What percent of your life savings is in Baseball Cards?

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Posted By: JohnnyH

I never really liked mustard so I grew up on peanut butter and jelly, eggs and toast which I still enjoy today as well. Since we are talking cards as savings, what are the tax implications. Unless you do a private sale or sell for cash at a major show, are the sales reported ? Do auction houses report sales, since they only take a percentage who takes the tax hit ? Isn't the couple that just sold the Snyder and Peck going to take a 28 to 40 percent hit on income gain ? Once you get a card that is worth over 10,000.00 do you have to keep record of purchase price so you are only hit on gains, and if you avoid reporting sales and it is public record, what if you are audited and they find this out ? Just wondering how this affects the profit margin in the 'savings-investment' part of your cards.