Capital Gains on muscle car (state of PA)

[YENKO DEUCE REGISTRY]

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.

[mockingbird812]

Yeah, but are we gonna get an overtime bill from you!!

Seriously Marlin - this is awesome gouge that you are providing. It is apparent that this is more than just a concern from my friend. Thanks for your valuable counsel. We APPRECIATE it!

[427king]

[ QUOTE ]
Let Uncle Sam have his share. Less ulcers that way.



[/ QUOTE ] Thats is certainly the best advice. If there are two ways something can be interpreted , assume the worst option and you will be fine.

[YENKO DEUCE REGISTRY]

[ QUOTE ]
[ QUOTE ]
Let Uncle Sam have his share. Less ulcers that way.



[/ QUOTE ] Thats is certainly the best advice. If there are two ways something can be interpreted , assume the worst option and you will be fine.

[/ QUOTE ]

Unfortunately, both quips of advice are true. The IRS is in the business of making money, plain and simple, the politicians are trying to make exceptions for their constituancies (votes!) - hence the reason for our tax code instead of a flat tax!

[Unreal]

One of the biggest surprises I learned when I bought my company 4 years ago, was how much effort goes into tax minimization. It seems like every year, I spend the first 11 months trying to maximize profit, and then spend December trying to minimize the first 11 months efforts.

[Zedder]

For the Canadians on the site from the CCRA website...

Personal-use property losses When you dispose of personal-use property that has an ACB or proceeds of disposition of more than $1,000, you may have a capital gain or loss. Any capital gain must be reported. Read more about calculating the gain or loss in Personal-use property.

However, if you have a capital loss, you usually cannot deduct that loss when you calculate your income for the year. In addition, you cannot use the loss to decrease capital gains on other personal-use property. This is because if a property depreciates through personal use, the resulting loss on its disposition is a personal expense.

These loss restrictions do not apply:

if you disposed of personal-use property that is listed personal property ; or
to a bad debt owed to you from the sale of a personal-use property to a person with whom you deal at arm's length.
For information on gains and losses from listed personal property such as paintings, rare books, coins and stamps, see Listed personal property (LPP).

[ANDY M]

Render unto Ceasar...

[YENKO DEUCE REGISTRY]

[ QUOTE ]
One of the biggest surprises I learned when I bought my company 4 years ago, was how much effort goes into tax minimization. It seems like every year, I spend the first 11 months trying to maximize profit, and then spend December trying to minimize the first 11 months efforts.

[/ QUOTE ]

Ah grasshopper! Enter the concept of 'tax planning' Instead of spending one month on tax minimization - it's a 12 month project! That's why the tax guys get paid the big bucks, and get paid all year long - hmmm.... why didn't I specialize in taxes again.... silly me

[67rscoupe]

thats why i have a financial tax planner.

not just a tax guy?

[67rscoupe]

at least the cost of living here is cheaper than some parts of the country like NY or california.