The trend in Wagner cards

[Peter_Spaeth]

Originally Posted by Cooper1927

Seems the market keeps booming in Wagner’s - especially portraits. Any additional insights?


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My insight is that I would probably sell mine now if it weren't for taxes.

[sb1]

Originally Posted by Peter_Spaeth

My insight is that I would probably sell mine now if it weren't for taxes.

Very true, the cost of exiting in the collectible category is a big hit to the pocket.

[Lorewalker]

Originally Posted by sb1

Very true, the cost of exiting in the collectible category is a big hit to the pocket.

To me it beats taking a loss on an item. Gladly...well maybe not gladly but willing to pay taxes on a gain over taking less than I paid. Even after taxes, we still get to keep a majority of the gain.

Signed,
Goodie goodie

[Peter_Spaeth]

To be more accurate, what I meant to say was that after taking taxes into account, the profit is not large enough to entice me to sell. As Lorewalker says, it wouldn't really be a hit to the pocket, it would still be a nice gain.

[Gorditadogg]

Originally Posted by Peter_Spaeth

To be more accurate, what I meant to say was that after taking taxes into account, the profit is not large enough to entice me to sell. As Lorewalker says, it wouldn't really be a hit to the pocket, it would still be a nice gain.

I know what you mean. That's what my dad told me when I asked if he was going to sell Tesla when it was at 1200.

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[bandrus1]

Originally Posted by Peter_Spaeth

My insight is that I would probably sell mine now if it weren't for taxes.

you dont have to be a goodie goodie... you can get cash for that at the national

[Exhibitman]

The effort to purchase a Wagner nowadays is Wagnerian.

[Exhibitman]

Originally Posted by bandrus1

you dont have to be a goodie goodie... you can get cash for that at the national

And then you have to transport and launder the cash. If you just deposit it into your account, there will be a report generated and the authorities may want to have a word, and you better have reported the income when they come knocking. "Any time you try a decent crime, you got fifty ways you're gonna f**k up. If you think of twenty-five of them, then you're a genius - and you ain't no genius." Body Heat, 1981. The algebra of deterrence at work here. Avoiding a bit of capital gains tax is not worth risking a professional license (Peter is a lawyer) and possibly one's liberty. It also isn't being a goodie-goodie. It is being a good citizen. "Taxes are the price we pay for a civilized society"--Oliver Wendell Holmes, Compania General De Tabacos De Filipinas v. Collector of Internal Revenue, 275 U.S. 87, 100, dissenting opinion, November 21, 1927.

[raulus]

Originally Posted by Exhibitman

And then you have to transport and launder the cash. If you just deposit it into your account, there will be a report generated and the authorities may want to have a word, and you better have reported the income when they come knocking. "Any time you try a decent crime, you got fifty ways you're gonna f**k up. If you think of twenty-five of them, then you're a genius - and you ain't no genius." Body Heat, 1981. The algebra of deterrence at work here. Avoiding a bit of capital gains tax is not worth risking a professional license (Peter is a lawyer) and possibly one's liberty. It also isn't being a goodie-goodie. It is being a good citizen. "Taxes are the price we pay for a civilized society"--Oliver Wendell Holmes, Compania General De Tabacos De Filipinas v. Collector of Internal Revenue, 275 U.S. 87, 100, dissenting opinion, November 21, 1927.

Bonus pro tip:

If you're going to do something illegal, then best practices are not to post about it in a public online forum.

[Peter_Spaeth]

Originally Posted by raulus

Bonus pro tip:

If you're going to do something illegal, then best practices are not to post about it in a public online forum.

Evading state taxes seems to be a favorite bragging point here though.

[Republicaninmass]

Originally Posted by Peter_Spaeth

Evading state taxes seems to be a favorite bragging point here though.

Thought it was using PPP funds to buy a 52 mantle?

[Leon]

+1. Probably not the best covert operation.

As for the subject, I can't afford Wags any longer. I need to stick with Marquard or Rick Ferrell or someone...

Originally Posted by raulus

Bonus pro tip:

If you're going to do something illegal, then best practices are not to post about it in a public online forum.

[Exhibitman]

Originally Posted by Leon

+1. Probably not the best covert operation.

As for the subject, I can't afford Wags any longer. I need to stick with Marquard or Rick Ferrell or someone...

My budget is more Highpockets Kelly or maybe Harold Baines.

[Republicaninmass]

Collecting

Deep Pockets Kelly, with Short Arms McGee

[Kco]

Originally Posted by bandrus1

you dont have to be a goodie goodie... you can get cash for that at the national

1. if you have good record keeping you will pay only on profit which is pocketed.
2. Did you sell other items for a loss at any point to offset any profit gain?
3. If used to trade up or into something bigger you can get around capital gains altogrether if you don't take an outright cash out, depending on how you complete the transaction.

For example if you consign it to an AH, and utilize the final amount it sells for as a credit towards another purchase on that auction, you will not have to pay taxex on the sale.

[Peter_Spaeth]

Originally Posted by Kco

1. if you have good record keeping you will pay only on profit which is pocketed.
2. Did you sell other items for a loss at any point to offset any profit gain?
3. If used to trade up or into something bigger you can get around capital gains altogrether if you don't take an outright cash out, depending on how you complete the transaction.

For example if you consign it to an AH, and utilize the final amount it sells for as a credit towards another purchase on that auction, you will not have to pay taxex on the sale.

I thought a collector is not supposed to offset losses.

[Kco]

Originally Posted by Peter_Spaeth

I thought a collector is not supposed to offset losses.

Anyone can offset a loss, so long as you have proper and legitimate record-keeping.

For example, let's say you bought 3 items at $1,000 each. Let's say a year later two of those items are now worth $500 a piece, and the otber is worth $2,000. If you sell all 3, you've now made back your original investment, you haven't gained a single dollar. This is super simplified obviously, and you'd need record keeping and an ability to show what you bought and sold for, but capital gains is done on a total level in any given year.

[Peter_Spaeth]

If the taxpayer was holding the collectible for personal purposes, the loss realized on a sale of the collectible is a nondeductible personal loss.

Also
https://www.barrons.com/articles/the...es-01624303281

But the tax law banned deductible expenses and like-kind exchanges on collectibles. Investors can only deduct losses. Hobbyists have no tax benefits.

[raulus]

Originally Posted by Kco

3. If used to trade up or into something bigger you can get around capital gains altogrether if you don't take an outright cash out, depending on how you complete the transaction.

For example if you consign it to an AH, and utilize the final amount it sells for as a credit towards another purchase on that auction, you will not have to pay taxex on the sale.

As Peter notes, this used to be true, but is no longer true. 1031 exchanges, also known as like kind exchanges used to be applicable to all sorts of assets, including cardboard. Beginning with the 2017 tax reform, only real estate qualifies for 1031 exchanges.

So you can no longer trade up by using sales proceeds to buy something else, and avoid tax on the gain.

I mean, I guess you can. I'm not your mother, and no one is going to stop you from doing it. You're just breaking the law, because you have tax due that you're not paying, and if they catch you then it will not be fun when you get to pay the back tax, plus interest, plus penalties.

[brunswickreeves]

Honus Wagner portraits still going remarkably strong in eBay auction ended today. E90-2 SGC 1 price almost at same level as SGC 2 and much more than the SGC 1.5 from a year ago. Tip Top PSA Authentic reasonably less than PSA 1 from last month. Comparables in HA.