Reporting sales of large $$ items

[Peter_Spaeth]

Originally Posted by BobC

Just Google and look for "proposed taxes on appreciated assets/investments/stocks", or even "Biden proposed taxes", and you should get lots of threads talking about the speculated changes the current administration may yet propose and try to pass as new tax legislation.

And the specific thing you're asking about in regards to possibly making people pay taxes on investments they own, but haven't acually sold, has a name to it, and is in fact already enforced on certain specific business taxpayers. It is called "Mark to Market". The idea is to impose this "Mark to Market" strategy on very well-off taxpayers by setting some as of yet undecided upon minimum threshold measure. Then when a taxpayer exceeds that threshold, they'll have to look at all their investment/stock holdings at the end of the tax year and see what their then current FMV is as of the year-end date. They would then compare that year-end FMV to what they actually paid (tax basis) for their investments, and to the extent the year-end FMV exceeded their tax basis, report that increase as taxable income on their return and pay the appropriate taxes on the appreciated (or unrealized) gain, as whatever they end up deciding those taxes (and the rates for them) are to be.

Nothing has been finalized in regards to this proposed idea yet, and none of it will matter if this isn't enacted into law. But, I wouldn't be surprised if it doesn't pass into law because while it would tax very wealthy people like Jeff Bezos when his Amazon stock goes up, by now taxing his unsold shares, that will reset Bezos' tax basis in those Amazon shares to the FMV they were taxed on. So then in the following year if the Amazon shares go down in value, Bezos could now in all likelihood claim a loss and possibly be due a big tax refund. Can already hear the masses screaming about how this is really just another tax loophole for the rich then.

And if this did somehow pass, I don't think anyone need worry about having to pay such taxes on their card collection. I would imagine the government would restrict any such "Mark to Market" taxes to only those investments/assets that have an easily discernible and universally accepted method in determing their year-end FMVs, like public traded stocks. The idea of otherwise having people be forced to get annual appraisals of their non-conventional assets/investments is sheer insanity.

It would be easier for the woke left just to confiscate people's collections. Redistribute them. End of political commentary.

[BobC]

Originally Posted by Peter_Spaeth

It would be easier for the woke left just to confiscate people's collections. Redistribute them. End of political commentary.

Good lord Peter, don't go giving anyone any more ideas! LOL

[buymycards]

Originally Posted by Peter_Spaeth

It would be easier for the woke left just to confiscate people's collections. Redistribute them. End of political commentary.

Thanks for the stupid comment.

[Leon]

Originally Posted by buymycards

Thanks for the stupid comment.

I thought it was spot on.
Taking money from someone who earned it and giving it to someone who didn't earn it, is just wrong.
.

[buymycards]

Originally Posted by Leon

I thought it was spot on.
Taking money from someone who earned it and giving it to someone who didn't earn it, is just wrong.
.

Leon, I thought you didn't allow political posts. Peter's post was in a thread about paying taxes on card profits. I'm not sure why he felt the need to post a political statement.

Why are you allowing political statements on nearly every thread? I don't want to hear from the right or the left , from the conservatives or the radicals, or from the Republicans or the Democrats. You used to run a tight forum, but lately, it is anything goes.

How about sticking to cards?

[obcbobd]

Originally Posted by buymycards

Leon, I thought you didn't allow political posts. Peter's post was in a thread about paying taxes on card profits. I'm not sure why he felt the need to post a political statement.

Why are you allowing political statements on nearly every thread? I don't want to hear from the right or the left , from the conservatives or the radicals, or from the Republicans or the Democrats. You used to run a tight forum, but lately, it is anything goes.

How about sticking to cards?

I agree with just sticking to cards!

[MikeGarcia]

Originally Posted by obcbobd

I agree with just sticking to cards!

..

[BobC]

I hope you guys aren't upset or mad with me in regards to threads I post in that end up getting into taxes as part of this hobby/business. I post to hopefully give out information and advice in response to specific tax questions, correct or expand on posts of others that may not be accurate or fully answer a tax related question, and maybe provide helpful guidance to others just reading along. I try to keep all my tax related posts as apolitical as possible, though I may mention a politician's name or an administration involved in some tax related law or change, solely as a point of reference or contex and not to politicize or condone/condemn anyone's specific politics or point of view. Unfortunately, since tax laws are passed and enforced by our government, and our government is basically run by politicians, it is virtually impossible to entirely and completely separate the two, taxes and politics. If you all prefer, I'll just never respond to any tax questions again.

[ejharrington]

Originally Posted by buymycards

Leon, I thought you didn't allow political posts. Peter's post was in a thread about paying taxes on card profits. I'm not sure why he felt the need to post a political statement.

Why are you allowing political statements on nearly every thread? I don't want to hear from the right or the left , from the conservatives or the radicals, or from the Republicans or the Democrats. You used to run a tight forum, but lately, it is anything goes.

How about sticking to cards?

How about you just scroll on you crybaby

[ejharrington]

Originally Posted by Leon

I thought it was spot on.
Taking money from someone who earned it and giving it to someone who didn't earn it, is just wrong.
.

+ 1

[mrreality68]

HI

I just play it safe and let my accountant handle the tax side. And I handle the paying the Tax side

[BobC]

Originally Posted by mrreality68

HI

I just play it safe and let my accountant handle the tax side. And I handle the paying the Tax side

Exactly the way it should be Jeff. When in doubt or facing a not so simple tax situation or question, get the help of a qualified tax professional. And, don't always wait till it is time to do your taxes before calling on one for help. To start, if it is in the middle of their tax season when you finally call, they'll already be busy and won't have as much time to help or advise you. And then, by people waiting till after the year ends before finally contacting their tax advisor, it very often makes it impossible for them to help that person because the tax year is already closed. Can't remember how many times I'd told someone I wish they'd called me before December 31.

[Fred]

Originally Posted by mrreality68

HI

I just play it safe and let my accountant handle the tax side. And I handle the paying the Tax side

Sometimes I allow my butler to wipe the slabs of my cards to ensure there's no glare when I look at them. But I'm weary the butler could be a part time IRS agent that is waiting for me to make a mistake...

Ha - would you like some Grey Poupon with that sir?

[BobC]

Originally Posted by Fred

Sometimes I allow my butler to wipe the slabs of my cards to ensure there's no glare when I look at them. But I'm weary the butler could be a part time IRS agent that is waiting for me to make a mistake...

Ha - would you like some Grey Poupon with that sir?

Good one!

But don't laugh too hard. Once had a client who got an 8 figure payout for turning in someone that wasn't quite honest in their dealings with the government. A whistleblower can get a cut..................

[Frankish]

Originally Posted by mrreality68

I just play it safe and let my accountant handle the tax side. And I handle the paying the Tax side

Here, here.

[Hankphenom]

Originally Posted by Leon

I thought it was spot on. Taking money from someone who earned it and giving it to someone who didn't earn it, is just wrong..

Sure, if you're talking about robbery, what idiot would be in favor of that? But how about taking some of your inherited wealth or lottery winnings to help people who are paralyzed or wasting away with Lou Gehrig's disease? Not so simple or "spot on" in reality. Any of us who pays taxes allow some of our money to be taken and given to others in one way or another, presumably to benefit society as a whole and therefore us, also. And we all know that some of it--maybe a lot of it--goes to those who game the system and don't really need it, but we do it anyway to help those who do need it. I think Jesus would approve.

[tschock]

Originally Posted by Hankphenom

Sure, if you're talking about robbery, what idiot would be in favor of that? But how about taking some of your inherited wealth or lottery winnings to help people who are paralyzed or wasting away with Lou Gehrig's disease? Not so simple or "spot on" in reality. Any of us who pays taxes allow some of our money to be taken and given to others in one way or another, presumably to benefit society as a whole and therefore us, also. And we all know that some of it--maybe a lot of it--goes to those who game the system and don't really need it, but we do it anyway to help those who do need it. I think Jesus would approve.

False equivalency. Big difference between voluntary giving and involuntary giving. No earthly consequence if I don't put a dollar in the collection plate, is there.

[Hankphenom]

Originally Posted by tschock

False equivalency. Big difference between voluntary giving and involuntary giving. No earthly consequence if I don't put a dollar in the collection plate, is there.

So all contributions to the systems everybody benefits from: roads and bridges, water, waste management, national defense, police and firefighters, and on and on, should be voluntary?

[glynparson]

Originally Posted by Peter_Spaeth

It would be easier for the woke left just to confiscate people's collections. Redistribute them. End of political commentary.

Nonsensical Keith O b is about is far left as they come but has a kick ass collection. Love how Leon lets up this right wing political trash talk.

[steve B]

Originally Posted by Peter_Spaeth

It would be easier for the woke left just to confiscate people's collections. Redistribute them. End of political commentary.

I can only hope I get generally better stuff.....

Like, ok take the 10,000 1981 Topps, give them to whoever. Maybe I get back a single nice card, maybe I get back a few hundred cards from a set where I might need a few.*

It would be like a huge nationwide hobby mystery trade!




* or with my usual luck a shoebox of P-F Smurfs and bald trolls.