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.

[Already Gone]

[QUOTE=Tom Vogel;2358967][QUOTE=ChevyC102007;2358935]The taxes as far as I know,

Yes, you will have to pay the taxes... doesnt matter who you are, (no matter what politicians say, they could care less about you or me) Even a widow with10 kids has to pay up or the IRS will toss you out of your home and not even snort.
[QUOTE=
But as I said..................no matter how deserving your are the chances of a common man (like the members of this board) getting on Overhaulin are slim to none.
NOT so! The young person I speak of is a guy just like you or me. Im not going to give you the particulars. Suffice it to say, ... when you have seen this episode, I think you will feel good about it.
I think this episode will air next Feb or March; as it is the last car of this new season.

As far as having to be on a waiting list.... If you saw these cars up close, youd happily wait till Hell froze over.[/QUOTE]

,Dont want to get off the thread subject but, wow, I thought we here in Canada were taxed to death ,but taxes on the value of a restoration of your personal vehicle,which we wouldn't have to pay here, that is a real ripoff. Oh yea while I'm on taxes, there are no taxes on Lottery Wins in Canada !!!

[Bishops Trucks]

Your a teaser Tom, I'm in Austria and don't get the show here.

[blukangoo]

Originally Posted by Bishops Trucks

Your a teaser Tom, I'm in Austria and don't get the show here.

We get it here in Germany on a channel called DMAX.
Last night a friend called up and told me to change the channels.
I changed to Overhaulin and they were doing a pickup.
As soon as I seen the distributor on the front of the engine I changed back to the other show I was watching.
I don´t see every show but the ones I completely watched were just awesome.
I want thier tools!

[ChaseDale3and8]

Yeah, you're tricking someone about where their car is, I get it already.[/QUOTE]

I totally agree! Put a boot in that Chris guy's arse and send him packing! He wore me out with those lame "pranks" of his from the very first episode. If they ever got my truck on there, I'd just have to punch him and the show's producer square in the mouth for thinking that the American public that watches the show are a bunch of lame brained idiots that think that this type of humor is actually funny and entertaining....it's not!


No wonder Courtney left the show! Who would want to be around an idiot like him!? If they would show much more of the actual builds it would be a MUCH more entertaining show. This Chris guy is totally worthless in my opinion, and the show would be much better without him and his "pranks". My 2 cents worth. ...Joe

[ChaseDale3and8]

Oh yeah, it sucks about the tax part. I never realized that they had to pay taxes on these builds. That just plain sucks because these people were on the shows because many of them couldn't afford to build their cars the way they wanted to so their projects get sidelined like many of ours do because bills and such have to come first.

Then they finally get a "freebie" build done that was much more than they ever expected, only to have our wonderful government stick their hand out. I now have to wonder just how many of these people either had to sell, or take out a loan and get a second job or whatever just to pay the stinking government taxes on their build? Makes my blood boil to even think about it.

It would really suck for some of these people if they couldn't come up with the tax money too,because I saw a couple of episodes where a car had been passed from one generation to the next, such as that early 70's Monte Carlo that the guy's dad bought new. I'd hate to think that someone either lost or had to give up their ride because they couldn't afford to pay the taxes on it. That would be just plain wrong. ...Joe