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[QUOTE=jp884;19270463]
Originally Posted by flsupraguy
(Post 19270318)
it's not a scheme, you have a right to legally diminish your tax liability. Do you depreciate your real estate? Form your own IRA/401k? Just because something isn't well used doesn't mean it's a "scheme".... Government wants you to be a sheep....[/QUOTE
Ok try to have that argument with the DOR in your state see how that goes. Plenty of stuff already written about this online. Unless you physically own a piece of real estate in Montana having an LLC is going to be weak argument against your state if they catch you. It’s already happened to someone here in WA the sheep argument or diminishing tax liability didn’t work to well for that person. Also, do a search about Georgia catching on to this as well. I’m all for not paying excessive taxes, I’m not here to work hard to hand over my wallet but some things are not worth the risk for me. Your state may be different but our state makes you pay if they catch you trying to dodge state taxes. https://jalopnik.com/the-pitfalls-of...cam-1711216059 also could invalidate your insurance if you are involved in an accident. |
[QUOTE=flsupraguy;19270771]
Originally Posted by jp884
(Post 19270463)
There are examples for every argument. You obtain Montana insurance as rhe vehicle is titled and registered there....
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[QUOTE=jp884;19270802]
Originally Posted by flsupraguy
(Post 19270771)
you seem to be missing the point. Technically you could not even insure the car or register it. It’s completely up to you and your risk level. Even if the car is insured in MT under your MT LLC and you’re involved in an accident. Your insurance company through investigation could decide that your insurance is null and void since your insurance was obtained through false pretense that you have/had a residence in MT. It doesn’t take a lot for insurance to verify this and it’s insurances job to not pay out if they don’t have to. Then add the police report if there is one and if the DOR wants to investigate as well. It seems that we are not seeing this the same way. So to conclude, you do you. |
[QUOTE=hiroshikato1;19270669]
Originally Posted by jp884
(Post 19270463)
I live in CT, across the country from Jorge but I know of a few people who have been caught with the Montana LLC titling. The bottom line is that the car needs to be registered in the state in which the car is garaged. A few collectors here have pretty large collections and trailers to haul their cars. When the iRS investigated there claims of where the cars were garaged, they pulled EZPass records and asked for the mileage logs of the trailers that the owners tried to say they used to transport their vehicles which had all had very low mileage making driving them out to Montana even one way impossible. In addition, Penske in the Tri-state area won't even allow a buyer to register a car purchased on the Eastcoast to a MT residence or LLC. If a dealership does this and the IRS finds that the LLC is bogus or just a front, the dealership has to pay the sales tax on the vehicle! You can say all you want and I applaud those who still run MT plates but don't cry spilt milk when the IRS opens up an audit for the current year plus 6 years prior, and then indefinitely... |
wait till you see maintenance costs
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Yes and no.
[QUOTE=mwar99;19270816]
Originally Posted by hiroshikato1
(Post 19270669)
I think you meant state revenue departments, not the IRS. The IRS would not care where a car is registered in the US and also does not impose sales tax.
Everyone can do what they want but everyone should know the facts and make their own judgement regarding risk exposure. |
haha do not move to VA then. get bent over out here with property tax.
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$1200+ in Alabama.
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Of course I would love to pay less money to the CA DMV every year. But in the grand scheme of things, it is worth every penny to me, to be able to daily drive my Touring year-round. No snow, no ice, no salt, no storing the car for months at a time due to inclement weather. At the end of the day, it just comes down to weather, I mean whether the "sunshine taxes" are worth it and to me, they are.
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Originally Posted by StanfordCardGT3
(Post 19270879)
wait till you see maintenance costs
Obviously Engine/ PDK replacement is pricey. Here in TN, I think I paid $80 bucks a year to register the car. $80 bucks a month for full coverage insurance. TN does not care the value of the car. You do pay 9.25% sales tax on purchase price. That hurt. |
Close to $3k here in Seattle!
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Originally Posted by One911
(Post 19271902)
Close to $3k here in Seattle!
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Originally Posted by bmw_e30
(Post 19270460)
how? i assume most 991.2 gt3's are worth in the 175-275k range and it's 1% of the value of the car for registration here in ca
i have a special plate so if you subtract that, it’s essentially $798 for mine. https://cimg3.ibsrv.net/gimg/rennlis...60cbfd2e6.jpeg |
Originally Posted by jp884
(Post 19272152)
yup I was paying about $9k a year to register my cars because of the ST3 tax. Finally said enough is enough and moved out of clown county.
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