Loss On Sale Of Antique Car. Can I deduct as a capital loss the 40000 assuming I have documentation for the restoration cost. If your car has collector car plates like YOM or permanent antique then its sort of an open window to being a collectible asset.
I dont know how IN treats capital. Lots of info here - computer version - Totaled Car section. I tag my old cars like regular old drivers.
The original parts fit correctly because they were made to.
I tag my old cars like regular old drivers. Although you have to report any gain on the sale of personal-use property. This is because this type of property usually does not increase in value over the years. If youre a buyer transferee or user who has title to or has a motor vehicle youre responsible for paying the motor vehicle sales or use tax.