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re: OT - You've got $15-18,000 sitting. What would you do with it?
Posted on 1/13/18 at 9:20 am to S1C EM
Posted on 1/13/18 at 9:20 am to S1C EM
You might be better off finding a tax shelter for it and accepting 0 return just to keep 25% of it from going to government. Too many if’s ands buts to get into details, you should talk to non commissioned certified financial advisor or cpa. Maybe talk to cpa first to figure out the tax situation then take that info to the advisor.
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Posted on 1/13/18 at 9:22 am to AmericusDawg
quote:
Over ten sold in year in Georgia, and you have to have Dealers licence. Looks like $170/app fee and 35k surety bond.
Does this mean you'd need a tax ID number as a business? Which in turn means you definitely have to claim the income. And how much would a surety bond run and what does it do?
Posted on 1/13/18 at 9:24 am to deeprig9
quote:
You might be better off finding a tax shelter for it and accepting 0 return just to keep 25% of it from going to government. Too many if’s ands buts to get into details, you should talk to non commissioned certified financial advisor or cpa. Maybe talk to cpa first to figure out the tax situation then take that info to the advisor.
Already done this. In total, I'm netting about $80,000 on the sale. I'm putting back $20,000 to cover taxes. The property is an estate property and claiming it on the estates taxes would ding us for about $17,000. My CPA has advised claiming it on our personal return to reduce the tax burden, which we will do.
Are you thinking something else? Hiding it in a tax shelter isn't going to do much. Once the property sells from the estate, it has to be claimed.
Posted on 1/13/18 at 9:25 am to S1C EM
frick it.
Open a rattlesnake farm in South Georgia and sell the meat to Asia.
Open a rattlesnake farm in South Georgia and sell the meat to Asia.
Posted on 1/13/18 at 9:28 am to S1C EM
If you haven’t maxed out both traditional ira’s and 401ks you can put it there and not be taxed but if you want the money in two years that’s not a good option.
Posted on 1/13/18 at 9:32 am to S1C EM
Just know that you have to get them so that they pass emissions before you can sell them. So you need a good back yard spit and gum mechanic
Posted on 1/13/18 at 9:32 am to deeprig9
Also, since Col. Bruce died, the pine straw mafia has been in disarray and it is a great time to stake out a claim in the market. Huge margins available here. You take 5 cents worth of straw, add $1 for bundling and transportation, sell for $5. 500% profit.
Posted on 1/13/18 at 9:40 am to S1C EM
quote:
Honestly, this is a really interesting idea.
I can't tell you how others do it, but he rarely holds onto a car he buys longer than it takes to deliver to his eventual customer. He buys from auctions and sells to private consumers as well as dealerships. He has another side business where he handles tag/title issues and finance audits, so the paperwork part of flipping the vehicle isn't really a big deal for him.
It's a great side hustle for him and he is having a blast as a retired guy with lots of money and no F's to give. But I would say it may not be smooth sailing if you don't have encyclopedic knowledge of the industry and a massive network of contacts around the state, both of which he has.
Posted on 1/13/18 at 9:45 am to S1C EM
$15-18,000 in unmarked bills to the top uncommitted recruit in the nation.
Posted on 1/13/18 at 9:48 am to NCDawg52
quote:
But I would say it may not be smooth sailing if you don't have encyclopedic knowledge of the industry and a massive network of contacts around the state, both of which he has.
Definitely short on those. I could hit the auction and turn it around on a lot (assuming I can find one to use) pretty quick. We also don't have emissions testing in and around Athens, Barrow, Oconee, etc. Still would need to be a car worth selling. Other side is if I'm a licensed dealer, I'm then having to charge sales tax, right?
Posted on 1/13/18 at 9:49 am to deeprig9
quote:
If you haven’t maxed out both traditional ira’s and 401ks you can put it there and not be taxed but if you want the money in two years that’s not a good option.
I hear ya. I have read, though, that one can use a Roth IRA for short-term purposes since there's no penalty for early withdrawal. But of course, its contributions are after-tax.
This post was edited on 1/13/18 at 10:12 am
Posted on 1/13/18 at 9:50 am to S1C EM
Trip to Europe before the refugees blow it the f up.
Posted on 1/13/18 at 9:50 am to S1C EM
I think so, but when my dad starts talking about the ins and outs of his business, my eyes glaze over. Probably how he feels when I talk about what I do.
Posted on 1/13/18 at 9:53 am to NCDawg52
quote:
I think so, but when my dad starts talking about the ins and outs of his business, my eyes glaze over. Probably how he feels when I talk about what I do.
I mean, I could just sell a good 9 cars each year, stay under the "dealer" label, and I'd be golden, right? Assume I could net $500 off each car. It's still more than any short-term investment is going to get me, right?
Posted on 1/13/18 at 9:54 am to S1C EM
Needs to be 5 year plan to cash out of Roth without penalty
Posted on 1/13/18 at 9:57 am to S1C EM
Also more work selling 9 cars than dropping it in a mutual fund or something.
Posted on 1/13/18 at 10:00 am to Chainsaw Massaquoi
Yeah. The work aspect would be finding the right buyers, finding cars at auction that have that type of margin in them. And don't forget the travel between all these spots
Posted on 1/13/18 at 10:00 am to S1C EM
Play the lottery, with that much money you could buy a ton of scratch offs and hit it rich.
Posted on 1/13/18 at 10:11 am to S1C EM
quote:
Does this mean you'd need a tax ID number as a business? Which in turn means you definitely have to claim the income. And how much would a surety bond run and what does it do?
Hell no and hell no.
Surety bond is basically saying your bonded up to that limit on title with State to protect consumer to get licence. Cost probably $300. I'm thinking of doing it. I have areas to put them. Kind of talked myself into it lol. I have nothing else to do and it's quick, easy money. I did Insurance for over a decade, so I've seen it done a few ways.
If interested
@yahoo
Eta-I don't really live in an area that likes cheap tax cars.... I'm ten miles away in the woods
This post was edited on 1/13/18 at 10:13 am
Posted on 1/13/18 at 10:17 am to NCDawg52
quote:
Yeah. The work aspect would be finding the right buyers, finding cars at auction that have that type of margin in them. And don't forget the travel between all these spots
Yeah.....definitely a consideration. We have an auction every Thursday down the road from me <5miles. With a goal of 9, that's not a ton and there'd be no rush. Buy the car, put out in public view, take some calls, do some (armed
) showings, sell said car. Need a receipt for what I paid and the sales contract to the buyer for tax purposes. Have to title it from the outset, too, I guess. And I would assume no more than $3,000 in a car. Looking for buyers who can't get credit elsewhere, but need transportation. Hmmmm.....
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