Estate tax. I used the word heirs.

Not income tax.

In terms of income tax a guy like Bieber would pay 50% if he lives in CA, NY or any high state income tax state.

David, thanks for the clarification.

Sure thing.

The top estate tax bracket used to be in the 55% range and then with the exemption you would net about 50%. Obviously many have used fancy estate planning techniques and altered this some but the point is the same. If you are mega rich a huge chunk is being confiscated when you die. If Bieber died tomorrow his estate would owe 101.44 million using the 265 estimate. Might as well blow some of the dough on whatever you want. On items like this the higher the price goes the more exciting it becomes so it is a win win. If it goes up in value great. If it goes down no big deal.

A bit off-topic, but I dont understand people paying hundreds of dollars for no-name mirror blues and golds in this set. You can get PSA 10 mirror golds of top NHL players for $100-200. Yes, smaller market but you could buy every Gretzky mirror gold in PSA 10 and have most of your money left over from that Jeter. Oh well, its not my money.

Don't take this as me being snarky, but I don't get how the cost of a Wayne Gretzky card would help out someone who is a Jeter/Yankees collector. :confused:

Someone dropping $200K on a single card is probably not looking at how far they can stretch $100-200.

I wonder how it would work out if someone claimed a card sale like this under capital gains.

That's both strange and interesting. Aside from holders for stuff like Bowmans, there shouldn't be much variation of size at all. The molding shrinkage ratio for polycarbonate (I think that's what the slabs are, but haven't verified) is .5-.7% not much at all.

Capital gains tax on collectibles is 28%

+1

I live in Washington state. When Jeter announced his retirement, I realized I had never seen him live. So I bought tickets in February to his last home series in Seattle versus the Mariners. I'm not even a Yankees fan! I even took my toddler so he could say when he's 65 that he went to a Derek Jeter game (granted he can't remember it). We sat out in the section that is normally "King's Corner" with the Felix Hernandez fans. I'm not lying that I hardly saw a Mariner's jersey in that corner. We were surrounded by people who had New York accents. He is an icon. Biggest player of my generation. I doubt that will be the last Jeter card to hit that number. Mike Trout might be a better player, but unless he gets those WS rings, he won't compete with Jeter for legendary status.

Yes, it's hard to get the legendary status Jeter seems to have when you don't get to play for winning teams. In addition to Trout, just ask Teddy Ballgame.

I’m a life long Yankee fan, but I honestly have never drunk the kool-aid when it came to Jeter. Granted, he was a great player. However, in my mind, he was never better than the third best player on the Yankees for most of his career. I consider Mariano and Arod to be above him. I also thought that Jeter was somewhat selfish when he refused to move from shortstop when Arod, a better shortstop, came to the Yankees. I think mentioning him in the same breath as Brady and Jordan is absolutely crazy.

Agreed, I could have been more specific. i was speaking strictly from a popularity standpoint, not as status as the greatest in their sport. For many different reasons Jeter’s popularity transcended his sport into the mainstream like Jordan and Brady where the casual or even non fan recognizes then.

The irony is that for the second half of his career Jeter played with a guy who was the far superior baseball player, but the unique circumstances just fueled Jeter's popularity.

Are you referring to the guy that was on steroids his entire career?

A major factor in the Jeter perfect storm, the image (true or not) of the squeaky clean boy next door amid the sea of cheaters.

Not to derail, but when I recently heard the Patriots were playing at FedEx Field vs the Redskins I bought tickets for the family and went to watch Brady play since the Redskins are the closest team to us (3 hours). That place was PACKED with Patriots/Brady fans about 70/30. I knew it was probably going to be the last shot I had seeing him play in person and that's how most of the people in our section felt as well.

Times have changed. I grew up in the DC area and in the 70s and 80s, unless you had connections, Redskins tickets were hard to come by.

I went to the Rams vs Packers game last season in LA. I'd say at least 70% of the fans were rooting for the Packers, if not much more. It felt like a home game. I thought this was in large part due to packer fans traveling or those like myself who have relocated but have come to find out it's pretty standard for most Ram and Charger games out here.

I agree these high prices are good for the hobby, as silly as they are. There are lots of silly and outrageous things about this hobby, and in instances such as this bonkers Jeter auction, we get the opportunity to have a good laugh now and then. Double benefit as far as I'm concerned.

I may be wrong, but I don't think the Gem Mint card populations grow much from year to year, generally speaking. I'd expect that eventually -- say, 10 or 15 years from now -- there might be a few more that have been graded PSA Gem Mint. Or, maybe a couple dozen more that have been graded BGS 9.5 (and perhaps a couple BGS 10's by then, as well).

You'd have to run the numbers to see what works best. I believe the capital gains tax for collectibles is 28%. You could set up a card business and file a schedule C, and see whether that works better than using a capital gain when the costs of starting and operating a business are considered. You could also set up an LLC or S corporation, capitalize it with cards, sell the Jeter, and take the section 199A deduction, which deducts the first 20% in pass-through income from the business, then you pay regular income taxes on the rest. There are limits tied to income levels and certain activities, however, so you need a good tax planner to work you through it all.

But don't take my word for it...I don't give tax advice and when I do I usually get it wrong. The only advice I will stand by is "pay the taxes"; if I have a tremendous windfall because I busted a pack of cards 20 years ago, I am going to enjoy it and not get all bunged up about the taxes.

:D:D:D, me too.

Garbage card for a garbage player.

Wonder how he would have done in San Diego or Kansas City...

- M.

i wonder if this was actually paid for ..doubt it

It seems some individuals are making more mint vintage cards daily. And others are getting away with faking certain stamped backs (not referring to Holmes to Homes, they can be printed, I don't care). As for the Jeter card. It's a free America. Bless capitalism. :)

Bieber is married to Hailey Baldwin. How would this affect his estate tax?

I don't know about "squeaky" clean. I recall a time when I was watching a game on TV, and he asserted that a pitched ball had struck him, and was then awarded first base. The slow-mo replay clearly showed that the ball completely missed Jeter. The guys in the booth even praised him for his dishonesty, saying something like, "Well you have to give him credit for doing whatever it takes to get to first base and help his team." Just a cringe-worthy moment for the youth of America everywhere to see this icon of the game cheating for his team.

Reminds me of ARod swatting the ball out of the pitcher's hand on a close play at first against the Red Sox and claiming it happened as a result of his natural running motion.

Just double the exemption

Ha! I remember that one too! Classic.

Didn't he yell out got it or something while running the bases on a pop fly and got the infielder to look away long enough to drop the ball?

Pretty sure that was a game in Toronto. Definitely happened.


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