Quote:
Originally Posted by iggyman
I... One tiny question, if I may. Are there any tax consequences towards the end of your journey??? Especially if you get some pub. (*and I'm not talking about beer...).
Lovely Day...
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I'm just a Canadian tax lawyer, so I know (next to) nothing about US tax. I suspect baseball cards don't qualify as "replacement property" for a US tax deferral.
On the other hand, I grew up in Saskatchewan, so I do know something about getting houses for red paper clips. If I recall correctly, the house in question had a fair market value of about $30,000. A few years ago (before the potash boom), some houses in rural Saskatchewan would be sold for $1, as they weren't worth more than the cost of incurring the running expenses (property tax, heating, insurance, etc). It's actually quite sad how many small towns and farm houses in Saskatchewan have disappeared into the prairies over the last 40 years, as farms get larger. My grandparent's farmhouse is a typical example, with a picture of the old barn, taken about 20 years ago:
Good luck in your quest.
Max