Posted By:
Eric Brehm28% is the rate applicable to long term gains on collectibles, although you may have to pay less than that in some cases depending on how your other types of income bracket out (i.e., 28% is the 'max' rate). For most people, it will be 28%.
Another question often asked is whether baseball cards and other sports memorabilia are in fact considered collectibles by the IRS, and subject to the special rules on taxation, and the answer is yes, at least according to everyone I have talked to, including agents of the IRS itself. Here's what the tax code says (from section 408(m), a kitchen-sink piece of tax law; the whole thing can be seen in the article Jim posted):
(2) Collectible defined
For purposes of this subsection, the term collectible means
(A) any work of art,
(B) any rug or antique,
(C) any metal or gem,
(D) any stamp or coin,
(E) any alcoholic beverage, or
(F) any other tangible personal property specified by the Secretary for purposes of this subsection.
It's Section (2)(F) where baseball cards sneak in. Apparently the Secretary has specified it.
I believe that alcoholic beverages are not taxed as long as you drink them real fast.