Quote:
Originally Posted by egbeachley
Sort of. You forgot to subtract how much you originally paid for the cards. Plus it's only 28% if you are In the 28% tax bracket.
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Unfortunately, they were purchased over 15 years ago. I don't have any receipts and cannot remember what I paid for them.
As to the 28%, I thought the sales of collectibles were reported separately and taxes on those sales were capped. Long story short - I was under the impression this was not treated as ordinary income. Again, I don't do this for a living and certainly don't operate a business. So, no Schedule C.
Is the 28% cap correct, or am I missing something?