You saved me over $100 with your heads-up on the taxes,
so i owe you some tacos, pizza, beer, etc. Thanks again,...jack

[34pickup]

You get forms in the mail? I thought they stopped mailing them everywhere. I have to call and ask them to mail mine every year. They said they don't do it automatically since the majority of people use the internet to file now. I don't trust the internet so I mail mine in to have a paper trail.

[34pickup]

Originally Posted by 39topless

And that would be a bad thing?

Yes, very bad thing.

[ford38v8]

Originally Posted by 34pickup

You get forms in the mail? I thought they stopped mailing them everywhere. I have to call and ask them to mail mine every year. They said they don't do it automatically since the majority of people use the internet to file now. I don't trust the internet so I mail mine in to have a paper trail.

I have to pay my business license at city hall every year to avoid huge late penalties. They have my address and every year they claim the bill was mailed, but...

[40cpe]

Originally Posted by V8COOPMAN

Do NOT EVER, EVER, EVER even begin to suggest to ANYONE that you may have even the slightest hint of mental instability, even JOKINGLY! Physicians (for instance) are now legally required to "note" such remarks or observations in official documentation. For one thing......you'll likely never purchase another fire arm legally. The list goes on. DD

Originally Posted by 39topless

And that would be a bad thing?

Coopman said "legally". It would be bad for law abiding citizens not to be able to buy weapons. If the bad guys want guns, they get them illegally.

[Sixseven]

There are ways to legally claim a vintage car as a deduction such as if it is an advertisement or is actually used in the business in some other way. However, I always equate that kind of deduction to be similar to writing off an airplane, all or part of your home, and the second home as a flag for the IRS to do some investigating.

I understand that tax laws for old cars were different 20+ years ago. I seem to recall seeing a guys vast car collection being described as a tax shelter somehow.