Posted By:
warshawlawPublication 550 (2005), Investment Income and Expenses
Capital Assets and Noncapital Assets
For the most part, everything you own and use for personal purposes, pleasure, or investment is a capital asset. Some examples are:
•Stocks or bonds held in your personal account,
•A house owned and used by you and your family,
•Household furnishings,
•A car used for pleasure or commuting,
•Coin or stamp collections,
•Gems and jewelry, and
•Gold, silver, or any other metal.
Investment property. Investment property is a capital asset. Any gain or loss from its sale or trade generally is a capital gain or loss.
Gold, silver, stamps, coins, gems, etc. These are capital assets except when they are held for sale by a dealer. Any gain or loss from their sale or trade generally is a capital gain or loss.
Personal use property. Property held for personal use only, rather than for investment, is a capital asset, and you must report a gain from its sale as a capital gain. However, you cannot deduct a loss from selling personal use property.
Baseball cards are not specifically referenced in the publication but I would infer from the collectibles that are mentioned that they would be treated as investment properties.