Quote:
Originally Posted by Ferraripete
this is a big issue for me right now. I have been trying to figure out the way people are "actually" handling this issue of capital gains. I know people are quick to say if you buy low and sell high...you gotta pay. I just not sure many truly practice what they preach?
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I know if you have had the car longer than 1 year you pay long term capital gains. This could be better depending on tax bracket and other possible offsets. I would find an accountant who has some expertise in this area. Uncle Sam always wants his "fair share".
Tim