Capital Gains on muscle car (state of PA)

[427king]

If you dont vote Republican,it wont matter what is considered long term,short term, or collectible . Capital gains rates will equal regular income. I know a few guys on this site that think a long term investment means they owned it for over 10 days

[Kim_Howie]

I likey likey that word "Schoneyeists"

[mockingbird812]

Marlin,

This is what I heard you say (similar to what Charlie Brown hears when his parents talk)....wah, wah, wah-wah, wah, wah, wah, wah-wah.......

Now - pls don't take offense as I have been accused with having the attention span of a ADHD gnat !

But, could you put that in little-people's terms ?

So in your opinion, the car is NOT a collectible. Right? So the car IS a capital asset, which means a capital gains tax is applied to captital assets? So, what tax rate would that be?

What did you mean by your statement: "So, whoever gave your friend that snipet about 'collectibles' is pretty sharp! " I did not mention anything about collectibles or were you referring to someone elses comment.

Also, my friend's accountant used the term "antique" in order to somehow place it into the higher captial gains category. I thot there were strict guidelines as to what an antique automobile was (vs. i.e. a classic). She never bought the car in 1970 as an investment - it was just a daily use grocery-getter . Are there special rules for original owners vs a guy who buys the car now as an investment?

signed,


P.S. your opinion is greatly appreciated

[YENKO DEUCE REGISTRY]

Sorry! Yes, the car is a Capital Asset by the IRC definition, and does not appear to be a 'Collectible' by the IRC definition. So, the 15% rate would apply - I assume the IRS hasn't changed it recently.

Your post used the term 'Antiques' which is one of the terms used in the definition of 'Collectibles' per the Schedule D description. So, the official terminology is 'Collectible' which apparently does not include 'Cars' as 'Collectible' 'Antiques'.

[mockingbird812]

15% - THANKS!

[COPO 70 RS/Z28]

Marlin,

If a car is a capitol asset can it be placed in a trust??

I guess if someone wanted to give a car to there son could they sell it for a dollar Etc.

Im somewhat less than a padwan when it comes to stuff like this

[ChevyThunder]

I just went through this last year and it is 15% for a car owned over a year according to my CPA.