good day all you car people . new to the site and new to Haggerty insurance . just a quick question , Im kicking around selling my 1970 challenger R/T that ive owned about 45 years , anyone have knowledge about capital gains on this . I believe to not get dinged real bad I need receipts or some proof of dollars invested into said vehicle . any help appreciated !
Hi and welcome! You do need service receipts to get the most for your Challenger. One of my bookshelves only has binders fulla receipts for my classic cars. That said if the vehicle is well maintained and everything works like new, people will recognize the quality when they see it and pay you a fair price for it. It really depends on just how good a condition the vehicle is and an honest description of what works correctly and what does not.
As to capital gains, what accessible record remains of what you paid for it 45 years ago?
I don’t think maintenance costs over the years count against gains, just improvements...like the costs of a new interior or paint job. And pretty sure any costs of selling it is also deductible, like advertising or consignment fees.
What it’s current taxable value is and whether or not you use the proceeds from it’s sale to buy something else may also come in to play. You may want to speak with a tax advisor if you’re talking major money.