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Barrett Jackson Military Charity 69 Bronco

BoureeOne

Contributor
Bronco Guru
Joined
Mar 28, 2011
Messages
3,068
Loc.
Madisonville, La
For the families of soldiers who develope PTSD, and the soldiers take their own lives. The custom 69 Bronco just went for :


$500,000
 

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smitty68

Jr. Member
Joined
Oct 24, 2012
Messages
52
Loc.
Spanaway
That was cool to watch. At first I didn't think it was gonna bring much but man did it get Rollin. Good cause too.
 
OP
OP
BoureeOne

BoureeOne

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Mar 28, 2011
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Madisonville, La
My wife is just laughing at me, but she also understands my passion for cars. I have sat and watched every single minute of the 24hrs of live coverage of the auction. I know being there and seeing the cars up close would be awesome, but I really love hearing all the details and history and commentary about each and every car.

Scott
 

ericbee

Full Member
Joined
Jan 27, 2012
Messages
209
This has to be some sort of Tax write off or something because it makes no sense. Can someone explain how a 30k truck sells for 500k and how the tax implications work on this for the owner, the buyer and the auction house?
 

Wyld3

New Member
Joined
Dec 14, 2012
Messages
27
Loc.
Mesa, AZ
Dont know about the taxes, but, this was thee nicest of all Barrett Jackson Broncos. Most of the others that i had investigated had paint over the grease and dirt. Nice outside, rough undeneath on all others.
 
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OP
BoureeOne

BoureeOne

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Mar 28, 2011
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Maybe the buyer could care less about taxes, value, etc. Whoever the buyer was, I think it was really about the charity. But, it would be no different than if the buyer made a direct contribution to the charity itself, he will write it off as a charitable contribution. He just so happen to also get a bronco for his contribution. The auction house does not even exist in this deal. There is no auction fee.
 

Stroppe-Envy-77

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Joined
Jun 15, 2009
Messages
1,011
This has to be some sort of Tax write off or something because it makes no sense. Can someone explain how a 30k truck sells for 500k and how the tax implications work on this for the owner, the buyer and the auction house?

I'm no tax expert, and somebody please correct me if I'm wrong, but I believe you get to write off the part of the sale that's beyond the "fair market value" of whatever it is you're getting in terms of a tangible piece of property.

(I've bid on stuff for silent auctions where this is broken down, plus my membership to the Petersen Automotive Museum - a 501(c)(3) charity - spells this out on the renewal form.)

So, let's say you're the person who paid $500,000 for the Bronco in this case. You get it professionally appraised, and whatever you paid above that is your true, tax-deductible contribution. If the Bronco were to be appraised at $40,000 (just an example - I have no idea what that one would actually be worth), then $460,000 of the money you gave is the charitable part.
 

ericbee

Full Member
Joined
Jan 27, 2012
Messages
209
For all interested, Stroppe is correct. I just called my accountant and the appraised value of the truck is NOT deductible but, everything above the appraised value is.

In this case, if the buyer got the truck appraised at 20k, he could deduct $480,000. He could then go and sell the truck for 40k and make 20k on his appraised value.

That's how it works.

PS: If anyone thinks the person who bought it has no interest or intention on using this as a tax deduction and only cares about the cause, then they are foolish. He may care a great deal about the armed forces, but he would be foolish to not take the deduction.
 

blamejane

Bronco Guru
Joined
May 12, 2012
Messages
1,953
Wow, that is one beautiful bronco. I love it! :cool:

I'm gonna have to show this to my hubby.
 

SDlivin

Sr. Member
Joined
Feb 5, 2010
Messages
781
Loc.
San Diego
They showed the buyer(s), family affair. An older lady and man with a few kids of various age, looked like normal folk you would see at walmart. Auctioneer's commented on them being long standing patrons.
Great cause. Pretty sure they didn't buy it to make money on it, but sure they will take the tax write off. No reason not to.
 

Broncobowsher

Total hack
Joined
Jun 4, 2002
Messages
34,835
This has to be some sort of Tax write off or something because it makes no sense. Can someone explain how a 30k truck sells for 500k and how the tax implications work on this for the owner, the buyer and the auction house?

Seeing the truck in person, it is more then 30k. I can honestly say 100k would be fair. the charity part really drove the price up. I missed that one going across the block.
 

ericbee

Full Member
Joined
Jan 27, 2012
Messages
209
A cut Bronco, with a fiberglass hood, fake bead lock wheels, carburetor (non EFI), chopped doors and NO air conditioning is worth 100k?

Listen I just finished a frame off restoration and I know that a great deal of man hours went into this truck but, even with the parts and labor it isnt close to 100k.

It's a 40k Bronco, in my opinion but, everyone has their own opinion on value and worth but we can all agree its not worth 500k.
 

Fireball05

Bronco Guru
Joined
Oct 7, 2012
Messages
1,822
Are there more pictures posted somewhere? It's nice looking, but given what some of the other EBs sold for last week, I'm not sure it would've gotta 40k were it a non-charity sale.
 

Broncobowsher

Total hack
Joined
Jun 4, 2002
Messages
34,835
That's the difference between looking at a few photos online and actually seeing the vehicle in person. It shows a lot better in person.
 

rustbucket

Bronco Guru
Joined
Mar 22, 2004
Messages
1,579
Absolutely the charity is what brought the price up. Lets say it is a $100k Bronco. The buyer, as Stroppe mentioned, is only allowed to deduct the value above the appraised value, so $400k. He deducts that amount from his income that he has to pay taxes on. If he's in the "new" 39% tax bracket, he pays $156k less in taxes. I don't know what the effect is on his state taxes. I don't know if he lives in one that has state income taxes. The overall effect in this scenario is still a $340k + drain on his bank account.
 

dirwin

Jr. Member
Joined
Jul 12, 2009
Messages
133
Loc.
Tyler, Texas
I saw the Bronco, climbed all over it, talked to the guys that built it. The guys that built it are two Iraq/Afgan vets who came back and started a restro shop. They built it for a customer, not to auction. The customer had it for over a year and decided to donate it to a charity that the builders are heavily active with.

Sure, had it run the blocks, it would have hammered for around 50-60 but that isn't the point. The buyers also have direct ties, one of their sons is a wounded Afgan vet. How they want to spend their money is totally up to them but I assure you it has very little to do with the Bronco itself.

Just my two cents and I don't want to piss anyone off but I've worn the uniform and I'll defend my brothers just like we did when we defended the right of people to say off the wall stuff.
 

asinor

Bronco Guru
Joined
May 13, 2011
Messages
1,396
Loc.
Tulsa, OK
Are there more pictures posted somewhere? It's nice looking, but given what some of the other EBs sold for last week, I'm not sure it would've gotta 40k were it a non-charity sale.

I have some pictures posted of it in my photo stream:
http://www.flickr.com/photos/ajs1976/collections/72157632521361623/
You have to dig for them.

It might not be a 100k Bronco, but it was the best modified bronco there hands down and based on what the other high end resto mods went for it would have easily brought more than any of the others, probably more than any 2 of them combined. I know the restomod we took did, though less than we expected.

The fact that it is a Charity Auction for the Armed Forces Foundation is the reason it brought the money it did. You have to understand that the people buying these are car guys and all have their favorite charities to boot.
 
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