Taxes On Consignments

[Hankphenom]

Originally Posted by Hankphenom

I stand corrected. Looks like it's a straight 28% of the net of gains and losses on sales of collectibles for the calendar year. Sorry for the misinformation.

Thanks to Jim VB, I stand corrected a second time. The 28% is the MAXIMUM capital gain tax rate on collectibles, otherwise it is taxed at your lower marginal rate for all income including the capital gain. Only if your rate is 28% or higher would you pay 28% on your collectibles gain. I sure hope that's right, and in any case I'm going to shut up now.