Quote:
Originally Posted by whiteymet
If you are a COLLECTOR If I don't need the $$$ I hold on to my crown jewel.
Should things change down the road where you need money, which in your described position does not seem to be expected, you will still have the highest graded card which over the years should, as history has shown, increase even more in value.
But then you will have even MORE taxes to pay down the road when you sell it!  |
HA. Thanks Fred. You're right that I don't need the cash. And I need it even less if I'm just turning around and giving it to the tax man.
One potential saving grace when I do sell is that I can first move to a state with no state income tax, thereby saving myself the 9% that I would otherwise have to pay if I sell whilst living here in the great state of Oregon.
Of course, there's always the real possibility that federal income taxes will rise in the next few decades, thereby offsetting some or all of the savings that I might otherwise enjoy by moving to another state with zero income tax.
And there's also the possibility that states like Oregon will enact some of the exit taxes that they've been threatening to levy. When you move out of a high tax state to a low tax state, the general concept is that they tax you on everything you own that has appreciated while you've lived in the high tax state. That way you can't just move to another state and sell it without paying the old state. I know that it's been proposed in a few states, but to my knowledge hasn't been implemented just yet.