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GEN 2 (2017-2020) Ford F-150 Raptor Forums
Ford F-150 Raptor General Discussions [GEN 2]
2017 Raptor sells for 157000.00
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<blockquote data-quote="Deleted member 12951" data-source="post: 1091293"><p>I am no tax expert but I don't think this would be a 100% tax write off. I am pretty sure how these work is you get to use the amount of the difference from MSRP to what you overpaid because you are receiving a tangible asset of worth. As example (to make it easy), if the MSRP is $57k, then you would get to write off $100k towards charity. And you can only write off charitable donations up to 1/2 of what you claim as income on your taxes. So you would have to make $200k a year to write off the whole $100k amount. If you don't then you can write off the $100k over the next 5 years taking up to half each year until the amount is depleted. This part I do know for a fact. But someone that can spend $157k for this most likely is making 7 figures or more.</p><p></p><p>IRS Proof: <a href="https://www.irs.gov/charities-non-profits/charitable-organizations/charity-auctions" target="_blank">https://www.irs.gov/charities-non-profits/charitable-organizations/charity-auctions</a><span style="color: Red"></span></p><p><span style="color: Red"></span></p><p><span style="color: Red"><span style="font-size: 9px">---------- Post added at 11:00 AM ---------- Previous post was at 10:56 AM ----------</span></span></p><p><span style="color: Red"></span></p><p><span style="color: Red"></span></p><p></p><p></p><p></p><p>Nope, not 100% but that would be nice.</p></blockquote><p></p>
[QUOTE="Deleted member 12951, post: 1091293"] I am no tax expert but I don't think this would be a 100% tax write off. I am pretty sure how these work is you get to use the amount of the difference from MSRP to what you overpaid because you are receiving a tangible asset of worth. As example (to make it easy), if the MSRP is $57k, then you would get to write off $100k towards charity. And you can only write off charitable donations up to 1/2 of what you claim as income on your taxes. So you would have to make $200k a year to write off the whole $100k amount. If you don't then you can write off the $100k over the next 5 years taking up to half each year until the amount is depleted. This part I do know for a fact. But someone that can spend $157k for this most likely is making 7 figures or more. IRS Proof: [url]https://www.irs.gov/charities-non-profits/charitable-organizations/charity-auctions[/url][COLOR="Red"] [SIZE=1]---------- Post added at 11:00 AM ---------- Previous post was at 10:56 AM ----------[/SIZE] [/COLOR] Nope, not 100% but that would be nice. [/QUOTE]
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GEN 2 (2017-2020) Ford F-150 Raptor Forums
Ford F-150 Raptor General Discussions [GEN 2]
2017 Raptor sells for 157000.00
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