Collectibles are treated differently than normal capital gains/losses.
There is no short term or long term, the rate is 28% of what your gain is, not the actual sale price. If there is a loss it can be used to offset other collectible losses in the same year. Unlike other investments you also cannot deduct expenses and or related costs on these collectibles.
Auction Houses are not required to file any individual reports, it is up to the seller to report it.
Last edited by sb1; 09-17-2013 at 12:10 PM.
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