Background:
At some point in time, I paid some price for some thing, which then went into my stash. Now, I’m applying that thing to my Challenge car by self-trading for some other thing, that was part of my Challenge car but I don’t need for the Challenge. Thing and other thing have verifiable same FMV.
Question is re. how this actually gets tracked in official spreadsheet:
1. Enter actual price paid at some point in time as Purchase Price, enter Y for Exempt (Y/N), then note self-trade details in Notes
2. Enter $0.00 for Purchase Price, enter N for Exempt (Y/N), then note self-trade details in Notes
3. Some other way
?
In reply to AngryCorvair : I have a similar sort of question. I just traded a good automatic transmission for a manual transmission. Straight up swap.
How is that treated?
Option 1 gives the greatest clarity on what the parts that make up the car are worth and how you got there. But, at the end of the Challenge the projected value of the car is what gets totaled up at the top of the sheet. Just make sure to clearly describe Thing1 and Thing2 in the notes column to help support your trade justification.
On my one workup sheet, I did a straight up rearend swap. I removed both and installed both. I’m claiming zero.
Backstory is my old ranger I had already swapped in an 8.8 from the local jy many years ago. He eventually turned it into a pickup trailer. I took the 7.5 out of my challenge ranger, drum to drum, and did the swap. I’m claiming zero since it’s a part for a part.
In reply to stafford1500 :
Thanks for the feedback. I was leaning towards Option 2 only because I don’t want to confuse self-trades with things that are actually exempt like OE replacement brake parts, 4 tires, etc.
