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Old 11-14-2017, 11:03 AM
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Quote:
Originally Posted by birdman42 View Post
Here's how it happens on your end. BB cards are considered capital assets just like shares of stock. It's up to you to keep track of three figures for each item, and report the sale no matter the amount. In the breach, I'd imagine small amounts don't get reported.
The holding period--a year or less between the purchase and the sale is short-term, more than a year is long-term.
I am not an accountant, but this is not how it has been explained to me. AFAIK, the sale of baseball cards falls under "collectibles" which are all taxed as short term capital gains (ordinary income) - 28% -, no matter the holding period.

Please verify all of this with your CPA.

Last edited by Baseball Rarities; 11-14-2017 at 11:13 AM.
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