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#1
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It should mean something to collectors who have realized gains or losses when tax time slithers around.
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#2
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I think the only thing that matters when you sell, in so far as taxes are concerned, is what you bought it for and what you sold it for. I have been audited once and my few card sales that year made it through with flying colors. A 1099 that I never saw nor reported, didn't fly through. ![]() .
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Leon Luckey |
#3
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There's two different meanings to riff off here....I think OP was using it in the context of "price guide value". |
#4
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![]() I was audited 5 years later for a stupid 1099 I had completely forgotten about. The worst. Nothing like paying taxes and a penalty for absolutely no financial gain. (I was on my deathbed and did not pay a credit card due to disability income. They added a s**t-ton of fees and interest to it and I settled for the original amount sans fees. The IRS calls this a 10K profit and nails me for the taxes and 5 years of interest. That law is direct from the depths of hades. Not that I hold a grudge, lol)
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- Justin D. Player collecting - Lance Parrish, Jim Davenport, John Norlander. Successful B/S/T with - Highstep74, Northviewcats, pencil1974, T2069bk, tjenkins, wilkiebaby11, baez578, Bocabirdman, maddux31, Leon, Just-Collect, bigfish, quinnsryche...and a whole bunch more, I stopped keeping track, lol. |
#5
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Only two crimes have no statute of limitations: murder and tax fraud. Shows you where the real priorities are...
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Read my blog; it will make all your dreams come true. https://adamstevenwarshaw.substack.com/ Or not... |
#6
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Usually dealers who sell hammered cards to really cheap people put it on their sticker so that they can show the cheap people wow you’re really getting a deal %6 of book.
Card is still beat but this is the big thing people always want to feel like they’re getting a deal whether they’re cheap or not. |
#7
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Book value is essentially a baseline number. It will mean little in the end , but its a number. We all carry different sets of numbers in our heads..
Its not totally meaningless. Look at it as a quaint old fashioned tradition if anything. It would be nice of PSA to upgrade those numbers to be more reflective of reality.. |
#8
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Totally irrelevant, including for set pricing/value. It may be a lot easier to attempt valuing a set that way, but you're often going to get obsolete or simply inaccurate data.
However, it is useful for people who enjoy claiming the NM "book value" of the crumpled up card they've listed |
#9
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There is actually a 3 year statute of limitations for the IRS auditing and coming after your income taxes for any particular year that commences on the later of either the day your taxes were originally due (normally April 15th) or the day you actually filed them if filed after their original 4/15 due date. And that statute of limitations gets increased from 3 to 6 years for any return year where it turns out the taxpayer had underreported their taxable income by 25% or more. Once your tax return has gone past the IRS' 3 or 6 year statute of limitations period for auditing it, you will likely never hear from them about that specific year again. That is unless you continue to commit whatever the civil tax fraud is in subsequent tax years and the IRS catches your civil fraud in one of those years still open for audit. Technically they can then decide to go back to the earlier tax years that are beyond the 3 - 6 statues for auditing a return and go after the civil tax fraud in those otherwise closed tax years as well. Makes you kind of wonder why they even bother to have the 3 - 6 year statutes for auditing the returns to begin with. And I'm not even going to start on there being a separate 10 year statute of limitations to actually collect any taxes due the IRS from whatever civil fraud may have been commited. LOL Last edited by BobC; 06-18-2021 at 08:02 PM. |
#10
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Yy
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#11
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Any more when I see BV I figure it is a scammer.
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#12
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Other than some of the people peddling cards via this forum, it appears virtually all card sellers are scammers. When I become inherently rich, as it appears so many in "the hobby" (read: club or clique, whatever) are, then I, too, will no longer care.
It's great that I have the old cards I have, because I won't be able to afford too many more of the ones I would truly like to have. Book value? No longer relevant, really never was, so who cares... Last edited by jingram058; 06-18-2021 at 09:16 PM. Reason: Double word |
#13
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