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
