Would the sale of an antique car be considered a collectible for capital gains?
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Would the sale of an antique car be considered a collectible for capital gains?

 
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Level 8

Would the sale of an antique car be considered a collectible for capital gains?

Not necessarily.  It would only be classified as a collectible item (and subject to higher capital gains rates on a profitable sale), if that is the main reason why you purchased it:  an investment.

Otherwise, if you simply bought the automobile as a personal "fix it" project, or a hobby item (or even as transportation if it had been running), then the proper tax category would be to consider the automobile an item of personal property.


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