Cost basis - Warning tax related topic

[steve B]

Originally Posted by Stupe the Second Sacker

I have a problem with that just on principle. My paycheck is being squeezed enough.

What value do you place on your time?

For example, I bought a railroad china plate for 25 cents at a thrift store. It sold for over $600...(yes, really ) The time I would have had to spend to prove and back out that 25 cents from the profit would be way more than the few cents of tax saved.
Nearly everything I sold came from places that didn't provide a detailed reciept, or any reciept at all, like yard sales.

the time I would have spent doing the paperwork backing out what was often a couple dollars, or much less for stuff like postcards bought in a lot where each was maybe 5-10 cents was far better spent looking for more stuff, or just having fun.

[raulus]

Originally Posted by steve B

What value do you place on your time?

For example, I bought a railroad china plate for 25 cents at a thrift store. It sold for over $600...(yes, really ) The time I would have had to spend to prove and back out that 25 cents from the profit would be way more than the few cents of tax saved.
Nearly everything I sold came from places that didn't provide a detailed reciept, or any reciept at all, like yard sales.

the time I would have spent doing the paperwork backing out what was often a couple dollars, or much less for stuff like postcards bought in a lot where each was maybe 5-10 cents was far better spent looking for more stuff, or just having fun.

Because who doesn't love to nerd out on tax stuff...I will observe that modern tax forms force you to round to the nearest dollar. So 25 cents is zero dollars. Even if you wanted to waste your time proving your 25 cent basis, it's as good as zero when it comes to calculating your gain.