Re: Transfer of Large Amounts of Funds?
If you restore the car yourself do you have to claim the difference between buy and sell price as capital gains (minus expenses) What about your own labor can you only deduct it if you own a restoration shop?
Just wondering about tax implications of all this money floating around...
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~JAG~
NCRS#65120
68 GTO HO 4 spd Alpine Blue /Parchment 2 owner car
#21783 71 Corvette LT1 45k miles Orig paint - Brandshatch Green - National Top Flight - last known 71 LT1 built.
71 Corvette LT1 42k miles Original paint - Black - black leather - only black LT1 known to exist.
NUMEROUS Lemans blue Camaros,
Monza Red and Daytona Yellow Corvettes
& a Chevelle or two...
Survivors, restored cars, & other photos
https://picasaweb.google.com/lh/myphotos
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