Quote:
Originally Posted by FrankWakefield
And, do you guys really let tax factors dictate whether you buy, sell, or hold a card??? Really?
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I think for a lot of us, we pine for the good old days when lame adult stuff like taxes didn't matter. We could sit at home and trade cards all day long with our friends, and probably not even worry about stuff like centering and corners. And we sure didn't fuss about something as ludicrous as taxes. I suspect that a lot of the posts around here lamenting the current sad state of affairs are largely a mawkish plea for a return to the simplicity of childhood.
But returning to the here and now, when it comes to taxes, I'll admit to being a bit of an odd duck this way.
Part of the added fun here is that I really wasn't looking for this hypothetical deal. It came to me, rather than me seeking it out. I think if I had independently decided that it's time and I'm ready to sell this piece, or sell my collection entirely, then I would just sort of take the tax consequences and live with them.
I will also confess that I have an added overlay as a tax professional. I've worked pretty bloody hard for the last 20 years to get to where I am today as a senior partner at a top-30 CPA firm, and the pecuniary rewards for that hard work are pretty substantial. For the average American who takes a little more risk in being aggressive on their taxes, the consequences of getting caught usually aren't too severe. Pay your back taxes plus some penalties and interest. And a judge yells at you a bit about the importance of being a good citizen and paying your fair share. I think we can all agree that following the law is always a good idea, although for some of us, the risks of a little noncompliance are not quite so harrowing.
For a CPA, particularly one in my position, the consequences are typically a lot more severe, potentially even including some jail time, although that wouldn't necessarily be the worst of it. Among other things, if I were to blatantly cheat on my taxes, I would undoubtedly lose my license. And losing my license means that I get fired, and no one will ever hire me again.
So for me, the tax issues are generally front of mind, and can make a big difference in my approach.