Latest / The High Net Worth Podcast with Fexingo: Wealth Management, Tax Strategy, and Affluent Finance
How the Ultra-Wealthy Use Collectible Cars as Tax-Smart Assets
Lucas and Luna explore why the ultra-wealthy are increasingly treating classic cars not as toys but as tax-advantaged investments. They dive into the specific case of the 1962 Ferrari 250 GTO that sold for $48.4 million in 2023 — how its owner used a like-kind exchange under Section 1031 to defer capital gains, then passed it to heirs with a stepped-up basis. The hosts unpack the IRS rules on 'collectibles' versus 'business assets,' the role of qualified intermediary accounts, and why the wealthiest families now hold over $12 billion in collectible cars globally, according…
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