Capital Gains Tax Implications on car sale?

[djmcmath]

Ok, another random question for the OT Brain-Trust: Let's say that I bought an old VW (1970), and that I spent several years and a lot of money restoring it. Now, let's say that I'm selling it. Obviously, I'm selling at a substantial loss, which sucks, so I'm wondering if there's any offset to the suckiness in claiming some kind of loss on my taxes?

Thanks in advance.

Dan

[Scooter]

Dan, this was covered just a couple of months ago. If you do a search, I am sure you will find some helpful information.

[Hugh R]

I've researched this extensively. Do a search on my name and capital gains and I'm sure you'll find it. The simple answer, is no you can't write off the loses. Fortunately I have the opposite problem. Unfortunately the Feds and the State want 15% and 9% respectively of my capital gains which are the basis in the car, plus what I've put in the car that is not considered routine maintenance, not my labor, but others labor can be included.

[djmcmath]

Wow, lots of links in the search. I will flog myself with a wet noodle for not believing that this had already been covered here. Thanks for the research, Hugh.

Dan

[Racerbvd]

Sold a few "old"cars last summer and would have been taxed harder (both were over $50K) if I had no consulted my CPA before I took payment.
The best thing to do is what I do, anything that will bring in over $10K, consult your CPA. Different states, different laws

[djmcmath]

Oh, good heavens. I only wish it would bring in over $10K. My losses might be more than that, but the sale price definitely won't be.

Thanks again for the help.