Stu,
I am sure, if you own the average some 40 years old British car, you
have had substantial repair, reconditioning, accessories, or other
maintenance items. All of these, including consumable such as tires,
increase your investment discounted for the wear you put on them. The
reduces your profit. Ask your accountant how you should report this.
Steve
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Steve Laifman
Editor - TigersUnited.com
stubrennan@comcast.net wrote:
>Seeing Paul's note on the prices got me to thinking about the process of
>selling a collector car. If I were to sell mine it would be for a whole lot
>more than I bought it for, which would, of course, be of interest to the IRS
>and their state cousins. How have any of you gone about minimizing the tax
>impact of a car you made a profit on?
>
>Stu
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