View Single Post
  #22  
Old 02-26-2008, 08:02 AM
Archive Archive is offline
Administrator
 
Join Date: Mar 2009
Posts: 58,359
Default IRS Form 1099 from Mastro Auctions

Posted By: Eric Brehm

Mike - based on my understanding, you've got it right. That is what I believe should be reported and how to report it. Disclaimer: you must always consult with a professional tax advisor for definitive answers on tax questions.

Your long term gain from collectibles sales is reported in Part II of Schedule D and also is reported on Line 18 on the back of that schedule. (There is a worksheet to fill out for Line 18, but it probably won't have any effect on the number you enter.) Note that you may have to pay less than the 28% tax rate on a portion of your long term collectibles gain if your taxable ordinary income (i.e. your non-gain income less all your deductions) is less than $31,850 if you are single, or less than $63,700 if you are married filing jointly. You will need to fill out the Schedule D Tax Worksheet on page D-10 of the Form 1040 instructions to figure this out. This worksheet has 37 lines, but most of the lines will be zero or blank and it will get you to the bottom line (i.e. the tax you actually enter on Line 44 of Form 1040).

edited to add: P.S. -- where did you sell PSA 9 1934 Goudeys? I must have missed those.

Reply With Quote