|
|
#1
|
||||
|
||||
Fortunately, I have always lost money on the sale of every collectible I have ever owned. I swear.
|
#2
|
|||
|
|||
Geography....
Quote:
..fortunately , Fort Worth ain't all that far from Leavenworth , so you'll get a fair number of visitors , come Sunday.. .. |
#3
|
||||
|
||||
I report all my income ...
From eBay and auction houses , btw the fine for under reporting is $ 25000 . Nobody wants that .
|
#4
|
||||
|
||||
I've been told that since the New Tax laws of 2018 took effect that you can't deduct any expenses involved with the sale ( not original purchase price, etc ).
Pre-2018, if you bought a card or set for $ 1000 and sold for $3000 you would pay a tax on the $ 2000 profit. Since 2018-Present, you would have to pay a tax on the $ 3000, since you can no longer deduct the $1000. ( This only applies if you are not a business, but selling as a collector or hobby on the side). If a business you would use Schedule C and deduct the expenses etc. Any tax experts out there to confirm the above ? Thanks
__________________
Wanted : Detroit Baseball Cards and Memorabilia ( from 19th Century Detroit Wolverines to Detroit Tigers Ty Cobb to Al Kaline). |
#5
|
||||
|
||||
Please clarify what you mean by the “New Tax Laws of 2018”. Do you mean the Supreme Court ruling about the application of State Sales Tax on internet sales? Because if so, and I assume that’s what you are talking about, a court ruling about the application of state sales taxes has ZERO to do with how taxable gains are determined for Federal Income tax purposes.
Regarding sales tax, the tax is due on the gross sales price, apparently including shipping costs. Regarding federal taxes, you only pay taxes on your gain (gross price minus basis and all costs). Thus, your example is flat out incorrect for federal tax purposes. Last edited by Rhotchkiss; 01-20-2020 at 12:48 PM. |
#6
|
||||
|
||||
Quote:
|
#7
|
|||
|
|||
As a collectible with a max tax rate of 28% you have never been allowed to deduct any related expenses(bank box, insurance, travel, etc) only the actual cost of the item.
|
|
|
Similar Threads | ||||
Thread | Thread Starter | Forum | Replies | Last Post |
Hobby question bowman and topps question 1950 to 1953 | Bigdah | Postwar Baseball Cards Forum (Pre-1980) | 9 | 12-20-2016 06:55 PM |
1955 Topps Trivia Question - Updated with Question #2 | toppcat | Postwar Baseball Cards Forum (Pre-1980) | 9 | 01-03-2012 07:51 PM |
SGC grading question (possible dumb question) | Archive | Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions | 6 | 09-08-2006 12:36 AM |
Player question & a set question | Archive | Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions | 4 | 11-13-2004 06:41 PM |