Memory Lane Plank

[sportscardpete]

Isn't the capital gains tax supposed to increase in 2013? That could mean many people are selling out of stocks now to take gains, thus having extra cash for December.

[egbeachley]

Originally Posted by sportscardpete

Isn't the capital gains tax supposed to increase in 2013? That could mean many people are selling out of stocks now to take gains, thus having extra cash for December.

If that's what they are doing in this case, they failed miserably. It was purchased less than a year ago so it doesn't qualify for capital gains tax. It's taxed as regular income.

[sb1]

Actually no, it's a flat 28% collectible tax, irregardless of when it was purchased.

And the OP was referring to people selling appreciated assets(i.e. stocks and mutual funds) at the current years rate on capital gains and using those funds to acquire cards such as the Plank.

[calvindog]

Yes, it was a painful lesson to learn that gains on sales of collectibles are not taxed as capital gains.

[g_vezina_c55]

72 500$ wow a big lost for the last year buyer and price drop !!!!!!

[sb1]

It was a weak 5 and the typical washed out 350 series. A nice 150 would have brought double this price.

[e107collector]

Originally Posted by sb1

It was a weak 5 and the typical washed out 350 series. A nice 150 would have brought double this price.

I agree with Scott, the 150 series look so much nicer compared to a 350 series.

Tony

[g_vezina_c55]

Another plank for sale... psa 5 SC350.

http://www.lelands.com/Auction/Aucti...lank-(PSA-5-EX)

bidding end on 21 dec...

[E93]

Originally Posted by g_vezina_c55

Another plank for sale... psa 5 SC350.

http://www.lelands.com/Auction/Aucti...lank-(PSA-5-EX)

bidding end on 21 dec...

I agree with Scott. The other thing is that with this second (and IMHO nicer) example coming up, it may have effected how aggressive bidders would be.
JimB

[g_vezina_c55]

yep i just see the lelands's example....

[danmckee]

Originally Posted by calvindog

Yes, it was a painful lesson to learn that gains on sales of collectibles are not taxed as capital gains.

Yu did something by the book?? Christ I am losing respect for you Jeff!

[baseballart]

Quote:
Originally Posted by calvindog View Post
Yes, it was a painful lesson to learn that gains on sales of collectibles are not taxed as capital gains.

Originally Posted by danmckee

Yu did something by the book?? Christ I am losing respect for you Jeff!

Canada is a good taxing jurisdiction for sales of collectibles. Unless you are a dealer, any gain on cards or memorabilia is taxed at the capital gains rate, which in my home province is 21.85% (i.e. only 1/2 of the gain is taxable, highest marginal rate of 43.7). As well, there is a $1,000 floor on the cost, which means that you only pay tax on gains where the proceeds exceed actual cost or a deemed minimum cost of $1,000. Losses on cards are not deductible against gains, however.

Max

[egbeachley]

Originally Posted by sb1

Actually no, it's a flat 28% collectible tax, irregardless of when it was purchased.

And the OP was referring to people selling appreciated assets(i.e. stocks and mutual funds) at the current years rate on capital gains and using those funds to acquire cards such as the Plank.

Missed that. Thanks.