[DeTomaso] NPC- Taxes on classic cars?

[Matt]

I'm all googled out trying to get an answer on this.
Perhaps some of you might know.
While talking to my tax person the subject of classic car sales came up.
I asked her if I was to sell my 72 would I have to pay capital gains tax on
the profits?
She basically said yes I would but if I had receipts on any work done that
would be deducted from the total profit between what I paid for it and what
it was sold for.
Fair enough.

But then as I was searching for more info as it relates to the state I live
in and where the car is registered (Washington state) I ran across
something.
Some of the articles that popped up mentioned that a classic car made prior
to 1973
would be exempt from any sales tax or capitol gains income! What?
It would be viewed as a "wasting asset" alluding that any car over 50 years
old has reached the end of it's useful life or something to that effect.
This was news to me and I am having a hard time verifying that it actually
is applicable in WA state or any other state for that matter.

Does anyone have any knowledge or experience to share about the subject?
Thanks, Matt
-------------- next part --------------
   I'm all googled out trying to get an answer on this.
   Perhaps some of you might know.
   While talking to my tax person the subject of classic carA sales came
   up.
   I asked her if I was to sell my 72 would I have to pay capital gains
   tax on the profits?
   She basically said yes I would but if I had receiptsA on any work done
   that would be deducted from the total profit between what I paid for it
   and what it was sold for.
   Fair enough.
   But then as I was searching for more info as it relates to the state I
   live in and where the car is registered (Washington state) I ran across
   something.
   Some of the articles that popped up mentioned that a classic car made
   prior to 1973
   would be exempt from any sales tax or capitol gains income! What?
   It would be viewed as a "wasting asset" alluding that any car over 50
   years old has reached the end of it's usefulA life or something to that
   effect.
   This was news to me and I am having a hard time verifying that it
   actually is applicable in WA state or any other state for that matter.
   Does anyone have any knowledge or experience to share about the
   subject?
   Thanks, Matt