The hobby’s most iconic card under $15k?

[raulus]

Originally Posted by Belfast1933

Update on my plan… and a question for this smart group!

My adult son is my trusted advisor and partner in fun on this journey and he LOVES the 51 Bowman Mantle (logic, I already have the iconic Cobb Portait Cobb and the full body ‘33 Goudey Ruth. Solid logic!)

Here is my question - totally boring but important. Since I’ll probably need to liquidate ~$15k or so of my current collection to build funds to buy the Mantle, for tax and capital gains issues, is it worth trying to find a Mantle seller who might consider at least a partial trade?

That could lower my capital gains risk on the sale of my current cards, right?

(Sorry, told you it was boring&#129315

Jeff

Yep, pretty boring. So I guess I'll bore you to tears.

I'm not sure what you mean by "capital gains risk". But if you're trying to imply that a trade means you don't have to pay tax on your capital gains when you trade your cards in for other cards, then sadly you're wrong, at least under current law.

Having said that, prior to 2018, you would have been right! But under the last round of tax reform, like kind exchanges (i.e. trades) are now only nontaxable events for real estate assets. Every other asset is no longer eligible for like kind exchanges. For the perennially jaded, be my guest in assuming that our former president wanted to protect tax benefits for his preferred asset class, while eliminating that benefit for every other asset class to find some revenue to offset tax cuts in other areas.

All of which is a long way of saying that even if you trade one baseball card for another, you have to recognize a gain on the card you gave up if it has increased in value between when you acquired it and when you traded it. Along these lines, if you bought a card in 2013 for $5, and then today you trade it for a card that today is worth $100, then it sounds like you have a capital gain for $95.

I will concede that if by "capital gains risk", you mean to suggest that since there's no cash involved in your trade, the likelihood of anyone noticing or catching you is lower, then I suppose there's some chance that you might be right. But as a tax professional, I would never encourage anyone to flout the law simply based on the premise that the likelihood of discovery is low.

Or as Mark Twain once said: "We ought never do wrong when anyone is looking". Or when we've mused about it on a public chat board.

https://www.youtube.com/watch?v=Gb6vvAG3xfo

[BobbyStrawberry]

Originally Posted by raulus

For the perennially jaded, be my guest in assuming that our former president wanted to protect tax benefits for his preferred asset class, while eliminating that benefit for every other asset class to find some revenue to offset tax cuts in other areas.

(Deleted so as not to discuss political crap)

[Leon]

Originally Posted by raulus

Yep, pretty boring. So I guess I'll bore you to tears.

I'm not sure what you mean by "capital gains risk". But if you're trying to imply that a trade means you don't have to pay tax on your capital gains when you trade your cards in for other cards, then sadly you're wrong, at least under current law.

Having said that, prior to 2018, you would have been right! But under the last round of tax reform, like kind exchanges (i.e. trades) are now only nontaxable events for real estate assets. Every other asset is no longer eligible for like kind exchanges. For the perennially jaded, be my guest in assuming that our former president wanted to protect tax benefits for his preferred asset class, while eliminating that benefit for every other asset class to find some revenue to offset tax cuts in other areas.

All of which is a long way of saying that even if you trade one baseball card for another, you have to recognize a gain on the card you gave up if it has increased in value between when you acquired it and when you traded it. Along these lines, if you bought a card in 2013 for $5, and then today you trade it for a card that today is worth $100, then it sounds like you have a capital gain for $95.

I will concede that if by "capital gains risk", you mean to suggest that since there's no cash involved in your trade, the likelihood of anyone noticing or catching you is lower, then I suppose there's some chance that you might be right. But as a tax professional, I would never encourage anyone to flout the law simply based on the premise that the likelihood of discovery is low.

Or as Mark Twain once said: "We ought never do wrong when anyone is looking". Or when we've mused about it on a public chat board.

https://www.youtube.com/watch?v=Gb6vvAG3xfo

Please, no political crap....

As for the most iconic prewar card, except maybe the T206 Wags, I think #144 is it.
Green Cobby is right there also and you can find really nice examples, in lower grades, to easily fit the budget. This was in the 10k range a few years back, in the BST area. Thanks again, Tony. Love this card.





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[raulus]

Originally Posted by Leon

Please, no political crap....

As for the most iconic prewar card, except maybe the T206 Wags, I think #144 is it.
Green Cobby is right there also and you can find really nice examples, in lower grades, to easily fit the budget. This was in the 10k range a few years back, in the BST area. Thanks again, Tony. Love this card.





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My apologies to Leon and to the forum. I shall endeavor to avoid political crap in my posts.

[clydepepper]

How did this one get in here?

1990 Fleer- Jose Uribe.jpg

[clydepepper]

...or...if condition isn't your priority:

Nah! You probably couldn't get a loan for this one:

Wagner card sells for 475K in Feb 2022.jpg

[jchcollins]

When I was about 25 in 2002 or so, I sold a G-ish (creased) but still fantastic looking '52 Topps #312 Jackie for 500 bucks. In my defense, I made money on it and couldn't afford what I had paid for it to begin with. Ooops. Oh well...

Today after getting back into the hobby in earnest in my late 30's, I have a fairly decent sized, 99% postwar collection. I suppose I could move the bulk of it and pair down to only 5-10 truly "iconic" cards which could include some prewar the likes of Ruth or Cobb, but so far have never been motivated to do that. I guess we'll see if that changes one day.

[Snowman]

For me, it's these:

1) 1952 Topps Jackie Robinson
2) 1933 Goudey #53 (Yellow) Babe Ruth
3) 1951 Bowman Willie Mays
4) 1948 Leaf Jackie Robinson
5) A centered 1954 Topps Hank Aaron

[Leon]

Originally Posted by clydepepper

...or...if condition isn't your priority:

Nah! You probably couldn't get a loan for this one:

Attachment 565043

850K would be the estimate (didn't this just sell?)

[JimmyC]

As much as I love card collecting, I would never buy a card for $15,000 unless I knew I could sell it the next day for that amount or more very quickly to more than one party...meaning, it has to be a deal....

Now, I would spend $15,000 on a game used jersey all day long......