Collector cars VS 401k and Capital Gains

[PCARCHAMPION]

Ok...I'll throw the Hand Grenade into the room. Now, as we have seen the cars start to get to be some serious $$$$$ ,when it comes time to sell does one factor in taxes that will need to be paid to Uncle Sam?There is no getting around it. There is a huge difference between a collector and a enthusiast. Nowadays the enthusiast is becoming the collector but not by choice however. I think at some point the enthusiast says..."OK,time to cash out" but maybe didn't factor in Uncle's take.
So here's my question.... At what point do we see more cars hit the market because the enthusiast cashes out and the collector buys??? Does that inflate the market or put it into a spiral????
Just my two cents guys...but try not to lose sleep over the answers!!!

Ron Barnaba

[Silverbullit]

I won't lose any over the question.

[sithot]

Nice tax article by John Draneas.

Here's a link:

http://blog.classiccars.com/selling-...t-selling-irs/

[mobius911]

Interesting. I thought that cars were considered collectibles, so would be taxed at 28% rather than 20%. Glad to find out I was wrong. Despite the fact that the dude looks like the quintessential used car salesman, I'm going to accept that he speaks the truth!

[mac73s]

If I can't write off the depreciation in all my 'regular' cars that de-value at a stunning rate, I for one am not about to reveal to the tax man when and if I actually make some money on a car. I'm already giving my 'fair share'.

[sithot]

Interesting. I thought that cars were considered collectibles, so would be taxed at 28% rather than 20%. Glad to find out I was wrong. Despite the fact that the dude looks like the quintessential used car salesman, I'm going to accept that he speaks the truth!

He writes for Sports Car Market every month. Similar article this month aimed at 1031 exchanges.

Tom

[beh911]

If I can't write off the depreciation in all my 'regular' cars that de-value at a stunning rate, I for one am not about to reveal to the tax man when and if I actually make some money on a car. I'm already giving my 'fair share'.

I can't believe I just read this.

Or better said, that someone would say this on a forum.
Putting their tax dodging out in public.

S registry gets more interesting every week

[Frank Beck]

My crystal ball is in the shop but I'm willing to go out on a limb here:
There are at least two posts here that will evaporate into thin air within the next few hours.

BTW: John Draneas is a good guy. I bought a washer/dryer from him at Sears 20 years ago. Pretty sure it's the same guy.

[sithot]

BTW: John Draneas is a good guy. I bought a washer/dryer from him at Sears 20 years ago. Pretty sure it's the same guy.

You're too tight to shop at Sears.

[mac73s]

I can't believe I just read this.

Or better said, that someone would say this on a forum.
Putting their tax dodging out in public.

S registry gets more interesting every week

Seriously??