The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Vintage Guitars and Capital Gains||Date: 9/12/2007 2:14 PM|
|Author: vkg||Number: 95820 of 121803|
The purchase of the property and the sale of the guitars are separate transactions. It is late in the year, it is unlikey that he will have a significant tax deduction from the property.
He also needs to consider state income tax.
If he wants the property, his only choice is to sell the guitars and pay the taxes.
Is he certain he can qualify for a loan? With "variable" income and the current subprime mess which is tightening loan requirements especially for jumbo loans, he needs to prequalify before making any decisions.
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