doubt he cares

KimmyKim - believe me, it wouldn't be close.

Interesting about you being at the drags and up on the line. Bob Brandt and Pat from Herbalo are old crew chief's for Don 'the snake' Prudohme and Shirley 'chacha' Muldowney and we go to a lot of events with them. We were in Vegas when Shirley retired Kenny Bernstein. These guys know so many people from NHRA that we can go down to the starting line any time - it's totally awesome - two cars, 12,000 Horsepower, the ground shakes, everything vibrates (girls in the stands love it) and it sounds like an explosion!!

Sets himself up for what? A bunch of ferrariless whiners? ;)

Dean Skuza and the Mopar team, great bunch of guys, I've even been in the car, unfortunately not when it was running...
Bob Weickganent (I can't spell it to save my life) was teamed up with him then, another really great guy who's had a hard time finding a ride.

My son loves it, we've been to the track near Ontario for the races as well as here in Phoenix.

Do you guys get a hard one exposing your goodies?

I wish I had something to show.

that the big bad automatic? :Graucho

HAHA HELL YEH

I love it, that would be stylish all restored & pimped out though...

I'm downsizing into a Vesper scooter....

my 98 gixer would beat it in that case. i can smoke a viper, well it would be close unless i put a yoshi system on it :)

i like f550's better myself

I have something to show:
from
http://www.irs.gov/formspubs/page/0,,id%3D11514,00.html

Leasing a Car
If you lease a car that you use in your business, you can use the standard mileage rate or actual expenses to figure your deductible car expense. This section explains how to figure actual expenses for a leased car.

Deductible payments. You can deduct the part of each lease payment that is for the use of the car in your business. You cannot deduct any part of a lease payment that is for personal use of the car, such as commuting.

You must spread any advance payments over the entire lease period. You cannot deduct any payments you make to buy a car, even if the payments are called lease payments.

If you lease a car for 30 days or more, you may have to reduce your lease payment deduction by an "inclusion amount."

Inclusion Amounts
If you lease a car that you use in your business for a lease term of 30 days or more, you may have to include an inclusion amount in your income for each tax year you lease the car. To do this, you do not add an amount to income. Instead, you reduce your deduction for your lease payment. (This reduction has an effect similar to the limit on the depreciation deduction you would have on the car if you owned it.)

The inclusion amount is a percentage of part of the fair market value of the leased car multiplied by the percentage of business and investment use of the car for the tax year. It is prorated for the number of days of the lease term in the tax year.

The inclusion amount applies to each tax year that you lease the car if the fair market value (defined next) of the car when the lease began was more than the amounts shown in the following table. Year Lease Began Fair Market Value*
1999-2001 $ 15,500
1997-1998 15,800
1995-1996 15,500
1994 14,600
1993 14,300
1992 13,700
1991 13,400
1987-1990 12,800
*These amounts are higher for electric cars.


Fair market value. Fair market value is the price at which the property would change hands between a buyer and a seller, neither having to buy or sell, and both having reasonable knowledge of all the necessary facts. Sales of similar property around the same date may be helpful in figuring the fair market value of the property.

Figure the fair market value on the first day of the lease term. If the capitalized cost of a car is specified in the lease agreement, use that amount as the fair market value.

Figuring the inclusion amount. Inclusion amounts are listed in Appendix A and, for electric cars leased after August 5, 1997, in Appendix B. If the fair market value of the car is $100,000 or less, use the appropriate appendix (depending on the year you first placed the car in service) to determine the inclusion amount. If the fair market value is more than $100,000, see the Revenue Procedure(s) identified in the footnote of the appendices for the inclusion amount. Revenue Procedures are available at most IRS offices and many local libraries.

For each tax year during which you lease the car for business, determine your inclusion amount by following these three steps.

Locate the appendix that applies to you. To find the inclusion amount, do the following.
Find the line that includes the fair market value of the car on the first day of the lease term.
Go across the line to the column for the tax year in which the car is used under the lease to find the dollar amount. For the last tax year of the lease, use the dollar amount for the preceding year.
Prorate the dollar amount from (1)(b) for the number of days of the lease term included in the tax year.
Multiply the prorated amount from (2) by the percentage of business and investment use for the tax year. This is your inclusion amount.
Example. On January 17, 2000, you leased a car for 3 years and placed it in service for use in your business. The car had a fair market value of $32,250 on the first day of the lease term. You use the car 75% for business and 25% for personal purposes during each year of the lease. Assuming you continue to use the car 75% for business, you use Appendix A-4 to arrive at the following inclusion amounts for each year of the lease: Tax year Dollar amount Proration Business use Inclusion amount
2000 $144 349/366 75% $103
2001 314 365/365 75% 236
2002 467 365/365 75% 350
2003 558 16/365 75% 18
For each year of the lease that you deduct lease payments, you must reduce your deduction by the inclusion amount computed for that year.

Leased car changed from business to personal use. If you lease a car for business use and, in a later year, change it to personal use, follow the rules explained earlier under Figuring the inclusion amount. For the tax year in which you stop using the car for business, use the dollar amount for the previous tax year. Prorate the dollar amount for the number of days in the lease term that fall within the tax year.

Example. On August 16, 2000, Will leased an electric car with a fair market value of $58,600 for 3 years. He used the car exclusively in his own data processing business. On November 5, 2001, Will closed his business and went to work for a company where he is not required to use a car for business. Using Appendix B-4, Will computed his inclusion amount for 2000 and 2001 as shown in the following table and reduced his deductions for lease payments by those amounts. Tax year Dollar amount Proration Business use Inclusion amount
2000 $ 78 138/366 100% $ 29
2001 173 309/365 100% 146


Leased car changed from personal to business use. If you lease a car for personal use and, in a later year, change it to business use, you must determine the car's fair market value on the date of conversion. Then figure the inclusion amount using the rules explained earlier under Figuring the inclusion amount. Use the fair market value on the date of conversion.

Example. In March 1999, Janice leased a car for 4 years for personal use. On June 1, 2001, she started working as a self-employed advertising consultant and started using the leased car for business purposes. Her records show that her business use for June 1 through December 31 was 60%. To figure her inclusion amount for 2001, Janice obtained an appraisal from an independent car leasing company that showed the fair market value of her 1999 car on June 1, 2001, was $18,650. Using Appendix A-5, Janice computed her inclusion amount for 2001 as shown in the following table. Tax year Dollar amount Proration Business use Inclusion amount
2001 $ 28 214/365 60% $10

Congrats Brad :thumbsup lovely color.

Nice Brad. Congrats.

I had a 2002 Euro model Red/Tan with F1 trans ordered and on the boat but had to cancel. :(

At this point in life my list of "fun" goals is short and it includes a Ferrari 360 F1 close to the top. :)

oh come on
I understand many people don't like Brad, but please don't be acting like that Ferrari is not one of the sweetest cars on the planet. Its a fucking ferrari.

Now, sure, it can get beat by a few cars out there speed wise...I have a friend who has a 11 second Honda civic...A fucking ricer that gets no respect out of the rice world. Im sure that can beat Brad's Ferrari, but is that really the point here? Being able to buy A Ferrari, in my book, means you have made it financially. Material positions may not be everything, but if you can afford one, why not buy one?

Every modern day capitalist has most likely dreamed of owning a Ferrari. I am sure if this was not Brad, everyone would be giving the car props, so at least make that clear in your post. But do not dog a Ferrari. Only a women would not be able to make the distinction between a Ferrari and any other cars (no disrespect to the ladies, it's just the facts)

Props to Brad for getting a Ferrari, and props to Fantasyman for having a sweet ass viper(my 2nd most favorite car)

what he said

You shit heads and your cars crack me up...I sold a medium sized stockbrokerage for a tidy sum on my 40th birthday...then got bit by the porn bug.

Houses, cars...some pretty sharp investing, guys.

I admit when I was about 25 I bought a 500 series Beamer...and realized that it nothing but a fucking hole in the garage you pour money into. As Serge pointed out, if you lease it you have some latitude in deductions....since stockbrokers usually get audited, you will have to show the nice auditor your travel log and identify what trips were for personal use and which ones are business...keeping in mind that travel to and from work isn't part of the deductability option. Be prepared for the big red IRS marker through that one.

Nice house, now figure in taxes, interest on your loan (which deductable, so you can take 28% of that) maintenance and upgrades and show me your real rate of return, you won't clear 3%.

For the record, I believe I could buy what I want...I am currently driving a rusted out '79 F-250 and live in a two bedroom apartment. Neighbors think I am on welfare...it's fucking great. I do still have a few Armani suits left...but you look pretty funny wearing an Armani suit in beater truck.

Did I mention the bank account and stock portfolio...smart guys got nice thick stock portfolios and plenty of money in the bank. Not penis building cars and guady houses as monuments to their own greatness. Warren Buffet drives a Buick Skylark....

By the way Serge, remember earlier this year I mentioned Cisco was gonna rock....what a two months I have had trading the shit out that.

For you other investors, study the stats on turn around stocks in bankrupcy....then take a hard look at United Airlines. Then think about Chrysler in the exact same situation, it was one of my greatest buys, in the dollar range and I chickened out and sold at 42. UAL is at about a buck, think the govt is gonna let UAL go out of business? Not a chance. Bush can't afford the PR...

>>>>
Houses, cars...some pretty sharp investing, guys.
>>>>


It's not an investment. It's a sports car.


Ever go on a vacation? Eat at a nice restaurant? Buy a good suit? All lousy "investments."

It beats walking!

I hear cardboard boxes are really cost effective housing.. it's the heating and cooling that's the real bitch!

For such a modest guy living a modest living, you really seem to be posting a lot about it on GFY!

Was your post a penis building post?

Seems like more penis building here!

No offense, but the "holier-than-thou" posts rub me the wrong way...

And the TRUTH..... shall set you free..

Let me here an Amen!

Bob and Pat are good people, When it comes to penis pills i only support them Herbalo:thumbsup

letshunt you are 100% correct unless you look at the current climate in the stock market and interest rates at the bank.

I look at my properties as investments and that's where I'm putting my money now. I don't buy these houses and condos with a downpayment and monthly payments - I buy them outright as a place to live and an investment. The house I live in is paid for and so is my daughter's condo on Sail Bay in San Diego. The place I have at Las Ventanas in Cabo is rented out when I'm not there and has already appreciated $400k in less than six months. Can't get 5% on your money in a bank right now even if you lock it up for 5 years.

You see with my income, all my interest mortgage deductions are phased out 100% on schedule A. It makes no sense for me to have a mortgage if I can't deduct the interest.

Now you say the smart money has their money in stocks. I hope they were all real smart and didn't have any of the stocks of the public companies that lost 7 trillion dollars in the last two years. So if anyone you kow was deep in the market, they got toasted!!


I was never in the market deep. You mention Chrysler, back in the 70's I bought Chrysler at $4 when they were going bankrupt, then the feds came in and bailed them out, sold the stock at $32.

Recently, I rode Yahoo in puts from $180 and the last put I sold was a $15 strike when their stock bottomed at $11 and change.

Was in the initial offering with Paypal at $13 and sold after the merger from Ebay at $69. Did ok on that also. But anyone who's heavily in the market for the past 3 years has gotten destoyed including Warren Buffet and Bill Gates, to the tune of billions. So I question that you feel the bank and stocks are better than real estate, I don't think so.

Now, I also like cars, have quite a few of them including a race car ( http://4viper.com ). Those are my toys and diversions. I buy cars for cash and keep them. So if that's about my ego or something, it's still a lot of fun and I really have a great time out at race track with my kids.

The biggest thing you should do. Claim all of your income to the IRS, use every loophole they allow, pay every dollar you owe and that way you can sleep soundly at night.

guys like buffet have done pretty well with their stocks. with stocks, you need to have long term goals. real estate is a great investment, but its best to have a mix in different asset classes.

MetaformX - my whole life I thot I liked Ferraris because they are gorgeous. Once I got into road racing with my Viper I found out how sub-standard Ferrari's are on the race circuit. There are very few racing and they always break down and are never competitive. Since I like performance cars, I personally don't like Ferrari's other than their looks. Yes, it a great pussy wagon, but aside from being sexy, they don't perform or handle. I still think Ferrari's are gorgeous, but a waste of money. Their resale value is non-existant :)

Also, there are many other cars you can buy, if, you need to make a statement that you have made it financially. I hope this explains my comments about Ferrari's, they were not unfounded.

Do you know very many folks that have made money in stocks in the last three years? Buffet and Gates have lost billions.

certainly in many classes of racing.

but they are fucking dominating F1. bigtime. and they've done well in F1 on and off for a very long time.

certainly is a pretty car brad.

i guess i've just never really been bitten by the car bug. i have a chevy tahoe. it drives nicely, doesnt break and it's quiet... i find myself much more fascinated by boats.. unfortunately the boats i like make it a million dollar hobby :-(

fm i'm assuming you got rid of the prowler?

anyways, i'm lookin forward to seeing both of you in vegas, please drop by our lil shindig and say hi :)

Absolutely not!! I still have the Prowler, Yukon, 750IL and the SL55.

short sellers :)

but anyways, your portfolio should be evaluated on a more long term basis. there will always be downturns.

:GFYBand

Keep on Rockin'

Needless to say, FM wins the Cars and homes contest.

FM, isn't the SL55 like 475HP? That's insane, I gotta get me one of these. I just need to get rid of some of my 6 cars (7 if you consider the secret one I'm getting in March).

please put me on your ICQ contact list at 120838664 . Whenever you get excited about a company, please drop me a message..

Fantasyman, there is no 2002 BMW 750IL.
get your numbers right next time :winkwink:

Y'all fucking crack me up.

One arrogant dumbass who turns on everyone who ever held a hand out to him starts a thread calling out someone who's been around even longer. And the guy who got called out, answers the dumbass. And his answer beats what the dumbass started out with. So y'all give the guy who simply answered the call and showed the idiot what he is grief.

So what do we have here? Brad with a 30 year note on his house, a not paid for, not stick shift used Ferrari.

And what do we have on the other side? Ron with a couple mil in paid for property, more paid for and probably stick shift cars than someone else's house is likely worth (keep in mind I am not an appraiser nor have I seen Ron's car collection against the blue book) and that's about what the tally is.

Anyone who knows me OR Ron knows we aren't friends, we aren't friendly acquaintances, and can say whatever they want about my comments to this point.

But you know what? The very things by which Brad, who started this thread, measures his life by, money and toys, well, Ron's got him beat dead to rights and it was Brad's own dumbass fault (in my opinion) for even bothering to call Ron out in a pissing contest he couldn't win if his dick was on fire and he was trying to put it out.

In the end, it's not what you've got, it's what the fuck you get to keep.

Remember that, especially if you ain't got it.

It's a thin line between love and hate...........

Ferrari should sue him. Four more guys like B.Shaw and everybody will hate this car.

ahahahahaa


hey you are getting close to 10k...... dayum!

Anyone in this business that's got time to hate isn't making the money they should.

The opposite of love is indifference.

You guys are such haters. That car is only, what, like $230k? If you make that in a month or less, what does it matter?

And stocks are for suckers, btw.. but UAL is a good buy if you don't have anything else to do with your $.

230k? ROFL, it's USED.

so much full-on hate in this thread. wow.

Can you feel the love!