So it works for you, just worth a mention before someone goes and changes it all up only to find out later.
45 typ sees 7-9k a year for me
It very well may have changed since 2009 when i was inquiring as well.
Taxes
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So it works for you, just worth a mention before someone goes and changes it all up only to find out later.
45 typ sees 7-9k a year for me
It very well may have changed since 2009 when i was inquiring as well.
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How's that managed? IE: do they check annually? Do they check when you register? Or do they just ask you to write down the mileage? Has anyone EVER had someone at the DMV visually check the mileage in the car itself?
I think what I'm getting at is there's really no way of them to know for sure. And your insurance company will set their own rules on usage, so in the event of an accident and "will this be covered?" concerns, it's going to be up to the insurance. And again, How's that managed? And honestly, are any of us really convinced that their odometer is accurate? Or the speedo for that matter? And you can't hold me responsible for the inaccurate mileage in my old truck. For if you do, then shouldn't we blame the whole DMV system? And if the whole DMV system is guilty, then isn't this an indictment of our government institutions in general? I put it to you, Greg - isn't this an indictment of our entire American society? Well, you can do whatever you want to us, but we're not going to sit here and listen to you badmouth the United States of America.
Gentlemen!
I think what I'm getting at is there's really no way of them to know for sure. And your insurance company will set their own rules on usage, so in the event of an accident and "will this be covered?" concerns, it's going to be up to the insurance. And again, How's that managed? And honestly, are any of us really convinced that their odometer is accurate? Or the speedo for that matter? And you can't hold me responsible for the inaccurate mileage in my old truck. For if you do, then shouldn't we blame the whole DMV system? And if the whole DMV system is guilty, then isn't this an indictment of our government institutions in general? I put it to you, Greg - isn't this an indictment of our entire American society? Well, you can do whatever you want to us, but we're not going to sit here and listen to you badmouth the United States of America.
Gentlemen!
I'm not sure there is an actual 3k per year requirement related to using this tax logic...as the statute includes a definition of what an antique vehicle is for this 500 valuation purpose and it says nothing related to annual mileage.
5) of the statute may be where you would have issues assuming you classified the 45 as a business asset for depreciation purposes...which would've likely saved you more money than reducing it's value to 500 bucs.
@S4Cruiser
Im not sure where the requirement is/was mentioned. It came up when deciding how to register it when purchased (and originally hunting antique tag) Was informed at the dmv so believe it would be registering side.
You are correct, at its gwv it met requirements for business use and allowable depreciation which is the route I chose.
Im not sure where the requirement is/was mentioned. It came up when deciding how to register it when purchased (and originally hunting antique tag) Was informed at the dmv so believe it would be registering side.
You are correct, at its gwv it met requirements for business use and allowable depreciation which is the route I chose.
Went to the DMV, cost $10 for the Antique tag which can not be personalized. I now have the registration for the new tag and since it is already made I should have it in 7 days or so. Also went to the Guilford County tax dept and filled out the form with the restrictions that have been listed earlier. NO mention of a mileage restriction. The lady behind the counter said I would be seeing a new tax listing for the 40 soon. So it cost $10 for the tag and I stand to see the tax bill reduced by $20 or more depending on what the city of High Point does.
I was also told I "should" turn in the old personalized tag but was advised I could keep it with the stickers removed or simply claim it was lost or stolen.
I was also told I "should" turn in the old personalized tag but was advised I could keep it with the stickers removed or simply claim it was lost or stolen.
Looks like the Guilford County valuations are all over the place. 5K for James 69, $4.3k for my 70 and I know Rices 40 is a later year. BTW Saw an announcement in the paper that Guilford County is going through a revaluation process for real estate. I wonder where my property taxes will go?
Down is not the direction I'd suspect
Have you ever seen a politician lower taxes? If they do appear to lower something you can be sure there is either a catch or something is going up somewhere else. Remember, we had a "temporary" 1/2 cent sales tax added supposedly for a brief time. Guess what happened to that?
Rockingham county. "North Carolina's north star" follow the light fellas
But youll spend all your money in gas heading to the big city for entertainment, food, work, etc lol
But youll spend all your money in gas heading to the big city for entertainment, food, work, etc lol
Should have posted this earlier, the designation looks strange on the 40.
