Selling your wing car???

[WINGIN IT]

How do you guys keep an open title on the car and still register and drive it?
Or are you only speaking of cars you buy to flip or projects and don't drive?

[JB400]

How do you guys keep an open title on the car and still register and drive it?
Or are you only speaking of cars you buy to flip or projects and don't drive?

Those would only be the ones you flip or the project cars. 

[Redbird]

Keep your receipts.
Keep your costs logged on a spreadsheet.

If you have had a real car over say a 10-20 year period you will most likely owe capital gains.

Inventing your own tax code just because you are special, what could possibly go wrong? Or really why wouldn't it go wrong?

Sports Car Market Magazine (SCM) has had a number of articles on tax issues with selling cars, estate issues, and the like. SCM has also written on the capital gains vs. collectable issue. Educate your self and also hire a CPA. If you have a business you probably already have a CPA, or you should.

[Kismgby]

I know a guy who bought a Charger for $10K and the "spare parts" for another $30K at the seller's "garage sale". 

[pettybird]

I know a guy who bought a Charger for $10K and the "spare parts" for another $30K at the seller's "garage sale".  

Rumor has it that's how we bought Marty.  We wrote a parts receipt for the seller's asking price, and were delighted to see just how well they were all bolted together before we got there  

[Kismgby]

 Isn't that kinda how you bring home a bag of nuts/bolts....fixed together so you don't lose 'em?

[mauve66]

i charge $100 hr labor and i've been working on this car for the past 20 years come May, no question about the loss/profit margin here

[pettybird]

Isn't that kinda how you bring home a bag of nuts/bolts....fixed together so you don't lose 'em?

Well, he was gonna tie them all together with string, but he ran out, so...