Quote:
Originally Posted by Stupe the Second Sacker
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.
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Allow me to update my comment about "current market value". I was referring to current market value at the date of acquisition, not as of today's date. If I purchased 100 cards in a large lot 15 years ago, then I would use the relative market values at the date of acquisition to allocate the cost between those 100 cards.
If you can't remember what you paid for a card from 15 years ago, then it sounds like your basis is probably zero. I would be tempted to dig deep into my memory to come up with a ballpark, although doing so could be dangerous.
In terms of getting over $600 per year in sales, you're right that the new rules require reporting once you hit that level. However, I wouldn't be surprised if those rules get modified. The reporting burden seems like it could be significant, and I expect that there will be an outcry to raise that limit.