Actually, taxea and TaxGuyBill are correct. Since he died and assuming she did not use this car for personal purposes after that time, it can be treated as an investment and therefore would qualify for loss treatment under the circumstances. My response would have been correct, had he not died. Anyway, no response from OP as to whether it was a gain, loss, or no profit.
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It was a loss. I checked with her and she hasn't even taken them to car shows since her husband died. No use at all! She pays to have a classic car place show them and try to sell them.Comment
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all help has been regarding one classic car. Now you mention "them" how many cars are there being put up for sale?Comment
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nothing requires you to "display" an investment. If she knew that this car would appreciate rather than depreciate with time it could qualify as an investment.Believe nothing you have not personally researched and verified.Comment
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She only sold one antique car in 2016, however, she has 2 or 3 more. This could well come up again next year as well.Comment
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How again are we calling these investments if he built/restored these cars?
If he did the same thing to a house, would we call it the same? I think not, we would call it a business or house flipping.
I think we need more info, did he have 3 car and build all three?
ChrisComment
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Everything changed WHEN HE DIED and she inherited the assets. Stepped-up basis applies, and how asset was treated thereafter determines whether this is an investment or not. Case closed.Comment
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