Cost basis - Warning tax related topic

[insidethewrapper]

I have a set of baseball cards from 1962 ( 62 Topps) which was given to me as a birthday present in 1962. If I sell now , is my basis $ 0 ??? I never paid anything for them and they probably cost less than $20 back then.

[raulus]

Originally Posted by insidethewrapper

I have a set of baseball cards from 1962 ( 62 Topps) which was given to me as a birthday present in 1962. If I sell now , is my basis $ 0 ??? I never paid anything for them and they probably cost less than $20 back then.

Gifts use carryover basis.

So whoever gave them to you probably had purchased them once upon a time. Their basis then transfers to you when they give you the gift.

Therefore, you're probably right that the basis is probably very low, because it's hard to imagine that the person who gave them to you spent very much on the items to begin with.

[ALR-bishop]

I can almost hear BobC approaching like a big T Rex crashing through the jungle

[frankbmd]

Originally Posted by ALR-bishop

I can almost hear BobC approaching like a big T Rex crashing through the jungle

His fingers just got out of the gym, so they should be ready to begin a significant post.

[Leon]

Originally Posted by ALR-bishop

I can almost hear BobC approaching like a big T Rex crashing through the jungle

I know. Has anyone seen BobC lately?
I use my landed-cost basis for my cost and my net proceeds for my sale. It's not always a positive
And if I don't know the cost then 0 cost basis...doesn't happen often.
.

[Stupe the Second Sacker]

Originally Posted by Leon

I know. Has anyone seen BobC lately?
I use my landed-cost basis for my cost and my net proceeds for my sale. It's not always a positive
And if I don't know the cost then 0 cost basis...doesn't happen often.
.

You know your cost basis and can prove it? Don't see how that's possible unless you've only bought from auction houses.

[Leon]

Originally Posted by Stupe the Second Sacker

You know your cost basis and can prove it? Don't see how that's possible unless you've only bought from auction houses.

Really? I can't keep track of my buys...where, when and how much? There is this thing called Ebay.... and an excel spreadsheet. Google them. How hard is it to write down all of my BST purchases?

I have tracked, very diligently, my buys and sales over the years. I know my landed cost basis, where and when, on every card in my collection.
.

[Stupe the Second Sacker]

Originally Posted by Leon

Really? I can't keep track of my buys...where, when and how much? There is this thing called Ebay.... and an excel spreadsheet. Google them. How hard is it to write down all of my BST purchases?

I have tracked, very diligently, my buys and sales over the years. I know my landed cost basis, where and when, on every card in my collection.
.

Writing down is proof? You were doing this in the 80s and 90s after every trip to the card show? Hats off to you if you were.