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Detached Member
Join Date: May 2003
Location: southern California
Posts: 26,964
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*****! I didn't even think about capital gains! I'll be fu(ked if I'm giving the IRS a penny from any proceeds from that car. I used to haul starter motors and flywheels in a backpack on my bicycle in the winter in Boston (uphill both ways with the wind in my face bothways) trying to get that damn thing operational. I better look into that before I make any decisions. I'm in the top tax bracket as it is, and I don't care to hand the IRS 20 grand or more. 1031 exchange, better look into that. I've got a lot of money into the car (nothing compared to the value) but an awful lot of hours over 34 or 35 years.
Thanks for the points guys. Except for my son's college, which I can afford, the rest (except the credit card debt and the second mortgage are results of the daughter's college, and some hopefully non-recurring medical debts). The rest are "wanted" items, stucco, flooring, pool replastering, etc.) Hopefully when the kids are out of school, the cash flow will go the other way (hopefully).
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Hugh
Last edited by Hugh R; 04-24-2006 at 08:03 PM..
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