Can you believe the nerve of this?

Kentennis · Post by **Kentennis** » Thu Feb 18, 2010 7:03 pm

You're right about the investing BUT mortgaging a property just before you sell it doesn't affect Capital Gains Taxes, except for the mortgage origination costs. Then tax is figured on your cost basis vs. selling price.

We invested in timberland and a 2nd home by the Suwannee River. Sold both a couple years ago at a huge profit. I have never owned rental property. Just didn't have the temperment for it and knew it.

I also bought and sold cars, on the side, since 1961. Wish I had them all today!! Especially my first Corvette ('58) A 70's Dodge Challenger 440 Six-pack convertible in Plum Krazy, with a white interior. Bought for $1700.00 sold for $2100.00 One just like it brought a million at an auction a while back '59 Ford Retractible. Had it 4 years. Wife sold it one day while I was at work. Make that my ex-wife!

Sandy · Post by **Sandy** » Thu Feb 18, 2010 8:03 pm

I had a '70 Challenger R/T S.E. (Leather) 'Vert in Sublime with white roof, white leather interior, White long side stripe, Rally wheels, PW PDL P. Trunk and chromed luggage rack on deck.
Loved it & raised hell with it. It was my DEMO at the Dodge dealer I worked at.

A 1971 followed in Black with white roof & white learther with similiar specs but with the 340 V-8 motor and wire wheel covers and no rack on the back.

Later in '71 I had a Super Bee Coronet Coupe

ChuckG · Post by **ChuckG** » Fri Feb 19, 2010 3:10 am

Kentennis wrote:You're right about the investing BUT mortgaging a property just before you sell it doesn't affect Capital Gains Taxes, except for the mortgage origination costs. Then tax is figured on your cost basis vs. selling price.

I'd always heard that the cost basis was the mortgaged amount. Guess that needs looking into before I try it.

[Edited]

ChuckG · Post by **ChuckG** » Fri Feb 19, 2010 3:12 am

Sandy wrote:I had a '70 Challenger R/T S.E. (Leather) 'Vert in Sublime with white roof, white leather interior, White long side stripe, Rally wheels, PW PDL P. Trunk and chromed luggage rack on deck.
Loved it & raised hell with it. It was my DEMO at the Dodge dealer I worked at.

A 1971 followed in Black with white roof & white learther with similiar specs but with the 340 V-8 motor and wire wheel covers and no rack on the back.

Later in '71 I had a Super Bee Coronet Coupe

Sadly, the reason the few remaining are so worthwhile is because the rotted so quickly if anyone dared use them. I remember my grandfather's '68 Polara being pretty rust by "70.

What did Chrysler use for steel????

Post by **negusm** » Fri Feb 19, 2010 7:28 am

I'm deleting my reply.

Things were not going to go anywhere productive.

Sandy · Post by **Sandy** » Fri Feb 19, 2010 2:14 pm

The steel was not coated on the back side - as is today.The paint quality was so-so and if & when it chipped, rust set in.Restores frequently undercoat the back sides of 1/4 panels and rocker panels.

ChuckG · Post by **ChuckG** » Fri Feb 19, 2010 5:21 pm

Add in all the water traps and the absence of or easily blocked drain holes.

Look at even the 80s Fox bodies. All the untreated steel under the hood, undercarriage, etc. I recall so much surface rust under my '85 Coupe the first time I changed the oil.

But hey, somewhere, a bean counter slept well.

Sandy · Post by **Sandy** » Fri Feb 19, 2010 9:33 pm

Having been IN the car retailing business, I never had a car more that 1 year, until I was near the end of my car selling career. Even then, I'd buy a new car every 4th year. So, I never had to deal with such.Leasing was gaining in popularity at that time, so those who leased did not have to deal with the rusting isues. The factory undercoating is terrible (at best) and if I was to use a car daily and in snow / rain I would have it (re) Undercoated at a place that did such. My McLarens have never been in rain or snow

and during the winter months are in heated storage.
Manufacturers today (well since the '90s) are treating steel parts most likely to rust. One does not see the rusting problems today, like the ones of the 1970s and prior.
Today, it's the problem of collectors of those vintage years. The "salt" they use on the roads in climates where they use such - that is bad stuff.
Yet our 2001 Jeep Cherokee Limited 4X4 Wagon goes out every winter and has not a spec of rust anywhere on it. My T.C. has no clue as to WHAT snow/ice even is.... She's slated to come out of hibernation April 1st.
I don't think rust, today is the problem is was many years ago. Today it's recalls.