$3.6 Million 2023 Corvette

[basfish]

Barrett Jackson-Scottsdale
Vin.#1
Proceeds to U.S. Veterans

[Skeet'r89]

Nice TAX write off for the buyer !!!

[plbass]

VIN#1.

[dean c]

That’s cool for the vets!

[J D]

[Grizzly]

[12poundbass]

Rick Hendrix scores another #1. I wonder how many VIN #1 he has? That seems to be his thing.

[printman71]

Rick Hendrix scores another #1. I wonder how many VIN #1 he has? That seems to be his thing.

He does have quite the collection.

[pavi69]

Nice TAX write off for the buyer !!!

Maybe not:
You can't depreciate assets that don't lose their value over time – or that you're not currently making use of to produce income. These include: Land. Collectibles like art, coins, or memorabilia.


Artwork -- like paintings and sculpture -- does not qualify for a depreciation deduction because it does not wear out or get used up over time through its regular, active, and physical use in a business. This is one of the principal requirements to take a depreciation deduction. (To learn more about depreciation deductions, see Nolo's article on Section 179.)

Thus, for example, a medical practice that purchased over 70 works of art to display at its offices, including paintings, sculpture, pottery and batik prints, was not allowed to depreciate the cost. (Associated Obstetricians and Gynecologists, P.C. v. Comm'r, 762 F.2d 38 (1985).) Similarly, Harrah's Club in Reno, Nevada, was not permitted to take depreciation deductions for its collection of 94 vintage automobiles. Noting that the vehicles were kept in a humidity-controlled environment and needed remarkably little repair or maintenance beyond occasional mending of a crack in a wood part, both the IRS and the tax court held that the cars were not depreciable because they didn't wear out or become obsolete.

[ProVle]

I don't think Rick will worry about the taxes. https://www.superyachtfan.com/yacht/...trinity/owner/

[yatesville88fan]

Bet his accountant can find a way to write some of this off. The money does go to charity.

[XXXLTRP]

VIN#1.

I watched it, and If I heard and understood it correctly, it's VIN #1, Z06 #1 and 70th Anniversary #1. All 3 things carry value in the Corvette world.

[billsnp5]

Any one who can afford that ain’t worried about no stinking taxes

[Skeet'r89]

Maybe not:
You can't depreciate assets that don't lose their value over time – or that you're not currently making use of to produce income. These include: Land. Collectibles like art, coins, or memorabilia.


Artwork -- like paintings and sculpture -- does not qualify for a depreciation deduction because it does not wear out or get used up over time through its regular, active, and physical use in a business. This is one of the principal requirements to take a depreciation deduction. (To learn more about depreciation deductions, see Nolo's article on Section 179.)

Thus, for example, a medical practice that purchased over 70 works of art to display at its offices, including paintings, sculpture, pottery and batik prints, was not allowed to depreciate the cost. (Associated Obstetricians and Gynecologists, P.C. v. Comm'r, 762 F.2d 38 (1985).) Similarly, Harrah's Club in Reno, Nevada, was not permitted to take depreciation deductions for its collection of 94 vintage automobiles. Noting that the vehicles were kept in a humidity-controlled environment and needed remarkably little repair or maintenance beyond occasional mending of a crack in a wood part, both the IRS and the tax court held that the cars were not depreciable because they didn't wear out or become obsolete.

I do believe that the 3.6 mil. was a donation to a charity.

[magfluker]

Any one who can afford that ain’t worried about no stinking taxes

or what the MPG is like the rest of BBC

[kojimep]

I do believe that the 3.6 mil. was a donation to a charity.

Even still, wouldn't it be the "seller" that's donating to the charity, not the buyer?

[Roddy]

Maybe not:
You can't depreciate assets that don't lose their value over time – or that you're not currently making use of to produce income. These include: Land. Collectibles like art, coins, or memorabilia.


Artwork -- like paintings and sculpture -- does not qualify for a depreciation deduction because it does not wear out or get used up over time through its regular, active, and physical use in a business. This is one of the principal requirements to take a depreciation deduction. (To learn more about depreciation deductions, see Nolo's article on Section 179.)

Thus, for example, a medical practice that purchased over 70 works of art to display at its offices, including paintings, sculpture, pottery and batik prints, was not allowed to depreciate the cost. (Associated Obstetricians and Gynecologists, P.C. v. Comm'r, 762 F.2d 38 (1985).) Similarly, Harrah's Club in Reno, Nevada, was not permitted to take depreciation deductions for its collection of 94 vintage automobiles. Noting that the vehicles were kept in a humidity-controlled environment and needed remarkably little repair or maintenance beyond occasional mending of a crack in a wood part, both the IRS and the tax court held that the cars were not depreciable because they didn't wear out or become obsolete.

Would the amount over the actual value not be considered a charitable donation since it is a charity auction?

[pavi69]

Would the amount over the actual value not be considered a charitable donation since it is a charity auction?

It depends. Did GM donate the car to the charity and then the charity sold it, or did GM sell it and donate the money to the charity? This amount of money would be worth spending some time on research.