Re: Capital Gains on muscle car (state of PA)
Here's the IRS Publication 550 snipet regarding Capital Loss Carry-Forwards:
<font color="red">Capital loss carryover.
If you have a total net loss on line 16 of Schedule D that is more than the yearly limit on capital loss deductions, you can carry over the unused part to the next year and treat it as if you had incurred it in that next year. If part of the loss is still unused, you can carry it over to later years until it is completely used up. </font>
It appears the IRS removed the time limitation on Loss Carry-Forwards! So, hang onto them.
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Marlin
70 Yenko Nova-350/360, 4speed M21, 4.10 Posi (Daddy's Ride)
69 SS Nova-396/375hp, 4speed M20, 3.55 Posi (Benjamin's Ride)
67 RS Camaro-327/250hp, 2speed Glide, & 3.08 Open (Danny's Ride)
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