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Man Struggling to Pay Bills In Shock As a Family Heirloom’s Auction Price Changes His Life Forever


yota691
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 By George Morgan 1 hour ago
 

L.T., or Big L.T. as some call him, was put on disability after suffering terrible foot injuries from a car crash. Since then, he has struggled to make ends meet.

 

One day while watching television, he saw an episode of Antiques Roadshow in which a Navajo First Phase Weaving Blanket was featured. His family had kept a similar one that had been passed down through generations. Seeing the value of the blanket on TV, L.T. decided he would see if his family’s blanket could fetch similar results.

Once verified that it was in fact an authentic Navajo weaving blanket, L.T. took it to auction. Appraisers stated their expectations for the blanket’s market value which were quickly blown out of the water.

Watch this man’s life change forever in one minute…

 



First Phase Chief's Blanket sets record at John Moran Auctioneers
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and with the sale of personal property the profit is taxable at the rate of at least 30 %

 

 

Yep - this deal will be taxed as normal income tax. Depending on where he lives, a profit of over a million will likely be taxed over 40%.

 

But like Obama said... he didn't build that blanket. ;)

 

 

Not in Canada... :D

 

How do you determine the tax rate on this deal if this event transpired in Canada with a Canadian citizen?

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How do you determine the tax rate on this deal if this event transpired in Canada with a Canadian citizen?

One of two ways.

 

1. Either capital gains (taxed on only 50% of his 1.5 million). He'd be taxed on $750K in that case.

2. Or like Lotteries where he would pay nothing.  We don't pay tax on any lottery winners no matter how many millions you win. People win 20 million they pay no tax.

 

If I were to guess, I'd say #1.  Much like owning a second home and selling it.  Capital gains tax. The same tax we will pay on the dinar revalue if it ever comes to make anything. :D

 

Move to Alberta and pay the lowest taxes in Canada at 19.5% on capital gains.

 

Saint, I think I will hold out for a better offer. Besides, I like it. :P

 

Happy for this man. He seems like a really nice person who really deserved something good to happen in his life.

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