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#31
03-19-2008, 04:22 PM
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Re: Capital Gains on muscle car (state of PA)
I'm not sure, but I don't think a trust can own vehicles in Pennsylvania, but I know that a corporation controlled by a trust can. (I know it makes no sense, but that's our Commonwealth for you!)
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#32
03-19-2008, 05:16 PM
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Re: Capital Gains on muscle car (state of PA)
[ QUOTE ]
I'm not sure, but I don't think a trust can own vehicles in Pennsylvania, but I know that a corporation controlled by a trust can. (I know it makes no sense, but that's our Commonwealth for you!) [/ QUOTE ] Trusts can be tricky, so like Brian said - be careful before jumping into something like this. This area is best left to those who specialize in Estates & Trust Taxation, (read: not me! That's why my Deuce is in my will!) So Schoneye is going to buried in his deuce?  We'll see what Joe & Chad say about that, you've got two deuces and two sons....
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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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#33
03-19-2008, 05:57 PM
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Re: Capital Gains on muscle car (state of PA)
Maybe Shoney can try the 'reverse mortgage' theme. Joe & Chad can pay him now for the cars, but he get to keep 'em til he's toes up
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#34
03-19-2008, 06:24 PM
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Re: Capital Gains on muscle car (state of PA)
The red deuce is Becky's. Just ask her. She'll be glad to tell you. The yellow one goes to the Oxford Jct Bohemian heritage museum. They're gonna park it by the Lasack brothers hay loader display.
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#35
03-19-2008, 06:29 PM
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Re: Capital Gains on muscle car (state of PA)
in Wa a car can be gifted once in its lifetime, all you pay is piddly road taxes, tabs and a small transfer fee, it only matters when you actually sell it. list it in the will as gift to your ??? and leave a bill of sale stating its a gift.
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#37
03-20-2008, 03:57 AM
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Re: Capital Gains on muscle car (state of PA)
Mockingbird812, did your friend receive a 1099B on the sale of the car to trigger the CPA telling him he had to pay Cap Gains?
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 72 SS 350 4spd Camaro 74 Z28 Automatic 80 Z28 4spd 94 Z28 Automatic
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#38
03-20-2008, 04:30 AM
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Re: Capital Gains on muscle car (state of PA)
Ray,
No 1099. She just knew that she would have to pay Cap. Gains and contacted an accountant.
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Sam...  
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#39
03-20-2008, 05:23 AM
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Re: Capital Gains on muscle car (state of PA)
[ QUOTE ]
No idea. I have claimed every penny I have ever made,as painful as that was,and my Cpa has always filed it between 15-25% depending on how long i owned the car so like I said unless they have changed something,that is how i have paid in the past. [/ QUOTE ] i dont think the above posts is entirely true.there is alot more to it. 
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#40
03-20-2008, 06:43 AM
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Re: Capital Gains on muscle car (state of PA)
I'm listening (picture a guy eating popcorn sitting on the edge of his seat)
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Sam...
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