Overhaulin

[timcos]

Originally Posted by ChevLoRay

I guess the tax rate is the same as the gift tax rate. I've heard the taxes are 25 percent of the stated value of the work that has been done. Seems I remember reading that the 29 phaeton (actually a 2-dr sedan with the roof removed, had a value of $100,000 after the work was done. You may remember the one that didn't get new wheels. It had a checkerboard firewall and they built a Y-block Ford engine for it (312, I believe). By the time you figure Foose's artwork, and the legions of craftsmen who do the actual work, plus the perphirals that go along with the whole event. I figure a hundred grand is on the light side and the value would go up even more. Yeah, taxes would suck, but looking at the finished product and getting it done for one-quarter of the cost of the full price for parts and labor....it's a bargain.

The tax rate would be your tax rate. You get a 1099 for the value your received. That would blend into your income tax return if you file one.

The taxable rate would be whatever your tax rate is.