Quote:
Originally Posted by khkco4bls
Here's my question if I bought everything in my collection at antique shows Brimfield other locations you normally just pay cash a lot of times and don't have receipts but what happens when you sell your whole collection at auction do you pay taxes on the difference of what you paid to what you sold it for
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You'd have to discuss that with the IRS or your tax accountant. If you don't have any receipts (or something similar) to verify the purchase price of your items, technically, the IRS can say that you picked up those items for free, and the entire amount that you sold the item for is your profit and taxable.