[DeTomaso] NPC- Taxes on classic cars?
Erik Kolstoe
ekolstoe at gmail.com
Wed Mar 16 20:12:39 EDT 2022
Sportscar Market Magazine had a great write up on this very topic in their
"Legal Files" section.
It can be found here:
https://www.sportscarmarket.com/columns/legal-files/tax-landscape-for-collectors
Hope this helps.
Erik
On Wed, Mar 16, 2022 at 9:20 AM Mike & Elizabeth <mbefthomas2 at gmail.com>
wrote:
> Thanks Richard. We can only hope that our cars would break that
> threshold. I almost, that's ALMOST, be happy to pay a cap gains tax if
> that were the case.
> Mike Thomas
> Panteras Northwest
>
> -----Original Message-----
> From: DeTomaso <detomaso-bounces at server.detomasolist.com> On Behalf Of
> opiecars--- via DeTomaso
> Sent: Wednesday, March 16, 2022 8:14 AM
> To: Matt <nwpantera at gmail.com>; Gray Gregory <rgg at gregorycook.com>
> Cc: detomaso at server.detomasolist.com
> Subject: Re: [DeTomaso] NPC- Taxes on classic cars?
>
> Matt,
> Short story - Washington State does not have currently have capital gains
> tax.
> Long story - The legislature recently passed a bill approving it, which a
> judge overruled. Further litigation is anticipated. Even if the tax goes
> into effect there is a $250k threshold before the tax is applied.
> See this article.
>
> https://www.jdsupra.com/legalnews/washington-state-capital-gains-tax-2935144/
>
> Richard O.
> On Wednesday, March 16, 2022, 04:29:40 AM PDT, Gray Gregory <
> rgg at gregorycook.com> wrote:
>
> Matt,
>
> Your tax person is correct. Any profit made on the sale will be subject to
> federal capital gains tax. As for Washington state I know nothing about the
> states tax laws but any state law would only apply to state taxes owed not
> federal tax.
>
> Gray
>
> -----Original Message-----
> From: DeTomaso <detomaso-bounces at server.detomasolist.com> On Behalf Of
> Matt
> Sent: Tuesday, March 15, 2022 6:19 PM
> To: DeTomaso Mail List <detomaso at server.detomasolist.com>
> Subject: [DeTomaso] NPC- Taxes on classic cars?
>
> 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
> _______________________________________________
>
>
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-------------- next part --------------
Sportscar Market Magazine had a great write up on this very topic in
their "Legal Files" section.
It can be found here:
[1]https://www.sportscarmarket.com/columns/legal-files/tax-landscape-fo
r-collectors
Hope this helps.
Erik
On Wed, Mar 16, 2022 at 9:20 AM Mike & Elizabeth
<[2]mbefthomas2 at gmail.com> wrote:
Thanks Richard.A We can only hope that our cars would break that
threshold.A I almost, that's ALMOST, be happy to pay a cap gains
tax if that were the case.
Mike Thomas
Panteras Northwest
-----Original Message-----
From: DeTomaso <[3]detomaso-bounces at server.detomasolist.com> On
Behalf Of opiecars--- via DeTomaso
Sent: Wednesday, March 16, 2022 8:14 AM
To: Matt <[4]nwpantera at gmail.com>; Gray Gregory
<[5]rgg at gregorycook.com>
Cc: [6]detomaso at server.detomasolist.com
Subject: Re: [DeTomaso] NPC- Taxes on classic cars?
A Matt,
Short story - Washington State does not have currently have capital
gains tax.
Long story - The legislature recently passed a bill approving it,
which a judge overruled. Further litigation is anticipated. Even if
the tax goes into effect there is a $250k threshold before the tax
is applied.
See this article.
[7]https://www.jdsupra.com/legalnews/washington-state-capital-gains-
tax-2935144/
Richard O.
A A On Wednesday, March 16, 2022, 04:29:40 AM PDT, Gray Gregory
<[8]rgg at gregorycook.com> wrote:A
A Matt,
Your tax person is correct. Any profit made on the sale will be
subject to federal capital gains tax. As for Washington state I know
nothing about the states tax laws but any state law would only apply
to state taxes owed not federal tax.
Gray
-----Original Message-----
From: DeTomaso <[9]detomaso-bounces at server.detomasolist.com> On
Behalf Of Matt
Sent: Tuesday, March 15, 2022 6:19 PM
To: DeTomaso Mail List <[10]detomaso at server.detomasolist.com>
Subject: [DeTomaso] NPC- Taxes on classic cars?
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
_______________________________________________
Detomaso Email List is not managed by POCA Posted emails must not
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the list. They also grant the list owner permission to maintain an
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References
1. https://www.sportscarmarket.com/columns/legal-files/tax-landscape-for-collectors
2. mailto:mbefthomas2 at gmail.com
3. mailto:detomaso-bounces at server.detomasolist.com
4. mailto:nwpantera at gmail.com
5. mailto:rgg at gregorycook.com
6. mailto:detomaso at server.detomasolist.com
7. https://www.jdsupra.com/legalnews/washington-state-capital-gains-tax-2935144/
8. mailto:rgg at gregorycook.com
9. mailto:detomaso-bounces at server.detomasolist.com
10. mailto:detomaso at server.detomasolist.com
11. mailto:DeTomaso at server.detomasolist.com
12. http://server.detomasolist.com/mailman/listinfo/detomaso
13. mailto:DeTomaso at server.detomasolist.com
14. http://server.detomasolist.com/mailman/listinfo/detomaso
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