You have a Devastator? The thing that dreams are made of.....
You have a Devastator? The thing that dreams are made of.....
Silverangel A
Arches F style kit
1913 Gibson A-1
Yes and no. It's a capital asset, and since it's not expected to depreciate there's no benefit there. If you took out a loan to buy one, then you can deduct the interest but not the principal. Any repair work would be a deductible expense. If you later sell at a loss, you can show that loss to offset other income. However, if you make money on it, then you'd pay capital gains tax on the increase.
Long story short, it's not much of a winner in terms of taxes.
Silverangel Econo A #438 (“Swazi”)
Schnoor Silver Bell Style 5 Tenor
Schnoor 5-string open back
Martin OM-21
1950 Epiphone Devon
Emmons GS-10
More electrics than you can shake a stick at. I have to sell this stuff.
The strings were loosened so it wasn't ready to play. I did gently pick at it a little and had my picture made with it. I was surprised when he just handed it to me. I admit that I gave it a good sniff. It smelled like old furniture and tears. It was purchased by the current owner when Loars were at the height of their value.
Out of tune and out of time.
So the Loar wasn't tuned to pitch? Is this someone who bought it for an investment I wonder? They paid the big price about in 08 or so huh? Too bad you couldn't tune it and play it! Didn't the owner want you to? Sorry I'm just very curious! It may have been this thread but I mentioned a few people I know of paid the super inflated price back then thinking they would go up more -they may very well but not for a loooong time I think as there are way too many great mandolins that people would rather spend their $ on and get something great for a fraction of the cost? One Loar F-5 I know of the owner has it at a shop for 250 for quite a few years now and the owner of the shop when I talked to him at a guitar show said he won't come down any as he paid that high price-he also said it won't sell and the owner is pretty bummed about it, he said you have to lower your price as they've went down big time, I guess he/she doesn't need the $ that bad or they would come down? I've even seen Gruhn come down on his Loars some by 50G+!
About 15 years ago (my my), I wrote this story about the experience of having time on a Loar:
Loar Diary
Have a look-see! As to what remains from that experience 15 years later..
I definitely changed my pick technique at the time I had the Loar, and kept to it
I'm much more careful about subtleties in tone from how I hold the instrument
I am more prone to let notes ring out than I was before
My taste in older Gibson oval-holed mandolins changed.. several I would have passed on ended up being ones I now treasure!
The way I "test drive" mandolins changed pretty dramatically too
Over time, I'd say I was pretty luck with 76547 as a "First Loar to Try". It's a really nice one. I've been quite fortunate to try others since then. There hasn't been one that I disliked, though there are definitely some that are really special and hit me on a different level. This one is still in my top 3, it just depends on "for what" !
I LOVE what the Virzi's do myself! The one's I've played and have sure aint no Tone Reducers!
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