Rabs Posted June 23, 2012 Share Posted June 23, 2012 So I was doing my weekly Ebay check to see if there anything interesting.. and Here we go.. One of Les Pauls guitars which as I say im assuimg came from that recent auction of his stuff.. $500,000.00 http://www.ebay.co.uk/itm/LES-PAULS-PERSONAL-GIBSON-WHITE-CUSTOM-FROM-THE-COVER-OF-HIS-AUTOBIOGRAPHY-/221055142325?pt=Guitar&hash=item3377e9c9b5 then there this one.. which is the one I saw him play most in the clips ive seen. At least its a more reasonable price. I mean this is proper music and guitar history right here http://www.ebay.co.uk/itm/1973-GIBSON-LES-PAUL-STANDARD-VINTAGE-RECORDING-OWNED-MADE-by-LES-PAUL-HIMSELF-/160828411614?pt=Guitar&hash=item25721ecede I guess we will be seeing a fair amount of this in the next few months.. There was ALOT of stuff at that auction. Link to comment Share on other sites More sharing options...
S t e v e Posted June 23, 2012 Share Posted June 23, 2012 my offer was rejected Link to comment Share on other sites More sharing options...
Gumby-137 Posted June 23, 2012 Share Posted June 23, 2012 I like what a friend of mine said and please remember it was meant with a sense of humor, "the man broke everything he touched" The other interesting fact is that this was a charity auction all purchases were tax deductible, double your profit double your fun... (at least in this case) If I owned a real Les Paul guitar I would never let it go, I would not sell it either! Link to comment Share on other sites More sharing options...
matonanjin Posted June 23, 2012 Share Posted June 23, 2012 The other interesting fact is that this was a charity auction all purchases were tax deductible, double your profit double your fun!!! What does that mean? Link to comment Share on other sites More sharing options...
Gumby-137 Posted June 23, 2012 Share Posted June 23, 2012 What does that mean? What it means for a speculator is, that you purchase the guitar and write that purchase of on your taxes because it was a charitable donation. Then when you sell the guitar you recoup the initial investment plus a healthy profit. Thus in a sense profiting twice from the same guitar assuming your tax liability is large enough for the write off to help you. Link to comment Share on other sites More sharing options...
Riffster Posted June 23, 2012 Share Posted June 23, 2012 Tax deductions have a limit, you cannot deduct all you want. When you sell an item like that for a profit you will get hit by taxes, Uncle Sam will collect. You think the IRS would leave such blatant loop hole in the tax code? pffft Link to comment Share on other sites More sharing options...
Gumby-137 Posted June 24, 2012 Share Posted June 24, 2012 Tax deductions have a limit, you cannot deduct all you want. When you sell an item like that for a profit you will get hit by taxes, Uncle Sam will collect. You think the IRS would leave such blatant loop hole in the tax code? pffft I have been in biz for twenty years and in the end like I said if you carry the liability you could theoretically write the whole thing off and I would imagine many people who can afford such instruments have that level of tax exposure. This was a charitable auction to raise funds for Les Paul's foundation purchasing an item from this auction where all proceeds go to charity the taxpayer that bought the item treats it on their taxes the same way you treat donations to your church. Now how much that helps an individual is dependent on their tax status. What I am not sure about is what the capitol gains tax exposure on the sale of the guitar? Oh, and yes I do think the IRS would leave loopholes in place, look at all the other loop holes the wealthy have! Link to comment Share on other sites More sharing options...
Riffster Posted June 24, 2012 Share Posted June 24, 2012 What I am not sure about is what the capitol gains tax exposure on the sale of the guitar? Oh, and yes I do think the IRS would leave loopholes in place, look at all the other loop holes the wealthy have! That loop hole is too easy though, you do go on to say you are not sure about the capital gains, I can tell you it is taxable. That was my point. Link to comment Share on other sites More sharing options...
matonanjin Posted June 24, 2012 Share Posted June 24, 2012 If you hold the guitar less than a year it is short term taxable gain which is just the same as ordinary income. If you hold the guitar more than a year then it is long term capital gain which (or used to be) 20% of your profit is taxable. This is all academics. I was just asking the poster (not the OP) what he meant be "Double your profit". He made it sound like you would get a huge write off and then a huge tax free gain. Just not accurate.. Link to comment Share on other sites More sharing options...
Gilgamesh Posted June 24, 2012 Share Posted June 24, 2012 You only get to write off taxes if you have extra money. Most of us have no experience in such matters... Yet, I still manage to buy guitars somehow... Link to comment Share on other sites More sharing options...
bonzoboy Posted June 24, 2012 Share Posted June 24, 2012 If I could afford it I wouldn't bat an eye at spending $100,000 - $500,000 at auction for one of the guitars owned,made or played.He is such an important figure in the evolution of the guitar that I would love to have a part of his legacy.Also Les Paul has been a huge inspiration for me since my hands have been basically crippled by this neuro-muscular condition that I've been burdened with.When my hands start to pain,tremble,weaken and tire,I just picture in my mind's eye the videos of him playing at the Iridium Club.When he played you could see it in his eyes that he was incredible pain yet he kept smiling because despite all that pain he was doing the thing that he loved most in the world.Playing guitar is the thing that I love most in the world and if I had the means to buy one of his guitars I most certainly would as that would be almost a sacred icon and inspiration and pretty well a shrine. I wouldn't buy one of the auction guitars from a speculator because they bought the guitars strictly for monetary reasons and that shows that the guitars meant nothing to them but a means to make a huge profit.Since I'm a man of high principles-as was Les-it would be against my principles to buy such a guitar because the act of selling them for mercenary reasons makes them dirty in a sense and I'm sure that Les would abhor the thought of someone making a huge profit from something he loved,just to satisfy their greed when his intent was for his possessions to be auctioned off to help people in need-not to grow the wealth of the uber-rich. Link to comment Share on other sites More sharing options...
Versatile Posted June 24, 2012 Share Posted June 24, 2012 As highlighted, the issues here are similar to any 'collector' and 'investor' choices... Anything 'Les Paul' with provenance will likely attract rightful 'unique' high valuation There will always be the speculators...mostly wide-eyed non-musicians, who will smell big profits and attempt market manipulation Ce la vie... V Link to comment Share on other sites More sharing options...
badbluesplayer Posted June 24, 2012 Share Posted June 24, 2012 The other interesting fact is that this was a charity auction all purchases were tax deductible, double your profit double your fun... (at least in this case) Huh? Nice try. How about getting your facts straight on the Chinese machinery before you start giving us tax advice. Link to comment Share on other sites More sharing options...
Gumby-137 Posted June 25, 2012 Share Posted June 25, 2012 Huh? Nice try. How about getting your facts straight on the Chinese machinery before you start giving us tax advice. How about spending a little of the disposable income that you spend on guitars and upgrade your sense of humor and that promo shot. PS. Zipper if that is your real name? Do you use the word "us" in hopes that others on this forum will flock to you and help flame the new guy, have at it. I believe my Tax assessment in general is accurate. What is inaccurate is to call it "tax advice" I am not a licensed tax professional. I'm done here... Link to comment Share on other sites More sharing options...
badbluesplayer Posted June 26, 2012 Share Posted June 26, 2012 How about spending a little of the disposable income that you spend on guitars and upgrade your sense of humor and that promo shot. PS. Zipper if that is your real name? Do you use the word "us" in hopes that others on this forum will flock to you and help flame the new guy, have at it. I believe my Tax assessment in general is accurate. What is inaccurate is to call it "tax advice" I am not a licensed tax professional. I'm done here... Hey, sorry to be offensive. FWIW, donors who purchase items at a charity auction may claim a charitable contribution deduction for (only) the excess of the purchase price paid for an item over its fair market value. You also can't claim ANY portion of a speculative investment as a charitable donation. I'm not an accountant either. But you can be sure that he guy who actually donates something gets the deduction. That would be the people who sell the guitars and then donate that money to charity. The only way you can get any deduction is if you buy the thing for more than the actual value and you are aware at the time what that excess value is. Then if you ever sell it at a gain, you're liable for taxes on the gain plus the original excess value that you paid over the fair market value. The IRS either gets you coming or going. There's absolutely no way to outsmart them. Somebody already tried that. Link to comment Share on other sites More sharing options...
Rabs Posted June 26, 2012 Author Share Posted June 26, 2012 then there this one.. which is the one I saw him play most in the clips ive seen. At least its a more reasonable price. I mean this is proper music and guitar history right here http://www.ebay.co.uk/itm/1973-GIBSON-LES-PAUL-STANDARD-VINTAGE-RECORDING-OWNED-MADE-by-LES-PAUL-HIMSELF-/160828411614?pt=Guitar&hash=item25721ecede I guess we will be seeing a fair amount of this in the next few months.. There was ALOT of stuff at that auction. Looks like the Recording has gone now.. doesnt suprise me.. of all the vids I have seen that seems to be his most played one. Link to comment Share on other sites More sharing options...
Riffster Posted June 26, 2012 Share Posted June 26, 2012 Huh? Nice try. How about getting your facts straight on the Chinese machinery before you start giving us tax advice. Exactly, hippopotamus spread less sh!t around than this. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.