Quote:
Originally Posted by Hugh R
....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....
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Yes, and if you didn't replace the roof on a building when it needed replacing, it would "rot away and die" too, but that doesn't change the tax laws that consider roof replacement a "maintenance" item. The same with termite inspections/treatments, plumbing leaks, painting, etc.
Obviously, go with what your accountant tells you, over what any of us tell you here, but from my own (limited) knowledge, and from what my brother was saying, I think you're going to be stuck with "collectibles" gains on the sale.
(And like I said earlier, most of your "gains" are probably nothing more than "inflation.")
Just be happy to think about those millions on welfare who are depending on you to "pay your fair share...."
