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Vintage Racer

Members
  • Content count

    27
  • Joined

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About Vintage Racer

  • Rank
    Member

Contact Methods

  • Website URL
    http://
  • ICQ
    0

Profile Information

  • Gender
    Male
  • Interests
    vintage racing

Profile Fields

  • From
    Atlanta
  • Porsche Club
    PCA (Porsche Club of America)
  • Present cars
    1973 Porsche 911
  • Future cars
    GT3
  1. I like the new addition as I am in the market for an air cooled Porsche 911.
  2. That is a great update.
  3. Thanks. You are correct. It does sound much better (a natural sound) with just the standard settings.
  4. I understand now. I hadn't heard the abbreviated term.
  5. It's the optional Bose@ Audio Package ($2120 extra). It's a little lame. Other than that, the car has been a joy to own. PDK (Yes, and my first automatic) Sport Exhaust (check) Power Sport Seats (check) with Premium Package Plus (check) Door-Sill Guards, Illuminated (check) check, check, and check.
  6. Is it just me or is the early 911 just keep increasing in value? What do you think?
  7. That is a very nice 911E. I can't find G03 in my files. Porsche used a "M" in front of options beginning in 1970. Example = M409 = Sport Seats Sorry.
  8. I think your car is perfect as it is. There is nothing wrong with updating an early 911S.
  9. The IRS would certainly want you to file with a $4000 profit. I know of no IRS $400 limit. The State of Georgia allows a tag with the year of the car's production to be used on an antique. I know a number of guys with 1965-1973 tags on their 911s. Most bought the tags off eBay. The annual taxes on my two longhoods are $50/year. The no-deductible annual insurance is another $132/yr. Both were purchased with no sales tax.
  10. Yes. But. A LLC is a partnership-type corporate entity. It still requires a state of domicile (you'll need to file federal and state tax forms in the state of its physical residence). If you form the LLC in Montana, you'll be registered by the Montana Secretary of State as a Montana Corporation. You'll need a mailing address (that could be in GA, but what if they ask you the address of the entity in Montana)? A LLC isn't the taxpayer. Tax liability (if it makes money) or tax losses (if it loses money) are generated to another entity (another LLC or an individual taxpayer) via the Form K-1 which must be filed with the tax form. If you start transferring losses to an individual's Form 1040, you are subject to an audit to prove its a for-profit corp. In these days of government's grab for more tax revenue to support federal and state deficits, the risks are high. GA is only one of a few states that do not charge sales tax on a vehicle titled in a person's name. You can buy a Carrera GT for $350,000 and pay $20 for the tag (no 7% sales tax). I wouldn't touch this arrangement, but I sleep better knowing I will not be threatened with IRS actions.
  11. Taxing authorities do not like it when you form an entity to escape taxes. If a trust or LLC is formed for the sole purpose of escaping the payment of taxes, you could be subject to a long court battle. Then you will have the problem of parking and driving a car in GA with Montana tags. You may have insurance problems (unless you own a home in Montana). The trust or the LLC will also be required to file tax forms every year. You'd need to factor in another $1000/year for an accountant.
  12. Thanks Richard, I have Patrick Paternie's book (3rd Edition) but it lacks detail in some areas. I'll look for Marc Bongers' book.