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Oh well either way.
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For information on baseball-related cigarette and tobacco packs, visit www.baseballandtobacco.com. Last edited by canjond; 07-25-2010 at 08:56 PM. |
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In Canada, there are a number of rules that deal with donations, including a three year rule look-back rule restricting donations to the purchaser's cost, rather than fair market value. These amendments were put into place to prevent what the fisc considered inappropriate donation schemes whereby a taxpayer profited through a donation after taking into account the tax credit. Donations aren't always a simple thing when the donation isn't cash. Max
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Max Weder www.flickr.com/photos/baseballart for baseball art, books, ephemera, and cards and Twitter @maxweder |
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Being in the auto business, I occasionally donate or facilitate donations of worn out cars. Getting a $500 tax donation for a car that sells for $200-300 when it's auctioned is not going to raise eyebrows - and most people have basis in the vehicle anyhow. Buying an old junker for $500 to make a donation and charge off $5000 - that'll get you in some trouble. No different than cards I'm sure. |
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Really? Is the law different for collectibles than other assets? I know you can donate appreciated stocks without taking the income hit. I'm pretty sure you can do it with real estate. Would this be treated differently?
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Jim Van Brunt |
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Same thing really. The income earned and deduction made cancel each other out. |
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I'm not following. If you were to sell these worthless cards and make a profit of $10,000 and then donate $10,000, I could see the income and donation canceling each other out. But how is buying something and then donating it the same thing?
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In the example given, if you buy something for 25 cents, find out it's worth $10,000 and donate it, you have in essence 2 separate transactions; income of $10,000 and then a donation of $10,000. You don't get to pick the $10,000 donation and conveniently ignore the income piece.
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Using the donation of appreciated stock as an example, it's NOT the same thing. When I donate stock to a charity, I get a deduction at the current price and never have to pay capital gains on the appreciation.
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Jim Van Brunt |
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I know this post has gone in a different (and interesting) direction, but I have a comment that pertains to the original poster's point.
You can make money buying and selling collections like these. I used to make a solid 2nd income doing so. Fortunately I am on to bigger and better things. Here are a few rules to live by: #1 Count only the things that you are confident you can sell right away ie: complete sets, wax boxes and high-dollar singles. Add up what you can sell this stuff for and divide it by 2. That is the most you should pay for the entire collection. If you are selling on ebay then you should factor in fees as well. I usually figure 20% of the gross sales are going to pay fees, so take that off first and then divide it in half. #2 Once you sell off the items in step #1 you are stuck with the rest of the "junk". This is the part that most people don't like to hassle with. You can normally find someone in your area who buys bulk and unload them cheap. If you don't know of such a person put the collection on Craigslist and they will come out of the woodwork. They will lowball you, but that's fine you just want them gone. You can also find creative ways to sell them off such as team lots, player lots, mystery lots/grab bags etc. This tends to be more work than it is worth though. #3 If you can add something to your personal collection along the way that is a nice bonus #4 (And most important) DO NOT OVERPAY! Yes it is exciting to aquire a large hoard of cards and sort through them and find all the gems. For the most part though what you see is what you get. If the dealer/seller wants too much for their stuff it's just not worth it for you. Best of Luck! |
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Be afraid. Be very afraid.
A couple of friends of mine owned a card store in the early 80s. They had a chance to buy 500,000 1980's Topps commons for $500. The figured they couldn't lose.
They did. |
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