Very Cool '63 Falcon 260/4-sp Black Plate CA Car (Donation!)

[scuncio]

Amazing that a car like this would have been donated to charity, but it's good to see it being offered on eBay where it can get some exposure. Originally Rose Beige on Black with the 260/4-sp and 3.25 axle. I love it....

Link to 1963 Falcon eBay auction











3R17F164304

*Note: When you click on this link and make a purchase, I may earn a small commission from eBay. These commissions help to provide financial support for the sYc site.

[big gear head]

We had a '63 Falcon Sprint 260 with the 2 speed automatic when I was a kid. That 260 was the first engine that I put together myself.

[Charley Lillard]

We charge a buyer’s fee in addition to the final bid price effective March 21, 2023. SEE BELOW
Sale Price Under $999.00 = $130.00
Sale Price from $1000 to $1999.00 = $170.00
Sale Price from $2000 to $2999.00 = $235.00
Sale Price from $3000 to $3999.00 = $300.00
Sale Price from $4000 to $4999.00 = $375.00
Sale Price from $5000 or higher = 9% of Final Bid Price
The buyer’s fee is non-negotiable. If you do not agree with the terms, please do not bid.

[Charley Lillard]

Is that the seller or Ebay

[Bill Pritchard]

Seller

[southernfriedcj]

Sounds like they may shill.

"IF OUTBID YOU MAY BECOME HIGH BIDDER AGAIN IF THE BID ABOVE YOURS IS CANCELED."

[Lynn]

Tony said: "Amazing that a car like this would have been donated to charity,..."


One reason would be if they have a very low basis in the car (got it years ago for $100) and figure it is going to bring $10k or better. If they sell, there will be capital gains taxes.

Suppose they already have a favorite charity in mind, and want to do something nice. Here is how it plays out.

1. They sell the car for $10k, then donate $10k to the charity. They have a capital gain for $9900, but offset that with the cash donation. So, it LOOKS like they only have to pay taxes on the remaining $100. However, depending on what other deductions they have, they may not meet the threshold for itemizing, taking only the standard deduction. Almost no tax benefit.

2. They donate the car to charity. They get a deduction for whatever the car sells for. No capital gain taxes, and the $10k deduction will likely make it worthwhile to itemize.

Yes, it is form over function; but that is how the code works. With highly appreciated property the difference can be staggering. These days, charitable giving folks like to say: “Cash = bad. Highly appreciated property = good.”

[Bill Pritchard]

Lynn,

Not picking a fight here, but how many people do you suppose declare the sale of a car such as this on their income taxes? No one that I know of.