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Based on what is this calculated? Here is based on engine capacity. It doesn't matter what the car is. You have to pay in excess of 2k$ for a 20y old 4.2l audi, whitch costs less than 10k$
p.s: a 3rd world country in eastern europe with average income of almost 1k$
Last edited by marcus1982; 02-09-2024 at 03:24 PM.
I mean... not terrible all things considered, a Montana LLC is always at your disposal.
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I mean... not terrible all things considered, a Montana LLC is always at your disposal.
States are catching up to the Montana LLC tax avoidance scheme. Here in WA a fellow collector got caught on camera speeding. State went back investigated all the cars that were registered to Montana. He got hit with back taxes, registration and penalties. It was a lofty bill to say the least. Everyone is free to gamble just don’t cry about it if you get hit.
States are catching up to the Montana LLC tax avoidance scheme. Here in WA a fellow collector got caught on camera speeding. State went back investigated all the cars that were registered to Montana. He got hit with back taxes, registration and penalties. It was a lofty bill to say the least. Everyone is free to gamble just don’t cry about it if you get hit.
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=flsupraguy;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.
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.
also could invalidate your insurance if you are involved in an accident.
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...
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.
02-09-2024, 03:15 PM
The cost of doing business with these cars :(
