Buying A $25,000 Car With $1,000 Worth Of Quarters

[jeff of pa]

by Simon Black, Sovereign Man

I’m a beneficiary of mortgage brokers who believed that housing prices would rise forever. The US real estate crash, plus high gas prices, forced a lot of people to sell their luxury vehicles… and the sudden glut caused prices to fall dramatically.

I didn’t think much about the market for pre-owned luxury cars until one day an engine fire from a cracked turbo manifold in my truck left me stranded. After a day’s search, I found a beautiful car for sale in Nevada, and the asking price was a fraction of the pre-crash peak.
I then contacted the dealer, wired a $500 deposit, and bought a ticket to Las Vegas… all after explaining that I wanted to purchase the vehicle with pre-1965 US quarters.

Read more: One very strange use for silver coins
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[Marchas45]

Not strange to understand Jeff, I've always said you can buy a loaf of bread for a dime which I have. Lol By the way that's when the dime was worth $2.00. Lol

 

[jeff of pa]

I agree Marchas, I remember the first silver increase, you could by top of the line detectors for $30.00 in change (maybe not quite that low, But close)


Odd how people are surprised by this yet.
there are allot of people out there who still think a pre 65 silver dime is worth 10 cents

 

[strateloss]

lol..great story, thanks for sharing

 

[maipenrai]

Maybe not illegal to transport that many coins, but I would think that it would be hard to get 54 lbs of hand baggage onto the plane, depending on what year this occurred. Nice story though.

 

[TreasurePirate69]

I don't think he has really fooled the tax man with this scheme. This will likely come back to haunt him. In my state, they monitor car purchases that are significantly below retail value and send people a letter telling them that they have to come in and explain the purchase. I bought a car for about 75% of retail from my Dad's place of employment a few years back and even that much of a discount triggered a red flag in the system. I had to go and get a notarized document from my Dad's employer saying that the purchase price was legit and deliver it to the tax auditor of the state.

So this guy may THINK that he has gotten away with something. But the tax man is aware of these types of schemes and has checks and balances in place to make sure that everyone pays their fair share. And just because this guy gets away with it doesn't mean that someone living in another state will too. The bottom line is that any scheme designed to get you out of paying your fair share of taxes is ill advised. The tax man can get pretty nasty if he wants to. Best not to cross the tax man for fear of reprisal.

 

[jeff of pa]

I know this is going to read complicated

yes in most cases unless the contest holder stipulates you also get cash for taxes, you still have to pay taxes
on a car you win. which is determined by the value of the car won,
not the fact it's a free car to you.

if I'm reading this right

Upon arrival to Las Vegas, the dealer picked me up and drove us directly to a coin shop.
I gave him the coins, around $1,000 in face value,
and "he handed them to the clerk" who promptly issued a check for roughly $25,000 made out to the dealer.

unless Las Vegas as very light Tax rules

The car dealer sold $25,000.00 worth of silver to the coin shop
so the car dealer was responsible for taxes on that also.
and probably added it to sale price.

no idea what the real value of the car was, but he may have been smarter to sell the silver, take out for the taxes on both
earned income & car purchase & buy the car. I'll wager he lost in the deal

I wonder if the car was a Daewoo or Mitsubishi electric

 

[TreasurePirate69]

...The car dealer sold $25,000.00 worth of silver to the coin shop
so the car dealer was responsible for taxes on that also.
and probably added it to sale price.

no idea what the real value of the car was, but he may have been smarter to sell the silver, take out for the taxes on both
earned income & car purchase & buy the car. I'll wager he lost in the deal

I wonder if the car was a Daewoo or Mitsubishi electric

I agree. But we'll never really know. If the tax man comes back and busts him for the "scam" then I doubt he will be honest enough to come back and post about the ordeal. Meanwhile, thousands of people read this story and think that you can pull this type of trick to get out of paying your due taxes.

 

[jeff of pa]

unless of course on the actual bill of sale listed the Full value of the vehicle.
and was listed as sale price and taxes also listed
and paid for out of the $25.000

 

[FreedomUIC]

I know this is going to read complicated

yes in most cases unless the contest holder stipulates you also get cash for taxes, you still have to pay taxes
on a car you win. which is determined by the value of the car won,
not the fact it's a free car to you.

if I'm reading this right


unless Las Vegas as very light Tax rules

The car dealer sold $25,000.00 worth of silver to the coin shop
so the car dealer was responsible for taxes on that also.
and probably added it to sale price.

no idea what the real value of the car was, but he may have been smarter to sell the silver, take out for the taxes on both
earned income & car purchase & buy the car. I'll wager he lost in the deal

I wonder if the car was a Daewoo or Mitsubishi electric

If you carefully read the rules concerning what volume has to be taxed and what doesn't you will notice they forgot one type of coin. Can you guess which coin was left off by the IRS?


The quarter is not mentioned as of last year in any IRS publication.....