Barrett Jackson

[Terry24]

Does it matter how much was gained as a profit for there to be capital gains tax?

[Lee Stewart]

Originally Posted by Terry24

Does it matter how much was gained as a profit for there to be capital gains tax?

No.

[x33rs]

We go to BJ every year. We enjoyed it more this year than in years past. Seemed to be more variety this time around. It's a ball, just a giant car show to us, with celebrities mixed in. Even watched as George W. Bush was escorted by secret service weaving through the grounds outside trying to get through the crowds. Don't see that every day.

[TMagda]

Mild interest in a 69 Z28 that "may" be for sale in my town. 3+, has a 302 but owner not sure if it matches. I can see it has an aftermarket bell housing and traction bars from a cruise night he attended. Will not let anyone look at it closely yet. From what I saw, I think its worth 35-45 if the numbers match. Asked for ballpark number of what he might want to see if its worth continuing the conversation. His response was he has to watch the auctions first to get an idea of a value.

[seventieshow]

Originally Posted by BJCHEV396

John Staluppi.Will be selling 140 cars through B-J.Think a lot of these top collectors,as they get older,realize that cars aren't as important in life....family and health are.

These appear to be coming up at the Palm Beach Auction. Was 3 days, now 4.

[southernfriedcj]

Originally Posted by the427king

That is correct. However if you lose 30K on a sale and do not profit on another you cannot take the 30K as a capital loss. It can only be used against profit

I'm not CPA, but if you run you hobby like a business(Car Collector, LLC) I would think you could write off individual losses. Write off trips to auctions as well.