ross2004 wrote:webbyguy wrote:My friend and I just got a 1983 Pontiac Bonneville for $600, which starts us off a little over budget, but the interior is nice enough that I hope we can sell some stuff.
Just remember that you can only deduct off your budget things you sold if they are a non-budget exempt item (if you were to buy them). Interior pieces don't count against your budget if you were to buy them, so you can't take it off your budget if you sell those items.
That's exactly the opposite of my understanding. You're correct about things you need to buy - like wheels, tires, brakes. You can't sell your blinging rims and then buy cheap steelies and pocket the difference.
But I am under the impression that you absolutely can sell interior parts like the dash, door trim, carpet, etc.
Here's the rule about sales of exempt items:
•4.7: Scavenger Sales: If you sell pieces off of your car, the money that comes back in can be used to offset the initial purchase price. (This only applies to stuff that counts toward the $500 total; the sale of exempt items--like wheels, glass, etc.--can NOT be used to offset the initial purchase price.) Just be prepared to convince some exceedingly skeptical judges of the validity of all those transactions.
And here's the rule defining exempt items:
•4.2: Safety Equipment DOES NOT Count Toward $500 Total: Safety equipment described in Section 3 DOES NOT count toward the $500 total. "Safety" refers to things that can save the driver--not things that can save the car.
■4.2.1: Beside the items and processes listed in Section 3, the following are considered safety-related and therefore exempt:
■Wheels, tires, wheel bearings, balljoints, and brake components
■Exhaust systems downstream of the header/exhaust manifold (NOTE: Turbos and related components are NOT exempt from the $500 limit. Nice try.)
■Windshields and wipers.
■Driver comfort & information (steering wheel, shifter, gauges, pedals, cool suits, vents, heaters, radio)
■All fuel hoses, fuel fittings, fuel filters, and related mounts
■All fuel-system components upstream of the fuel pump, including tanks/cells, mounts, fillers, vents, etc. (NOTE: Fuel pumps, carburetors, injection pumps, computers, and individual injectors are NOT exempt from the $500 limit.)
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