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modestobulldog

Montana LLC's & Tax Fraud

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2 minutes ago, Joe from WY said:

LMAO. 

That trick is among the oldest in the book. People from Wyoming have been using it for years to come to Billings and buy RVs, cars, and other high dollar items, and at the same time avoid Wyoming Sales or Use Tax. 

Cracking down on it is somewhat pointless given the prevalence with which it occurs. You'll catch some, but definitely not all of them. 

Most places get around by making you pay sales tax when you register vehicles. 

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In the first video, the Georgia Department of Revenue employee mentioned it is going to be easy to track people down.  They have already sent the first shockwaves through the state, making an example of a couple of people.  A lot of swamp ass in Georgia this weekend.

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Nobody is going to want a felony over this.  They are going to be tripping over each other to pay up fees and penalties.  If I owned an exotic, lived in another state, and cheated, I would come clean before state enforcement comes rolling around.

I do have a bit of a dilemma, I have 4 vehicles, two primary in California for the wife and myself, one GMC 4x4 exclusive and registered behind the cheese curtain, and one T100 SR5 4x4 my wife and I inherited from her dad.  It is like new and less than 100k miles.  That one I drive to Wisconsin in the spring and back to California in the fall.  Not much difference in fees, but I would love to get Wisconsin Green Bay Packers license plate on it and drive it in California.

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45 minutes ago, THEUniversityofNevada said:

I heard about this tax scam where a guy put $5,000 in his self directed ROTH 401k account, bought 4,000,000 shares of his own company. 6 years later his company went public at $60 a share. Boom! Turned $5,000 into $240 million tax free.

I am not a CPA, was it considered evasion or avoidance?

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1 hour ago, THEUniversityofNevada said:

I heard about this tax scam where a guy put $5,000 in his self directed ROTH 401k account, bought 4,000,000 shares of his own company. 6 years later his company went public at $60 a share. Boom! Turned $5,000 into $240 million tax free.

Genius!

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Just now, Joe from WY said:

I honestly really don't think that's illegal. I'll double check tomorrow and ask someone who really knows Tax, but I'm pretty sure that's legal. 

It's pure genius. And the very reason the tax free roths will go away. Too much tax revenue lost letting you pay it on the front end.

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1 hour ago, Stealthlobo said:

Hmm...

I live in Denver right now, but have my vehicle registered in New Mexico to avoid rediculous registration fees ( approx $200 for 2 years vs $2000 for 1 year). Different then sales tax, but maybe something to look into just in case...

Do you use express lanes? Do you have an ExpressPass account and transponder?  Public parking? If so, you are dead to rights.  Impossible to avoid cameras with liscence plate reader technology.. What kind of vehicle generates $2,000 per year registration fees?

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1 hour ago, Stealthlobo said:

Hmm...

I live in Denver right now, but have my vehicle registered in New Mexico to avoid rediculous registration fees ( approx $200 for 2 years vs $2000 for 1 year). Different then sales tax, but maybe something to look into just in case...

Oregon is so easy when it comes to buying a car. Buy a car with no sales tax, Register the car for $110 (they just raised it from $85) for two years whether it’s a Mercedes or a Pinto. And that’s it. 

 

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I bought it brand-new Sienna from Stevinsen Toyota in Denver last year while on vacation. My old Sienna transmission started having problems, I was close to buying the new one anyway, they have the exact model I wanted and I traded in my old one.  They collected  and remitted the Modesto sales tax and gave me a 60 day Colorado temporary for $20.  The mistake I made was having them send the paperwork to California DMV HQ in Sacramento, should have sent to local DMV office.  It took me 3 months and three trips to straighten out.  I also had to re-smog the vehicle (smog technician said he thought to make sure no noncompliant equipment had been installed), and VIN check by DMV or peace officer.  Plus I had to pay about $400 CA DMV fees for first year registration which the Denver dealer did not collect.  I also had to pay a small amount of sales tax, the Denver dealer deducted trade in from calculation, a no-no in California.  Stevinsen East was very helpful getting through the California morass, the records got split in the system and the dealer quickly sent a copy of their cancelled check for sales tax remittance that helped get issues resolved.  A pain in the ass, don't buy out of state if you don't have to.

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37 minutes ago, modestobulldog said:

Do you use express lanes? Do you have an ExpressPass account and transponder?  Public parking? If so, you are dead to rights.  Impossible to avoid cameras with liscence plate reader technology.. What kind of vehicle generates $2,000 per year registration fees?

Porsche 911 Turbo. I guess Denver does it on value of vehicle where as Albuquerque I think is on weight. Dont the use express pass, I always drive against traffic.

One thing that might help though is when I lived in Hawaii, I didn't want to ship the car over the ocean. So I had my dad garage it for me and added him to title and registration. I think he's still on it and he resides in New Mexico.

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3 hours ago, Stealthlobo said:

Hmm...

I live in Denver right now, but have my vehicle registered in New Mexico to avoid rediculous registration fees ( approx $200 for 2 years vs $2000 for 1 year). Different then sales tax, but maybe something to look into just in case...

Better be careful with that.  If you live and work in Colorado you have 90 days to have your car registered here.  If you get pulled over they can add that to your ticket.   

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24 minutes ago, HR_Poke said:

Better be careful with that.  If you live and work in Colorado you have 90 days to have your car registered here.  If you get pulled over they can add that to your ticket.   

I've been here a little over a year now with no issues yet (knock on wood), but can I keep the excuse that the vehicles go back and forth between NM and CO being that they are registered under residents who live in both states? My GF might have an issue because her car still has HI plates...

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1 hour ago, Stealthlobo said:

I've been here a little over a year now with no issues yet (knock on wood), but can I keep the excuse that the vehicles go back and forth between NM and CO being that they are registered under residents who live in both states? My GF might have an issue because her car still has HI plates...

If its registered in your name and you are a resident they can still ticket you for it. It was a dumb law they passed when they were building the airport to force only local contractors to get the work.

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15 minutes ago, HR_Poke said:

If its registered in your name and you are a resident they can still ticket you for it. It was a dumb law they passed when they were building the airport to force only local contractors to get the work.

Ok thanks. Think I found my loop hole though. My dad (who resides in NM) and I have the same name

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