Where Should Your Cars Live?

As Baby Boomers ease into retirement, they are becoming a very mobile generation. Many are migrating to other states, not just in search of a sunnier climate — but also for tax planning considerations.

We’ve just seen federal income tax rates drop to historic lows, with ordinary rates peaking at 37% and capital gain rates at 20%.

But there is an important understory — your deductions for state and local taxes are now limited to $10,000 per year.

Tax refugees

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John Draneas

John Draneas - SCM Columnist - %%page%%

John practices law in the Portland, OR, suburb of Lake Oswego, where he focuses on tax and estate planning, business organizations and transactions, and representation of collector-car owners. He is a past president of the Oregon region of the Porsche Club of America and served as the chairman of the PCA’s 2006 parade. His collection includes two Porsches, a Ferrari, an Alfa, a Lotus, a BMW daily driver, a John Deere tractor — and one increasingly famous Jaguar E-type. This month’s “You Write, We Read” on p. 20 is full of SCMer advice on whether Draneas should restore his Jag.

Posted in Legal Files