Is An Antique Car A Collectible To The Irs
The IRS claimed that the expenses were not made with the expectation of profit. Very old cars can be rare and difficult to find since they have carried collectible status much longer than other newer vehicles and may have passed through several ownerships and become part of private collections. Datsun 004 Datsun 510 Datsun Car Datsun The Top Index was. Is an antique car a collectible to the irs . Art antiques and collectibles are mentioned in portions of the Internal Revenue Code usually with more stringent rules surrounding them. The regs dont mention cars specifically but they do note that the term collectible could apply to any other tangible personal property which the IRS Commissioner determines is a collectible. A car may be a personal use asset in terms of subsection 108-202 if it is used or kept mainly for your or your associates personal use or enjoyment. If you do can you deduct it the same way you would deduct any car you use in business. Furthermore they claime