Would you Trade these Cards for a Corvette ?

[raulus]

YOLO!!

Anytime we buy anything with our cash other than cards, to some extent we are signaling that other stuff is more important to us than buying more cards.

Not quite the same, but pretty similar for me. Last year, rather than buy more cardboard at today’s prices, I decided to buy less cardboard and instead pick up a vehicle that would bring me some joy.

Even took my mother for a spin (but not this weekend).

[whitehse]

This would have been a cool transaction to witness. I live ten miles from the dealership and bought my last car from Lynch (the dealership this all took place at). I will have to keep an eye out for a yellow 'vette with an older woman driving it and see if she has any other cards she is looking to move. I wonder what she would trade for a nice Chevrolet Traverse.

[Leon]

Originally Posted by raulus

YOLO!!

Anytime we buy anything with our cash other than cards, to some extent we are signaling that other stuff is more important to us than buying more cards.

Not quite the same, but pretty similar for me. Last year, rather than buy more cardboard at today’s prices, I decided to buy less cardboard and instead pick up a vehicle that would bring me some joy.

Even took my mother for a spin (but not this weekend).

+1. Love your car. Congrats.
I have thought of doing the same thing at some point (I ain't getting any younger). Because, as they say, you never see a H-Haul behind a hurse!

I sort of want a new C8 ZR1 but we will see.....
.

[Harliduck]

It's funny, I literally had to ask myself this question about this time last year. Obtaining a 52 Mantle has always been a dream of mine (and many others, lol) and I still hope it will happen one day. I'm also a car guy. I already had a 73 Corvette convertible but the dream there was a red and white C1 (58-60). Both dreams were equal to me.

Anyway, last year in the same week the right Mantle AND the right C1 Corvette came my way, opportunity on both. I spent an agonizing week trying to decide what to own...the Mantle, or the Vette. Both same price, both private situations. I chose the Vette. So I guess in essence, I would answer the question yes, I would make that trade (but only for a vintage C1). The Mantle may appreciate in value more (Vette's are slow and steady...) but I will get more physical enjoyment out of the car.

Maybe one day I'll trade it for a Mantle...haha...who knows.






And wow Raulus...HELL of a car...that's everyones dream!!!

[Fred]

Hey, this is probably what's going to happen to most of the collections that families don't want.

Here's my thought. If she sold the cards, then I'm wondering how the cost basis was determined. Technically, isn't there supposed to be taxes on difference of cost basis when sold? If the card was "inherited", then wouldn't the cost basis be based on the value of the card at the time of death of her husband (assuming she inherited it)? Or is it community property which can then be taxed on the cost basis when the husband purchased the card? If we go with that, then if the husband purchased the card for $20K, wouldn't she be on the hook for $60K of gains?

All in all, I guess it's a reason to put something together if your family has no interest in cardboard so that they don't plan on how to liquidate the cardboard when we kick the bucket.

Any ideas on what to include in the instructions for the death of a collector? For larger collections worth $$$ would it be a good idea to have a document that establishes the cost basis? If so, how does someone prove that? Any tax people out there with any input on this?

[mrreality68]

If they both agreed on it then they are both happy with it.
Also since the transaction was a trade they both probably did not pay the taxes as appropriate for each side
But hell of a trade. I wish as I could have made a trade like that with my cards years ago.
Now I would not

[brunswickreeves]

Ferraris, and Mantles and ‘Vetts, oh my

[raulus]

Originally Posted by brunswickreeves

Ferraris, and Mantles and ‘Vetts, oh my

Usually when people ask what I do, I tell them to watch this movie to get a taste of what it’s like to be an accountant.

[jingram058]

Wow, you guys have some really awesome cars. Nicolo's Ferrari takes the cake! Wow factor, as they used to say on Storage Wars.

[jingram058]

I hit the trigger twice. Gomen, kudasai!

[raulus]

Since there’s an interest in the tax implications, I’ll weigh in with my thoughts.

The spouse does get a basis step up on the date the spouse dies. Even in a community property state.

You can read more here if you are inclined: https://www.thetaxadviser.com/issues...ms-abound.html

But the spouse died several years ago, before the COVID boom. So let’s say he died in 2016. Fair market value on that date would be the new basis. The surviving spouse then holds for several years before selling. In this case, there would definitely be a taxable gain, because the cardboard has increased in value by a lot in the interim.

The good news is that the federal tax rate is probably 28%, but maybe higher if the NIIT applies. Plus state and local tax, natch.