Three cars?

[hankhill]

I tried this question in the "exemptions" area, but no one had an answer. I'd like to see if someone here knows.
We have two old vehicle (from 1990), that book at $1,500 each, and a classic vehicle that we inherited from in-laws. The last vehicle has sat for almost 10 years and needs a lot of work before it is even driveable. I got a NADA price guide value on it of about $3,100 (that's low retail, which NADA guide description fits to a tee). Can we double the federal exemption since we're married, and use the $5,500 toward all three vehicles? Or are we limited to just two vehicle for two people? Thanks for the help.

[momofthree]

I don't know if you can use the auto exemption for 3 vehicles, but you can use the wildcard towards one of them if you need to. We filed in CA, and therefore didn't use federal exemptions, but we were able to use our wildcard to keep 3 vehicles and a motorcycle.

[Exployer1234]

If the vehicles are not worth much you should be fine on exempting them. If you are filing married I do believe that your exemptions double. The trustee will not take a vehicle unless he can make money off the vehicle. If a car is not running then it is not worth anything to the trustee.

The older vehicles will not interest the trustee either. If the old vehicles were to run though auction they would only bring about 500 dollars a piece. I think you are safe will all three vehicles.

I have an 92 Lexus that has 235,000 miles on it. Book value varies. I listed it as 1000 dollar value because it has a rebuilt title. It runs great, but it would not bring any money if the trustee tried to sell it. The only question I got from my trustee on my car was is there a lien on the vehicle. I told him everything I said here and he was not interested in the car at that point.

[tcreegan]

four cars

Hi hankhill,

I've got you beat, exempted 4 cars, surrendered one. Trustee didn't blink.

We doubled the exemption since we filed jointly, that was Colo state exemptions but I am sure it is the same for federal.

The total value of the cars was under the exemption limit, but I was worried about the "one car per taxpayer" policy the UST has for vehicle expenses. Not a peep from the trustee.

The NADA guide seems to always run high, for a classic try Hemmings Motor News.

Tom in Colo

ps: My classic was a 1968 Volkswagen Fastback in near perfect condition.

[hankhill]

Tom --- Man, nice car! Ours isn't nearly as grand, a 69 buick, four-door. the value is all sentimental since it was inherited. One day, if we ever have enough money, the value might go up, but we're going to have to sink a bunch into it just to get it going, much less in restored condition.
I will check out Hemmings. Thanks.
Thanks to all for the help.