[Hugh R]

I read the tax code and it doesn't seem to fall under the "collectable" category. That's for art, coins, stamps, etc. My accountant said its the 15% capital gains for the feds and 9% ordinary income for California. I can speak to my accountant on Monday but I'm starting to assemble receipts and receipt books that I have and organize them. I understand the maintenance issue, but I know if you own an item like this and don't "maintain" it, it very rapidly become worthless. What would I do if I didn't buy new tires or brakes, or wheel bearings? The car would rot away and die. I know I can't write off insurance and vehicle registrations, only items that went into the vehicle. The problem is if you own it for 35 years and put in seven fan belts, can you only write off against the value of the vehicle the fan belt that was on the car when you sold it? What about several complete engine rebuilds and several paint jobs and releathering twice?