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#1
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I did not see where you mentioned that the maximum rate is increased from 15% to 28% for long term capital gains.
Last edited by Baseball Rarities; 11-14-2017 at 11:47 AM. |
#2
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Here is another good article that I just found with a Google search:
http://1040return.com/collectibles-tax-collector/ |
#3
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I think I'll just keep everything and let my estate have it and pay no taxes. For example: If I bought a card at $ 1000 five years ago and sell it now at $ 2000 I would have additional income of $ 1000. If I die and my son gets it, he gets it at current market value $ 2000 and sells it at $ 2000 therefore no tax. Doesn't matter what the purchase price was. At least that what I have been told.
No, I'm not a tax expert, but I did sleep at a Holiday Inn recently.
__________________
Wanted : Detroit Baseball Cards and Memorabilia ( from 19th Century Detroit Wolverines to Detroit Tigers Ty Cobb to Al Kaline). |
#4
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Quote:
I am not a tax expert but I did get a lecture from my accountant on the subject last year. |
#5
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Quote:
So as the OP said, under current law if he passes away and leaves a $2K card that he paid $1K for to his son, his son can then sell the card using the current $2K FMV and have no gain on the sale and owe no tax. Now I don't know how the final version of any Republican tax reform laws will read but, if they do away with estate taxes entirely, I would also assume they then do away with this basis "step up" that inherited assets are getting under current estate tax law. In that case, if the OP passed and left his son the $2K card that he only paid $1K for, it would stand to reason that the son would inherit the card, and the deceased's $1K cost basis in the card. So now when the son goes to sell the card for its current $2K FMV, his basis is only $1K and he now has a $1K gain to pay tax on. Like I said, no one knows what the final tax laws will look like in regards to estate taxes under Republican tax reform, or if it will ever even pass. But just remember that if the "Basis Step Up" goes away along with estate taxes, the 99+% of people that pass away without currently owing any estate taxes and can leave their children their card collection pretty much tax free if the kids sell it right away, may now be leaving their kids a potential tax hit if they go to sell the card collection and have to use their parent's basis in the collection for determining gain on the sale. Oh, and don't get me started on how will the kids even know (and prove) what their parent's cost basis was in the collection to begin with. |
#6
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i have little doubt there is some good advice in this thread. however, i would be cautious seeking tax help on a public chat board in which some of its members think the solution to not receiving an auction catalog is to post days or weeks after the auction has ended that they never got one.
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#7
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Quote:
Bill |
#8
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Fortunately, I have always lost money on the sale of every collectible I have ever owned. I swear.
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#9
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Geography....
Quote:
..fortunately , Fort Worth ain't all that far from Leavenworth , so you'll get a fair number of visitors , come Sunday.. .. |
#10
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I report all my income ...
From eBay and auction houses , btw the fine for under reporting is $ 25000 . Nobody wants that .
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#11
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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). |
#12
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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. |
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