Yup any thing over 600 now same with paypal etc. Federal law. One of the reasons I started getting advertising stuff for the write offs. I wonder on a car like that do you have to pay capital gains tax on it?
Stop in for a cup of coffee
- Thread starter toolmanmike
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Yeah that’s 600 total too over the course of a year, not just a single transaction.
Be like any other car why would you??
Depends . Some states consider classic cars an investment and tax it as capital gains.
Just wondering. I have no idea. I know I will never have to worry about it. I know the bank now also flags transactions over 600 in cash. Not really sure why. PIA after Carlise takes a bit to put the money in.
Yeah that's BS! Taxes and death
Technically if one buys a car for say 1000 and then sells it for 1500, you’re supposed to report the 500 gain on your income taxes as capital gains. But the rule is funky and there’s lots of conditions in that.
It’s the state ones like New York and such where it’s easier for them to track due to registration and sales records
In PA you do pay sales tax when you buy one.
Unconventional
Well-Known Member
It's Mercury Monday!
Good morning
Good morning
yep. But there’s ways to significantly reduce taxes and it’s all legal. Us simple folks forget or don’t know but our entire tax system is written by lawyers working for businessmen. The legal ways to reduce your tax debt to almost zero for businesses is astounding. It’s why I laugh every time someone says increase tax rate on the rich. Sure go ahead, increase the tax rate on them. Increase it to 100 percent if you want. The tax rate can be anything, but due to all the legal loop holes that would tax congress decades to close if they even wanted too, the rich won’t pay a single penny more. And it’s because they’re smart and hire smart people. Not because they’re rich.Yeah that's BS! Taxes and death
Funniest part, you and I can do the same thing and take advantage of the same loop holes.
Love Comets... would like to have one someday...
My Tax guy is good. Man I have write-offs. Amazing what they are.
Morning!
18° and a high of 31°. With all this rain its going to be ugly outside. All week. I need to cut grass, dangit!
Guess i will work on replacing tractor seat. Raising it and moving it back also.
Maybe 4 hours sleep again.
18° and a high of 31°. With all this rain its going to be ugly outside. All week. I need to cut grass, dangit!
Guess i will work on replacing tractor seat. Raising it and moving it back also.
Maybe 4 hours sleep again.
I’m still getting our business going but yeah it’s gonna be good . I plan on using two different people to do our taxes as sort of a check system . At least for the first few years
BTW.... for anyone that watches them.. sick summer starts in 100 minutes... will be lives streams of each day. I LOVE the drag and drive events, nice to see who can actually survive..
Unconventional
Well-Known Member
Me too. Don't tell anybody, but I like the early Chevy II/Novas too
. That entire compact car class of that time frame.
Me too. Don't tell anybody, but I like the early Chevy II/Novas too
Yeah, i like novas up til 72... i wish i still had my 70
i actually like 69-72 more than the box ones though
Same here.
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Unconventional
Well-Known Member
First street car I ever saw get the front tires airborne was a '71 Ventura II, alledgedly with a 307 on board, yeah right
I think I'll pass for $300...............
Amazing what Mopar had.
Good Morning All!
Unconventional
Well-Known Member
Same to ya!
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