You think I am “lying??” You clearly know nothing about the collector car market. Just sit down.
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Montana LLC for sales tax? (Moving to LA which has 10.4% sales tax)
- Thread starter Alkaline
- Start date
You think I am “lying??” You clearly know nothing about the collector car market. Just sit down.
Ostrichsak
Well-Known Member
Where exactly did I accuse you of lying?
You clearly have oversimplified your math since you don't seem to consider introducing a Q-factor for risk because in your equation it doesn't exist. It's that YOLO mentality that works great... until it doesn't.
What you got was lucky. Being leveraged to the hilt on millions in exotic cars when something catastrophic happens to the economy isn't a place I want to be. But hey, it's America so have it it!
Your assumptions on my lack of knowledge on the collector car market is also comical. Nearly as comical as someone who has to borrow money to buy items they want acting like it's some sort of an opportunity play.
What's next? You gonna take out a 401k loan to invest in the stock mark & play the spread and get rich off of that juicy 1% net?
Seems like maybe it's you who should "sit down" when adults are speaking about topics you don't fully understand if you can behave.
Borrowing money on cars. ROFL
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What an incompetent reply. So you think anyone that makes money on any investment is just lucky? Got it. Elon is just lucky I guess.
And you couldn’t be more wrong about everything you said. I carefully chose my exotics and bought them with cash, and wisely sold at the top of the market, because unlike you, I actually know about the collector market.
You really need to sit down now.
Ostrichsak
Well-Known Member
You can always spot the person in over there head because they resort to personal attacks early & often.
Oh, so now you paid cash? Curious that you got so emotional over my initial post about financing depreciating assets if that's the case. I'm also not sure what you objected to in that post that got you so riled up if you paid cash the way you now claim.
So which is it, you got butthurt when I called out those who finance depreciating assets or you paid cash and just like to hear yourself talk because you have nothing of value to add to a conversation you are a self-proclaimed expert of?
By the way, I am sitting down. I'm equally confused by your concern with my choice of leisure position. It's an odd obsession you have of me.
These Russian boys are all over the map.
Good point. I will just block him. What a tool.
My V12 gated Murci served me well in every aspect.
SDRick
Active Member
ATPMSD
Active Member
FYI from the aviation world:
One of the most common misconceptions of business aircraft ownership is that by purchasing or owning the aircraft in a Delaware corporation or LLC, you can avoid sales or use tax on your aircraft, or fly under the radar, so to speak, and not attract the attention of any taxing authorities. This process, or this procedure, does not absolve you of either sales or use tax obligations on your aircraft and is a poor planning strategy that states are relatively aware of, and they do have other ways to find out that your aircraft is based in their state. Some states, in fact, when they see a Delaware LLC, become largely suspicious that perhaps you do have an outstanding tax obligation owed to them.
One of the most common misconceptions of business aircraft ownership is that by purchasing or owning the aircraft in a Delaware corporation or LLC, you can avoid sales or use tax on your aircraft, or fly under the radar, so to speak, and not attract the attention of any taxing authorities. This process, or this procedure, does not absolve you of either sales or use tax obligations on your aircraft and is a poor planning strategy that states are relatively aware of, and they do have other ways to find out that your aircraft is based in their state. Some states, in fact, when they see a Delaware LLC, become largely suspicious that perhaps you do have an outstanding tax obligation owed to them.
No, my car is garaged and used in the state i reside in. insurance is fully aware. they are also aware i am the sole owner of the LCC and sole driver of the vehicle. my agent said its common, a few other companies i quoted didnt have issue either.
If you would not mind, post your commercial llc rate vs what your agent will quote you for a personal policy, and the insured value.
Many rv owners look at the same process and bail because of the commercial insurance, at least until a certain vehicle value makes the savings enough to cover the increased insurance.
Almost $2000/year to register a plaid in Vegas. Few hundred a year to go through Montana or other states.
my 6 month renewal came yesterday it was 1200 for a 170,000 vehicle on 5000 miles a year (their lowest tier, i drive it less)
I have no idea what an agent would quote me for a personal policy because i dont personally own the car, i cant imagine it would be too far off though, since both my current agent and my previous agent were quoting me/the car and not the commercial component.
To be honest, rereading your question i dont think i have commercial LLC. i just pulled my renewal docs and read them over and it sure looks and feels like a personal policy in my state, for a car seemingly owned by me through my LLC. so, no commercial angle from insurances' perspective.
What name is on the title? If the llc, but your policy is in your name, you may not have proper coverage.
The other reason to use a llc is to limit liability, but having the insurance possibly in your name breaks the wall, if the insurer would even honor the policy.
ucmndd
Well-Known Member
What a fantastically privileged and utopian world you must live in where you have the luxury of insulting people for needing to finance basic needs like transportation. Don’t bother responding with “we’re taking about Lamborghinis here” - your “advice” and opinion on this topic is consistent and unwavering whether we’re talking about Ford Fiestas or Ferrari F40s.
I will say though, just like the real Dave Ramsey you’re pretty spot-on at flinging overt insults while calling people out for exactly the same. You even worked a bit of xenophobia in there - well played.
I will now go pour myself a cup of coffee while you type your response about how you lifted yourself up by your bootstraps as a poor white man in America and made every dollar you have entirely on your own with no societal benefit or privilege whatsoever (don’t worry, it’s a big mug, you’ve got a minute).
Title of the insurance policy is me. Car owned by LLC. I dont know how i would go about verifying they would pay out if i wrecked it, what exactly are they insuring then at that point? If i call my agent hes just going to tell me they are insuring exactly what i think they are insuring, which is me and the car. The fact its owned by the LLC is probably irrelevant, as i own the LLC and can prove that.
SDRick
Active Member
In this case the issue would not be the insurance, it's now there is a paper trail. If pursued, a simple look at the policy showing where the car is actually garaged makes it pretty much case closed.
What is case closed? Does my state charge "operation" tax for using a motor vehicle on their roads? They charge sales and registration tax if I want to buy/sell it in this state, or have plates provided to me. maybe im misunderstanding your statement as being one that says its easy to show im in violation of some act/law vs one where id be able to easily file a claim with my insurance showing the validity of ownership, drivership, and location. if so, i apologize
I did this knowing the "risk" of ticket and lawsuit, i welcome my day in court, i'd love to see the argument. "well your honor, his insurance says he garages his company property in the state so it belongs to us".
FYI i carry a policy in montana as well per montana law (if you do this llc you'll be required typically to get some form of insurance on the item a more recent amendement)
The llc is a separate entity. While not a person, you can think of the llc as a separate person.
I would contact the attorney representing the llc for an opinion, then I would get the vehicle properly insured in the llc name (which will cost more as insurers see company use as a higher risk).
Just as I cannot get a policy on a vehicle I do not own, a policy in your name, for a vehicle you do not own (llc owns it) is likely useless.
That you are 100% of the llc does not negate the need to treat the llc as it factually is, a separate entity from you.
Ianal, but I expect you have made yourself personally liable for the vehicle, including accidents, and have no insurance which would actually pay. By properly owning the asset within the llc, with proper insurance, should the vehicle become liable for damages, only the assets of the llc are at risk.
You are sort of playing into the ride share driver game of “I don’t want to pay for business auto insurance” game, and like ride share drivers found, they will lose.
SDRick
Active Member
My comment was referencing the risk being taxed\penalized by the state. Different states have different methods and penalties, some pretty absorbent. The state could easily prove tax avoidance based on the paper trail. So if the risk / reward is worth it that's fine.
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