Quote:
Originally Posted by raulus
And if you just want an answer about whether collectibles gains qualify for the 0% tax rate, the answer is they don't.
"Capital Gains Tax on Collectibles
But while long-term capital gains on most types of assets are taxed at either 15% or 20% (or 0% for taxpayers in the 10% or 15% ordinary-income tax bracket), capital gains on collectibles are taxed at 28% (or your ordinary-income rate, if lower)."
https://www.hallkistler.com/hk-news/...-collectibles/
If you want to become a codehead, I encourage you to dig into IRC Section 1(h), and 1(h)(4) in particular (collectibles 28% rate), contrasted with 1(h)(1), which is the general capital gains treatment.
The crux of the matter is that collectibles are subject to their own tax rate, and don't qualify for the general capital gains tax rate. |
The IRS and Congress didn't get the memo that cards are now "assets."
__________________
Net 54-- the discussion board where people resent discussions. 
My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at
https://www.jamesspaethartwork.com/
Last edited by Peter_Spaeth; 12-14-2023 at 09:19 PM.
|