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<p>[QUOTE=&quot;Treashunt, post: 2167706, member: 6763&quot;]Tired, but I&#039;ll try:</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>1) Wrong. &quot;If I remember correctly,&nbsp; you only have to pay taxes on capital gains if you don&#039;t reinvest them. I believe you have 2 years to reinvest before you have to pay the taxes.&quot;&nbsp; In fact, very wrong.&nbsp; The old (very old) rollover rule) was for personal residences, no longer applicable.</p><p><br /></p><p>2) wrong. &quot; Capital gains aren&#039;t like profit as in a business,&nbsp; taxes on profits are due each year but you file those as a sole proprietor as a business owner. If you are an individual reinvesting capital gains, upgrades to your home are concidered investment as are other purchases that are not concidered consumables but investments. Art is an investment&quot;&nbsp; Too wrong to reply here, I&#039;d need an essay.</p><p>1) &#039;Capital gains aren&#039;t like profit as in a business&#039;&nbsp; correct</p><p>2) &quot; taxes on profits are due each year but you file those as a sole proprietor as a business owner&quot;&nbsp; kinda correct, use schedule C.</p><p>3) &quot; If you are an individual reinvesting capital gains, upgrades to your home are concidered investment as are other purchases that are not concidered consumables but investments.&quot;&nbsp; Ignore this statement, I don&#039;t have time.&nbsp; Far too wrong.&nbsp; a) Reinvesting gains, wrong, see above b) homes are an investment, capital improvements are added to basis ; c) &quot;upgrades to your home are concidered investment as are other purchases that are not concidered consumables but investments.&quot; &quot;&nbsp; what the heck does this mean?</p><p>4) &quot;Art is an investment.&quot;&nbsp; correct sentence:&nbsp; Art CAN BE an investment.</p><p><br /></p><p><br /></p><p><br /></p><p><br /></p><p>PLEASE do NOT rely on the above gibberish.</p><p><br /></p><p><br /></p><p>more to follow.[/QUOTE]</p><p><br /></p>

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