Capital Gains on muscle car (state of PA)

[427king]

Ill make one more post and then shut up. You can file to make a "like kind exchange" just like you do with real estate. You must set it up first ,then have 90 days to sell your car and purchase another. You will not pay any taxes on the gain if you flip it into another car of equal or greater value. There are many restrictions so do your home work. You can buy an item of more value and also less value and just pay on the difference in the case of buying a lesser value car. Once the 90 days is up, your done though. Its a great tool if you want to change cars the tricky part is selling your car and buying another in the 90 days,best to work it out with someone whos car you want before you start the clock ticking.