Cost basis - Warning tax related topic

[raulus]

Originally Posted by Stupe the Second Sacker

Makes sense guys...Thank you for the advice. It does raise the next question. How can you prove what else came in the lot?

And can you use reasonable value (average of recent sales) as a cost basis cards you don't have receipts for? Do you have translate those values to market value in the year you bought the card?

PS...What a nightmare for the casual seller.

In terms of proving what came in the lot, you probably have a receipt from the auction or purchase. If you were extra paranoid about the details not being spelled out, you could always sit down and document it when you acquired the lot.

In theory, you should be using relative current market values to allocate the purchase price between the items acquired.

Is it a nightmare for a casual seller? I'm guessing that a casual seller doesn't sell a lot, or at least not in high dollar amounts. And if I had to guess, they probably don't worry about attempting to report it on their taxes. Not that I would ever encourage such scofflaw behavior!