Cost basis - Warning tax related topic

[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.

[swarmee]

Originally Posted by Stupe the Second Sacker

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.

Coming out of the gate swinging. If you do it consistently, the IRS will accept it. I have a gmail account, and still have 20 years of emails; so that means every board purchase, ebay purchase, COMC purchase, PayPal transaction, etc all have a paper trail.

[Stupe the Second Sacker]

Originally Posted by swarmee

Coming out of the gate swinging. If you do it consistently, the IRS will accept it. I have a gmail account, and still have 20 years of emails; so that means every board purchase, ebay purchase, COMC purchase, PayPal transaction, etc all have a paper trail.

Ludicrous. You can easily find specific transactions?

You've never been to a card show?

[swarmee]

Originally Posted by Stupe the Second Sacker

Ludicrous. You can easily find specific transactions?

You've never been to a card show?

I rarely buy anything at card shows. But you're boring me, so I'm going to stop responding and put you on my block/ignore list.