Does "Book Value" mean anything to you?

carlsonjok · #1 06-18-2021, 11:12 AM

I mainly use it as a guide for bidding on cards for set builds because looking for comps on a 598 individual cards in a set isn't a good use of time. So, I have Beckett high book on my want lists and I will normally bid up to 33% of BV for VGEX, 40% for EX, and 50% for NRMT. I don't normally pick up a large number of cards on Greg Morris set breaks, but my rule of thumb is enough that I still manage to make enough progress to stick with the rules.

packs · #2 06-18-2021, 11:14 AM

What book do you even use these days?

butchie_t · #3 06-18-2021, 11:21 AM

I have a lot of books and they all have book value. many are 1st editions.

As for cards, it is all on-line. I do buy beckett�s from time to time for research and as a guide. But it is all on-line and closer to being current than any magazine ever could.

Yoda · #4 06-18-2021, 11:35 AM

It should mean something to collectors who have realized gains or losses when tax time slithers around.

Leon · #5 06-18-2021, 11:41 AM

Quote:

Originally Posted by Yoda

It should mean something to collectors who have realized gains or losses when tax time slithers around.

Hey John
I think the only thing that matters when you sell, in so far as taxes are concerned, is what you bought it for and what you sold it for. I have been audited once and my few card sales that year made it through with flying colors. A 1099 that I never saw nor reported, didn't fly through.

.

slightlyrounded · #6 06-18-2021, 12:11 PM

Quote:

Originally Posted by Leon

Hey John
I think the only thing that matters when you sell, in so far as taxes are concerned, is what you bought it for and what you sold it for. I have been audited once and my few card sales that year made it through with flying colors. A 1099 that I never saw nor reported, didn't fly through.

.

Book Value: the value of a security or asset as entered in a company's books.

There's two different meanings to riff off here....I think OP was using it in the context of "price guide value".

JustinD · #7 06-18-2021, 01:08 PM

Quote:

Originally Posted by Leon

Hey John
I think the only thing that matters when you sell, in so far as taxes are concerned, is what you bought it for and what you sold it for. I have been audited once and my few card sales that year made it through with flying colors. A 1099 that I never saw nor reported, didn't fly through.

.

Blech, 1099.

I was audited 5 years later for a stupid 1099 I had completely forgotten about. The worst. Nothing like paying taxes and a penalty for absolutely no financial gain.

(I was on my deathbed and did not pay a credit card due to disability income. They added a s**t-ton of fees and interest to it and I settled for the original amount sans fees. The IRS calls this a 10K profit and nails me for the taxes and 5 years of interest. That law is direct from the depths of hades. Not that I hold a grudge, lol)

Exhibitman · #8 06-18-2021, 02:55 PM

Only two crimes have no statute of limitations: murder and tax fraud. Shows you where the real priorities are...

BobC · #9 06-18-2021, 07:45 PM

Yy

Quote:

Originally Posted by JustinD

Blech, 1099.

I was audited 5 years later for a stupid 1099 I had completely forgotten about. The worst. Nothing like paying taxes and a penalty for absolutely no financial gain.

(I was on my deathbed and did not pay a credit card due to disability income. They added a s**t-ton of fees and interest to it and I settled for the original amount sans fees. The IRS calls this a 10K profit and nails me for the taxes and 5 years of interest. That law is direct from the depths of hades. Not that I hold a grudge, lol)

It's called debt forgiveness, and can be a real kick in the teeth for someone that couldn't afford to pay the debt to begin with. Special rules are involved, but basically if a bank, business or others had in effect loaned you money or let you buy and pay for something over time, and then later on let you off the hook and forgave you repaying the debt, the IRS can in some instances treat the amount of debt you had forgiven as additional ordinary income you could end up owing income tax on. Again, special rules apply to determine how much does get picked up as taxable income, and there are some exceptions to picking up any taxable income at all, like being bankrupt or insolvent at the time the debt is forgiven.

BobC · #10 06-18-2021, 07:19 PM

Quote:

Originally Posted by Leon

Hey John
I think the only thing that matters when you sell, in so far as taxes are concerned, is what you bought it for and what you sold it for. I have been audited once and my few card sales that year made it through with flying colors. A 1099 that I never saw nor reported, didn't fly through.

.

The IRS eventually matches every single W-2, 1099, K-1, and all other information reports sent to them by third parties to every taxpayer's filed returns. Could take a year or two before they get it done, but if you missed something where you could end up owing them money..........you will eventually hear from them.

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