Considering selling everything - Final Update/Tally

iwantitiwinit · #1 03-02-2015, 04:58 AM

You might not have lost as much as you thought. If you fill out Schedule C declaring baseball cards as a business you can claim a loss of approx. 7k. If you are in the 30% tax bracket you can save $2100 at the federal level and a bit more on the state level. That would probably be spread out over 2014 and 2015 but if you have the time it might be worth it.

Leon · #2 03-02-2015, 07:48 AM

Quote:

Originally Posted by iwantitiwinit

You might not have lost as much as you thought. If you fill out Schedule C declaring baseball cards as a business you can claim a loss of approx. 7k. If you are in the 30% tax bracket you can save $2100 at the federal level and a bit more on the state level. That would probably be spread out over 2014 and 2015 but if you have the time it might be worth it.

I wrote off a few thousand dollar baseball card loss and ironically got audited that same year. I missed one small stock sale legitimately and had to pay a little but the baseball card loss write off was fine. I just showed where I bought and sold it. No questions.

Tabe · #3 03-02-2015, 05:46 PM

I would consider going back to the seller again on the autographed photos. The fact that they have a COA means nothing. That protects his purchase when he got them - not yours. By selling them, he's warranting that they're legit. They're not, so he's liable for them.

Econteachert205 · #4 03-02-2015, 06:29 PM

Kevin, your patience paid off. You made the best of the situation and kept some good stuff. It was interesting following the journey.

gnpaden · #5 03-03-2015, 11:14 AM

I just read through this thread and have definitely been there, but in different context. About a year ago, I just went nuts on busting wax (cases) and spent close to $5k...and maybe got $800-$1000 in return and I lost it. I went home got my safety deposit key, emptied it and went to LCS to sell my entire collection, which consists of many rare MJ inserts from 90's, MJ rookie and large quantity of vintage from 1955-1959. The LCS owner said, "take your cards home, think about it, and call me in a week"...I put my cards back in the bank and stopped buying wax at that point. We all learn as we do, almost a trial by fire effect. I enjoyed reading your journey and you have an amazing collection!

kailes2872 · #6 03-03-2015, 12:59 PM

Quote:

Originally Posted by iwantitiwinit

You might not have lost as much as you thought. If you fill out Schedule C declaring baseball cards as a business you can claim a loss of approx. 7k. If you are in the 30% tax bracket you can save $2100 at the federal level and a bit more on the state level. That would probably be spread out over 2014 and 2015 but if you have the time it might be worth it.

Thanks for the head's up. I just filed this past weekend and sent everything off. I called my tax guy to see if there was something that I could do after the fact. He told me that he wouldn't do a schedule C since I have gainful emplyoment, but that I could do a schedule D capital loss of an investment. I can take losses (or offset gains) up to 3k per year until the losses are accounted for. It will take 3 years, but it will be found money in the process.

Thanks for the tip. I am going to go buy a card today with that found money!

WhenItWasAHobby · #7 03-04-2015, 08:25 AM

I haven't read through every post, but my comments to the original poster is that if you lost $6K, in the big picture some people spend that much for one course in college and really don't learn anything - but learned something that will stay with you the rest of your life as a positive lesson. Also, you are a stand-up guy for honoring your word - and you probably could of legally backed-out on the deal if the guy did over-estimate the value of the cards. I wish you and your wife the best.

glchen · #8 03-04-2015, 10:32 AM

That's great hearing that you didn't lose as much as you expected. It's always a learning experience. Even now there are so many times that I lost money, it's not even funny. Recently, I saw a card at a major auction house with back damage described as paper loss. I looked at the somewhat small scan, and I thought it looked like scrapbook residue on the card which could be soaked off, and not paper loss. I didn't want to ask the auction house if it really were paper loss because I didn't want to lose a possibly great deal on a card. I won the card, and sure enough there was scrapbook residue on the card, ..... but also paper loss.... I recently sold the card off for something like a $400 loss. Sometimes you get what you deserve, but it's another lesson learned!

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