integraslut78
Stylus DJ Extraordinaire
Sorry to hear this Steve.
K20A2 EG Project Car
- Thread starter k-series
- Start date
- Replies 397
- Views 69K
We may earn a small commission from affiliate links and paid advertisements. Terms
Quoted post[/post]]
Well, it's unfortunate that I have to make this post, but sometimes there are things that just aren't controllable.
In June of last year, we sold our house in West Palm that we had been living in for 15 months for a bigger, nicer place in Wellington, FL. Unfortunately, when you sell a piece of property BEFORE you've occupied it for 2 years, you pay Capital Gains. Due to the IRS bill I just won't have the funds to travel or finish the motor work for the 2006 season.
I will still be working on the car. Finishing up EVERYTHING but the motor and transmission. I'll be taking care of them hopefully by the end of the year, we'll see.
With that being said, I won't be doing the reader contributions/sponsoring of the car until early next year.
I'm sorry about this, I know a lot of people have been following this build, but I've got other priorities to deal with as well.
I'm not down yet...just a long 10 count.
Steve
Capital Gains is the increase in value of the property over when you bought it. If it really gained that much money when you sold then you should have money left over from the price you paid. did you already spend the profits that you had from buying then selling? if you didn't know the time difference there is grounds for a legal suit against both realtors in the selling transaction.
I made a considerable profit when you look at the owed vs sold price, however I paid off a second mortgate and then the rest went to the new house. However, I'm being nailed on the profit made from the owed vs sold price.
I know I'm going to have to pay something, but we're getting with a PA to see if there are any tax laws that we might be missing. Not trying to steal or cheat, just make sure that we're not missing anything.
Steve
I know I'm going to have to pay something, but we're getting with a PA to see if there are any tax laws that we might be missing. Not trying to steal or cheat, just make sure that we're not missing anything.
Steve
I think the realtors screwed you over. They should have told you the gains would be a taxable event. it will show on a 1035 report. They should have said,"save some money to pay the taxes". they are legally liable if they didn't
next, there are a lot of ways to adjust your taxable income. the best way to decrease that is to have write offs, investments and contributing to a retirement plan. if you can lower your tax bracket you can adjust the % they are going to take back from you. let me know if you need some help. i'm a financial advisor. I might be able to help somewhere.
vanillakilla
Senior Member
I know I am the millionth person to tell you this but everything looks real good and I can't wait to see it finished especially the times this thing puts down. Speaking of which what times are you hoping to get out of this?
jimboburgess
Go fast, Go Cheap
it's a beauty, too bad about the leagal mumbo jumbo, stick in there.
ITBs?
ITBs?
Not yet, using the RBC manifold from the new Si/Euro Accord instead. Best OEM IM out there currently.
Steve
Fabbed up my fuel cell straps/brackets and mounted the cell (for the most part). I need to modify one of the lower straps and powder coat it.
I'll take pics when I get home, it was a late night.
Next will be final bolting of the Hybrid mounts, trans and fabbing up a battery tray for my Braille battery.
Steve
I'll take pics when I get home, it was a late night.
Next will be final bolting of the Hybrid mounts, trans and fabbing up a battery tray for my Braille battery.
Steve
kaoskustoms
Senior Member
i hate you
not really just wish i could afford that
not really just wish i could afford that
vanillakilla
Senior Member
Great job on the car so far!! I cream myself everytime you post up pictures that car is a work of art
Similar threads
