Quote:
Originally Posted by Hankphenom
Disclaimer: I am NOT a tax professional. But, you are responsible for paying taxes on any gain from the sale of your assets. If you have held them for more than a year, the capital gain rate (for your particular overall marginal tax rate) applies. You can deduct the cost of these assets, assuming you have those records, from the gain at sale, in determining the net taxable gain.
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Not sure capital gain/marginal tax rates apply to collectibles. I seem to remember reading that collectibles are their own class of asset and the rate was something huge (28%?) no matter what your marginal rate is and no matter how long you have held the asset. I could be wrong.