HOLY ****!!

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Posted By: Bill Stone

Ha ha --by that response I see you have already talked to a lawyer !! Be sure and tell her/him that in the the earlier thread( how to find an honest appraiser) on August 7 you wrote " I just inherited approx. 1200 206..."
Seriously, congratulations on the cards and enjoy them as much as we are vicariously sharing the thrill.

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Posted By: Pcelli60

Relics, holy grails, and nothing this poor boy can afford.. I hope you do a little good with all that money thats about to come your way.

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Posted By: skydash55

Relics, holy grails, and nothing this poor boy can afford.. I hope you do a little good with all that money thats about to come your way.

I never said I was going to sell them.......just wanted to get some info on what they may be worth....

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Posted By: skydash55

"somone rushing your 737 cockpit door if I could compare it for you.........."

Oh....I've got a little something for anyone who does that...Google "FFDO"

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Posted By: Andy Broome

We would love to tell your story and show your pictures in Beckett Baseball Monthly and on our site.

Please contact me at: abroome@beckett.com
We will keep your name and info confidential if you like.

Andy Broome
Beckett Media
www.beckett.com

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Posted By: Eric

Federal Flight Deck Officers

Nice! I had to look it up

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Posted By: JimB

I may have mis-read Shane's statement (or it was not too clear). Sure some auction house would probably take this for 0% and maybe -3% out of a 20% Buyers Premium. I have gotten 0% myself and offered even better for cards I decided not to sell. By the way, it is not exactly true that the cost for auctioning a T206 Wagner is the same as an unopened 1976 Topps box. If the Wagner gets 2pages in the auction, and the wax packs get 1/8 page, then it is not the same cost.
JimB

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Posted By: Jeremy W.

Just curious, are you a basebal fan?

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Posted By: Jim VB

"I will neither confirm nor deny that I inherited these cards...."


I think what he meant to say was that his father-in-law has been "gifting" about $10,000 worth of cards annually, to each Sky and his wife, for... let's say... each of the last 50 years.

That, plus the current Estate Tax Exemption, should cover them just fine.

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Posted By: skydash55

Just curious, are you a basebal fan?

Grew up watching the Cubs...Saw Ron Santo hit a homerun at Wrigley,moved to SC,became a long suffering Braves Fan(saw Bob Horner,Dale Murphy play at FCS) Played LLBB...So,yea....pretty much all my life.I don't think I'd have had the kahunnas to make my origional post if I was not a Baseball fan.

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Posted By: Rob Fouch

Hi, skydash. Congratulations on this tremendous find. I've been pestering everyone I work with -- none of whom have much interest in baseball cards -- telling your story and even they found it exciting.
Anyway, I hope if and when you decide to sell, and the cards are in safe hands, and you feel it's OK to share information, that you'll give us a breakdown of what your wife's great-grandfather had. (Great-grandfather, right?)

I just find it fascinating that someone could put together such a remarkable collection sort of under the radar. I guess it was a different time when he was assembling his collection. No ebay, or big-time auctions, etc. Probably a much lonelier pursuit than it is today.

By the way, you're a pilot? My wife's 23-year-old son just finished up flight school and is now a first officer for ExpressJet, a division of Continental. He flies the mid-size jets. You fly the big boys, right? Very cool.

Good luck with whatever you decide to do with the collection. It's been a blast reading about the cards. Keep us updated on what's happening.

Rob Fouch

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Posted By: skydash55

By the way, you're a pilot? My wife's 23-year-old son just finished up flight school and is now a first officer for ExpressJet, a division of Continental. He flies the mid-size jets. You fly the big boys, right? Very cool.
Yea Rob.....737's.Beats working for a living,which is what your wife's son is now doing...alot. Yes......all things will come out one of these days,and it truly is amazing how all of this came together.

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Posted By: Rob Fouch

Yeah, he's been working his tail off. But he absolutely loves it, so he's certainly lucky in that regard. I never knew how much went in to becoming a commercial pilot. They really weed out the idiots. Thank God, I suppose.

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Posted By: skydash55

Yeah, he's been working his tail off. But he absolutely loves it, so he's certainly lucky in that regard. I never knew how much went in to becoming a commercial pilot. They really weed out the idiots. Thank God, I suppose.

They really weed out the idiots huh?? You ain't met me pal. I'm dumber than a bucket of hair. Every time I pass a checkride I say "HA!! fooled 'em again"!!

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Posted By: Dave F

Ha ha skydash.....as long as your not flying in or out of Hartsfield International!

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Posted By: Jeremy W.

I'd advise you to pick out atleast one card to keep as a family heirloom. Auction the rest..or keep them. With all the great advice you've gotten here, I'm sure you'll be alright.

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Posted By: Bob

There's going to be some major tax implications here. My first suggestion is to consult is a good probate attorney in your area. I just read that the guy who caught Bonds' 756th is facing huge tax liability even if he hangs on to the ball. I know the two situations are different but the frigging tax guys get you coming and going.

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Posted By: Marc

Speaking of taxes, that is why I would have NEVER made this collection public. That way uncle sam would never know about it. As soon as Skydash gets these cards graded, he will probably be forced to sell them. And honestly, that is a crime in my book by the government. If I were Skydash, I would only get them graded if I was going to sell them. Otherwise, I would buy the best fireproof safe I could find, quit posting on this board about them and just disappear.

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Posted By: Dave F

Guys, I think Skydash has plenty of time to decide what he wants to do with these cards if anything. I know I've seen mention of "if your needing the money" type deal...but, if he is flying 737's he's not hurting for money to begin with.

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Posted By: Joann

OK - not sure if I have this right on taxes, but here goes.

Assume that the personal estate tax exemption - $2mm in 2007 - will cover all or most of the value of the cards, so estate tax is minimal.

Sky now takes these on the stepped-up basis - meaning that it is as if he bought them this year and paid current value. So if he sells them this year, or within a reasonably short time, he would only pay taxes on the increase in value from the time he came into possession until the time he sold/sell them (if he does). So taxes on a sale would be far lower than if he had to pay taxes on the face value of a sale.

Am I missing something here? If the estate tax is minimal because of the personal exemption (I know - big assumption there), and he takes on stepped-up basis, it seems to me that there may not be huge tax implications. The only X factor is the South Carolina estate tax law.

At any rate sky - see a tax lawyer, but it might not be all that bad.

OK guys. Go ahead and ring in with any and all holes in the analysis above.

J

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Posted By: PAS

Not my specialty either but I would think for an estate tax exemption to be applicable, there would need to be a specific bequest. Do we know there was one here?

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Posted By: Frank Wakefield

I think that the sale of a ball card results in plain old ordinary income.

That would not be true if it is a business, that keeps inventory, and buys and sells stock (as in cards, not shares).

For individuals, basis applies to real estate, stocks.... a baseball card is not an investment, notwithstanding folks who want it to be one.

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Posted By: Peter Spaeth

Whether capital gains or ordinary income (and on that front I believe in certain circumstances sales of collectibles are treated as capital gains), if I buy a card for $100 and sell it for $110, I can't see how the calculation of my "income" would not take into account my cost basis. Otherwise, I could sell a card at a huge loss and still have income if my basis were irrelevant.

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Posted By: Frank Wakefield

And I agree with your thinking. That is how it should be.

But my understanding of the IRC is that the IRS looks at proceeds from the sale of a baseball card differently.

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Posted By: Steve Murray

If I inherit a chair that my Dad bought in 1960 for $100.00 and at the time of his death is worth $500.00 do I get a stepped up basis so when I sell the chair for $500.00 a month later I have no realizable gain and no income to report? Or does it even matter what Dad paid? Do I just have $500.00 in ordinary income?

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Posted By: Frank Wakefield

Laws of each state are different.

I think the thing to do would be to have the estate sell the chair, if you want it sold.

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Posted By: dstudeba

I am assuming that Skydash inherited these cards from his Father in Law's estate. That being the case the only problem he has is that I think his Father in Law passed a while ago. He will owe takes on the increase in value since the death. His cost basis is the value at the date of death, since as Joann mentioned he will get the stepped up basis and it is more than likely that the whole Estate came under the exemption (currently 2MM). (even if the estate was larger, it would be the Estate's responsibility to pay the taxes, not skydash's) When/if he does sell the cards, he will be on the hook for collectibles tax which is a higher rate then normal capital gains.

Skydash - If I were you I would spend some time getting 2-3 appraisals of what the cards were at the time of your father in law's death. These should be from reputable people in the industry. You will take the highest valuation, and make sure that you are comfortable with that person in case the IRS comes knocking.

disclaimer : I am not an attorney and this should not be taken as professional legal advice, please check with your attorney before doing anything.

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Posted By: dstudeba

Steve - For federal tax purposes you have no gain.

Frank - do you know of any States where there would be a gain?

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Posted By: Frank Wakefield

Some states have inheritance taxes. The feds tax the estate, states tax the inheritance.

Basis is not automatically the value at the time of death, as stated above. IF the cards were included in the estate at that value, then you'd have that basis. IF the cards weren't scheduled in the estate at that value, then you wouldn't.

And with that I'm done with any attempt to explain it. Folks keep wanting to say what makes sense or what they think is fair... and common sense really didn't permeate the Internal Revenue Code, so an expectation of fairness and common sense leads to disappointment.

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Posted By: dstudeba

Thanks for the clarification Frank. I completely agree that it would have had to go through the estate, that is why I mentioned in my first sentence that I was assuming that the cards were part of the inheritance, as opposed to a gift. I should have also mentioned I was only refferring to Federal Taxes.

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Posted By: boxingcardman

To add the cards at FMV as of date of death. Then you get a stepped up basis. If the estate doesn't tip over the personal exemption level with the addition, the estate has no tax and the heir has a stepped up basis that will soak up most of the gross on sale.

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Posted By: skydash55

"stock or something as they have prices on most, if not all, of them. Obviously, the prices at least on the Thorpe and Jackson are WOEFULLY incorrect. Neat stuff......."

Actually,my Father in law put these prices on the cards about 10 yrs. ago. I guess he got the figures from some price reference guide at the time....

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Posted By: Brian

Sorry for the bump, but the search feature here stinks.

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Posted By: Chad

My great, great uncle was a collector and my family was lucky enough to find an album with several Colgan Mint Chips E270 included in my granparents attic. Anyway, we have about 50 of the circular cards, most in prestine condition. We have a Jackson (excellent condition but with a very small amount of tape on the back), Cobb, Thorpe, Baker, Speaker, Evers, Wagner, etc., etc. Would you recommend having them graded by PSA or another professional grader? Also, what about an auction source? I can take a digital photo of the Jackson if you would like to see it. Thanks in advance for any advice you may have.

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Posted By: Frank Wakefield

Chad, post your email, please sir, or email me.

Thanks.

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Posted By: Chad

Wow! I guess then that I have really hit the jackpot, because I have about 50 of the Tin Top E270 cards, including a Jackson, Thorpe, Cobb, Wagner, Evers, Wheat, Baker, Speaker, etc., etc. Most are loosely taped to a scrapbook (except for the Jackson, Baker and about five commons, which came loose) but are in otherwise prestine condition. Any advice in terms of how we should go about removing them from the book? Also, who would you use to have them professionally graded?

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Posted By: Gilbert Maines

Chad,
If what you have posted here is true, you are in the danger zone - what you do next can have a very significant effect on the value of the Colgans. If this is a joke, thank you. It was hilarious?

If you actually have the Colgans in the situation which you describe, I recommend that you do nothing until you obtain and understand the advice which will be offered.

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Posted By: barrysloate

If you really do have these cards and they are taped in an album, you need a professional paper conservator to remove them. If you try it yourself you will damage them.

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Posted By: BcD

on the same card by chance!



BcD

[FUBAR]

What ever became of this collection??

[jeffmohler]

The Skydash collection was auctioned off by Mastro a couple of years ago. As I recall, the prices, while good, were not off the charts. The opinion of the board at that time seemed to be that the rarity of the items hurt the value - not that many people collect Tin Tops because of the difficulty of finding them.

BTW, SGC slabbed the cards with the name "Skydash Collection". Once in a while you will see one pop up on Ebay.

Jeff

[Rob D.]

There were two Lajoie Tin Tops in the find (I think). Here's the lesser-condition example: