I paid the taxes on their approximate value at the time of purchase, rather than pay it later. If I happen to sell for less, then I get to write that off. Doing this kept my tax burden from being as high as it could have been. Had I just taken the money out and not invested it within the same fiscal year, I'd have paid a shitton of money. But, it works out a bit better as it's essentially moving money from one asset to the next. So, the burden is better than it could be.
It seems to me that you are still having to pay a shit ton of money!
But I saw on the Barrett Jackson auction they kept setting records for the highest price for this car or that car, I think the value will just continue to rise on those vehicle investments. It's not like they are making any more, and even if they do, they're not the same as the originals.
I paid low seven figures in taxes.
And, while I am a fan of Mecum, pretty much everything I buy will (if nothing else) ever be worth less than what I paid for it. When you buy a car at auction, it's almost never going to go down in collector value - unless you damage it or something.
Sometimes there are bubbles and I ignore those and try to avoid them. In those cases, the value will go down - but if you can wait it out the value will sooner or later get back. Like pickup trucks. Those were going for 70k and now they're back sub-30k. That was a bubble that I ignored.
But, pretty much everything I purchased is worth at least what I paid for it - usually a fair amount more, often quite a bit more.
For all my purchases, I'm actually pretty careful. I know the value of what I bid on, or can at least give an estimate of value. I then stick to a budget.
That's a hall of a lot in taxes.
I don't think everything I have earned in my life added together adds up to 7 figures. Unless you count after the decimal point!
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