IRS tax question

GeoPoto · #1 01-21-2020, 06:03 AM

Quote:

Originally Posted by Rhotchkiss

(ii) costs incurred in connection with the purchase, maintenance, and disposition of a capital asset should be added to the cost basis of that asset.

I think improvement might be better than maintenance. Fixing a broken window doesn't add to basis; replacing it with a better version might. Getting raw cards graded would add to basis; the cost of boxes to store them in might not. (Raw cards graded are improved financially -- that is the only context in which I am saying they are improved. Nobody needs to defend the virtue of raw cards here.)

Rhotchkiss · #2 01-21-2020, 07:41 AM

Agreed

dabigyankeeman · #3 01-21-2020, 10:38 AM

Having collected for 40+ years, I have no idea on most cards what I paid for them, who I bought them from, and of course no receipts. If I sold my collection thru an auction house, and reported it to the IRS, I would have to totally estimate what I paid for the whole bunch.

Would the IRS accept what I say with no proof, and if not, what happens?

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