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#1
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I would strongly recommend that you meet with a tax planner before you sell anything. Based on your income and other factors you may want to spread the sale over multiple tax years.
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#2
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I think since I am in the 39% bracket- i pay 20% on the gains and spreading wouldnt help. Am I correct?
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#3
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This would likely be considered a collectibles gain, therefore taxed at 28% regardless of your tax bracket.
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#4
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Please correct me if wrong, the timing issue may come into play if you capital losses ( stock losses) . You can use the loss to offset the gain .
Nice problem to have |
#5
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Quote:
So if you have any stocks that you just keep waiting to rebound as they plummit farther and farther towards penny territory...you now have a reason to sell!! |
#6
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I was never one to keep receipts over the past 16 years so i assume you can give a decent estimate?
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#7
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Just sell them slowly for good old cash! If someone wants to spend huge dollars on your stuff, arrange to meet privately and do the exchange!
__________________
My collection can be viewed at http://imageevent.com/jeffintoronto Always looking for interesting pre-war baseball & hockey postcards! Last edited by jb217676; 04-20-2018 at 03:09 AM. |
#8
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That is correct, on the sale price less the basis of the material.
Last edited by sb1; 04-18-2018 at 05:01 PM. |
#9
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It may help prevent 'buyers fatigue' though and fetch higher prices than if the collection was unloaded on the market all at once.
__________________
Working Sets: Baseball- T206 SLers - Virginia League (-2) 1952 Topps - low numbers (-1) 1954 Bowman (-5) 1964 Topps Giants auto'd (-2) |
#10
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Tax planner +1000. And I understand selling through an AH would probably get you a 1099 in addition to the fees...
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#11
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I'm pretty sure that if you add up all of the costs involved in getting the autographs: travel, hotel, gas/mileage, etc., not to mention the cost of the autographs, you might be able to declare a loss on the sale of the collection.
(totally said with tongue-in-cheek). |
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