Considering selling everything - Final Update/Tally

Leon · #1 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 · #2 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 · #3 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 · #4 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!

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