Quote:
Originally Posted by raulus
In terms of proving what came in the lot, you probably have a receipt from the auction or purchase. If you were extra paranoid about the details not being spelled out, you could always sit down and document it when you acquired the lot.
In theory, you should be using relative current market values to allocate the purchase price between the items acquired.
Is it a nightmare for a casual seller? I'm guessing that a casual seller doesn't sell a lot, or at least not in high dollar amounts. And if I had to guess, they probably don't worry about attempting to report it on their taxes. Not that I would ever encourage such scofflaw behavior!
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For items purchased at an auction house or ebay, yes there are receipts. But shows? Responding to ads in the paper? No receipts.
I don't follow the "relative current market values" comment. If I bought a Pete Rose card at a show 15 years ago and don't remember what I paid...what is the cost basis? Not talking about a lot here...individual cards.
I think there are plenty of casual sellers that sell over $600 in a year. That's not difficult to do, especially these days.