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Sandy heads to China

J T

Well-known member
Joined
Oct 20, 2005
Messages
10,501
Congrats to both of you on the transaction. :salude

Sandy is top wrapped now it see.
 

crashbelt

Active member
Joined
Apr 10, 2016
Messages
103
The Medicare thing blows me away. The piling on of layers of re-taxation without representation brought about one war, maybe it’s time for another. :dang
Wealthy collectors moaning about taxation is pathetic!!:##
 

ourmaninthenorth

Well-known member
Joined
Mar 28, 2009
Messages
7,119
Wealthy collectors moaning about taxation is pathetic!!:##

As is presumptuously assuming all "collectors" are wealthy.

I wonder for instance how many pairs of hands over the years have been able to play Sandy as a result of it's former owner's grace, without being able to get within a fiscal country mile of owning a 'Burst of any magnitude themselves?

Indeed substitute Sandy for any number of vintage guitars and amps and their owners - what you come up with is that non-owners like myself and countless others like me get to play these marvellous instruments as a result of the class and shared passion of their owners.

I abhor seeing this grace disparaged.
 

goldtop0

Well-known member
Joined
Aug 19, 2003
Messages
8,931
Wealthy collectors moaning about taxation is pathetic!!:##


Given that there are 'wealthy' collectors out there............it's the same for anything of value, but in this case it's not........that is if your post was pointed in Tom Wittrock's direction?
 
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Rich R

In the Zone/Backstage Pass
Joined
Jun 4, 2002
Messages
4,999
Wealthy collectors moaning about taxation is pathetic!!:##

Actually, IMHO, it's NEVER wrong to ponder new and interesting ways of avoiding the tax authorities--everyone should do it!:spabout
 

Zoomer

Active member
Joined
Feb 1, 2005
Messages
2,357
Actually, I have mentioned this [not blatantly] for some time. Only a few have ever really asked. :ganz

Mason is a good guy and is really happy. :salude



I have always been torn to name a "favorite". Sandy and 9-1981 are the best tops I have ever had, and I was always motivated by flame. Sandy has the most 3D top I have ever seen. Sandy has always been a favorite, but so have the ones I still have. Even my 59 refin is a favorite. :jim

Of all your guitars that I have seen I love the refin the most!! Amazing top and color!! I still can't believe it was ever painted black!! :salude

Congrats on the sale!!! Welcome to the forum Mason!!!
 

Tom Wittrock

Les Paul Forum Co-Owner
Joined
Aug 2, 2001
Messages
42,567
Of all your guitars that I have seen I love the refin the most!! Amazing top and color!! I still can't believe it was ever painted black!! :salude

Congrats on the sale!!! Welcome to the forum Mason!!!

Thanks :salude

I think I'll bring the refin to Fort Worth [formerly Arlington] for display. I know some people will appreciate it. :)
 

Pellman73

Well-known member
Joined
Aug 9, 2016
Messages
1,762
Sandy is such a beaut

Tom you were great custodian for so many years!

I look at the pictures and drool and drool and drool

can we keep the troll negative shit out here

too much negativity in the rest of the world.
 

El Gringo

Well-known member
Joined
Apr 8, 2015
Messages
5,657
Some collectors are not wealthy and have bought their vintage guitars decades ago when they were not expensive.

Also some players/collectors are ordinary average guys that love to play and are just normal middle class guys and not wealthy ! Just because someone is a player/collector does not mean he is a millionaire .Talk about a distortion .
 

Aloha_Ark

Active member
Joined
Apr 2, 2020
Messages
154
Interesting series of considerations on the sale of collectibles (from BNY Mellon bank):

Dealers. This classification is intended for people who engage in the business of dealing art. The IRS determines this status on an individual basis, considering things like sales activity and efforts and intentions upon acquiring a piece of art. To be classified as a dealer, you must demonstrate that your interest in art is not just a hobby, because expenses and losses associated with a hobby are not tax deductible.


Investors. Like dealers, investors must show that their interest in art is more than a hobby. To be classified as an investor, an individual must show that art is collected primarily for investment purposes. To determine this status, the IRS will consider the purpose for which the piece was acquired, the length of time of possession, the investor's other business interests and the use of the proceeds from the sale of each work. To be an investor, an individual must sell, or be willing to sell, a piece of art for a profit. The IRS has denied many individuals investor status because they could not document that they ever sold a piece from their collection.


Collectors. Most art purchasers are classified in this category. Collectors are those who appreciate art and accumulate it for personal enjoyment. While expenses for acquiring and maintaining art are not deductible for collectors, favorable tax treatment often can be received when selling or giving collections away.

Tom should fall into the dealer category. One advantage of that choice is that insurance, rent, and maintenance could be deductible when determining the basis of the guitar. You really need a top notch CPA. Too bad 2019 was good to Tom financially, because he may not be getting a pandemic check, whether or not he filed early. The IRS is nasty and likes to do clawbacks.
 
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