Ian,
My accountant helped us out on our taxes for our cabin we sold. While we were addressing the cabin deal, I got some general info about the auto 1031 exchange. Then I visited the IRS Web Site for reference information. Ugh! The info on the IRS Web Site is pretty complicated
. But I was able to sift through it pretty well.
The accountant is well situated to help on the Cobra transaction. I did not get the accountant fully envolved right away, because I wanted to educate myself before I got further into the transaction. I like to do the research as much as I can before I have to pay anyone for information.
For me, parting with my Cobra after 30+ years is not scary stuff, but I do want to protect myself as well as I can. I do wish to get a GT40, and selling the Cobra is the only practical way in doing it, along with a few other toys and some other stuff for my shop I have been doing without for a while.
Sure, I will probably kick myself in the butt for doing it, but if I made a list of all the cars
I should have kept, I would need 3-4 more large shops to store them. Then, their would be more than one member with the signature that reads...."A few fries short of a Happy Meal"!!!!!
One keeper should have been a 1967 Trans-Am Cougar. Another story for another time. Ya know, I should start a new thread about the cars I have owned, and have everyone chime in with a list of their own. Hummmmmm!!!! Later.