Canada already has figured out a way to tax the capital gain on them. It's not a yearly tax, but should you sell for a profit, and I am not talking about people who deal in them for a living, but rather someone who bought one years ago and decides to sell it now. He is supposed to declare that income as a capital gain. Canadians were allowed to "declare" a value on items like this (cars, vacation property etc) back in about 94 the idea being that declared value would be exempt from the gain. I asked my accountant when he asked about the car, can I write off the losses I have sustained in all the other vehicles I have owned? He didn't think so, but that will be my arguement should Big Brother ever come knocking on my door for its share of the car's value. Just because my hobby has allowed me a profit on one of many hobby cars I have owned I don't think that profit should be touched by the feds. Rob > Look for "Big Brother" to figure how to tax our cars on an annual > basis, like > real estate. > >
The USA needs a flat tax for all transaction with NO EXCEPTIONS for anyone (including foreigners, big business, charities, etc.) Then, and only then, will the playing field be level - SGB ----- Original Message ----- From: "ROBERT ZANUSSI" <rzanussi@shaw.ca> To: <ShelbyMustang@carmemories.com> Sent: Sunday, August 28, 2005 2:07 PM Subject: Re: Record Pricing & Pigs ?? > > > Canada already has figured out a way to tax the capital gain on them. It's > not a yearly tax, but should you sell for a profit, and I am not talking > about people who deal in them for a living, but rather someone who bought > one years ago and decides to sell it now. He is supposed to declare that > income as a capital gain. Canadians were allowed to "declare" a value on > items like this (cars, vacation property etc) back in about 94 the idea > being that declared value would be exempt from the gain. > > I asked my accountant when he asked about the car, can I write off the > losses I have sustained in all the other vehicles I have owned? He didn't > think so, but that will be my arguement should Big Brother ever come > knocking on my door for its share of the car's value. Just because my > hobby has allowed me a profit on one of many hobby cars I have owned I > don't think that profit should be touched by the feds. > > Rob > >> Look for "Big Brother" to figure how to tax our cars on an annual >> basis, like >> real estate. >> >> >
