Re: Capital Gains on muscle car (state of PA)
The question is about the tax rate, 15% vs. 28% on a long term capital asset, not really on how to calculate the gain itself. BTW, if you claim 'storage' fees as an expense, be sure you can back it up with receipts.
I have not looked at a schedule D in a while, I'll check it out - but it sounds 'unique' to me. However, never underestimate the IRS!
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Marlin
70 Yenko Nova-350/360, 4speed M21, 4.10 Posi (Daddy's Ride)
69 SS Nova-396/375hp, 4speed M20, 3.55 Posi (Benjamin's Ride)
67 RS Camaro-327/250hp, 2speed Glide, & 3.08 Open (Danny's Ride)
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