Cost basis - Warning tax related topic

Leon · #1 09-04-2022, 11:07 AM

Quote:

Originally Posted by Stupe the Second Sacker

You know your cost basis and can prove it? Don't see how that's possible unless you've only bought from auction houses.

Really? I can't keep track of my buys...where, when and how much? There is this thing called Ebay.... and an excel spreadsheet. Google them. How hard is it to write down all of my BST purchases?

I have tracked, very diligently, my buys and sales over the years. I know my landed cost basis, where and when, on every card in my collection.
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Stupe the Second Sacker · #2 09-04-2022, 01:10 PM

Quote:

Originally Posted by Leon

Really? I can't keep track of my buys...where, when and how much? There is this thing called Ebay.... and an excel spreadsheet. Google them. How hard is it to write down all of my BST purchases?

I have tracked, very diligently, my buys and sales over the years. I know my landed cost basis, where and when, on every card in my collection.
.

Writing down is proof? You were doing this in the 80s and 90s after every trip to the card show? Hats off to you if you were.

swarmee · #3 09-04-2022, 02:27 PM

Quote:

Originally Posted by Stupe the Second Sacker

Writing down is proof? You were doing this in the 80s and 90s after every trip to the card show? Hats off to you if you were.

Coming out of the gate swinging. If you do it consistently, the IRS will accept it. I have a gmail account, and still have 20 years of emails; so that means every board purchase, ebay purchase, COMC purchase, PayPal transaction, etc all have a paper trail.

Stupe the Second Sacker · #4 09-04-2022, 05:30 PM

Quote:

Originally Posted by swarmee

Coming out of the gate swinging. If you do it consistently, the IRS will accept it. I have a gmail account, and still have 20 years of emails; so that means every board purchase, ebay purchase, COMC purchase, PayPal transaction, etc all have a paper trail.

Ludicrous. You can easily find specific transactions?

You've never been to a card show?

swarmee · #5 09-04-2022, 08:25 PM

Quote:

Originally Posted by Stupe the Second Sacker

Ludicrous. You can easily find specific transactions?

You've never been to a card show?

I rarely buy anything at card shows. But you're boring me, so I'm going to stop responding and put you on my block/ignore list.

Leon · #6 09-05-2022, 09:00 AM

Quote:

Originally Posted by swarmee

I rarely buy anything at card shows. But you're boring me, so I'm going to stop responding and put you on my block/ignore list.

+1. Seems we have an antagonist amongst us.
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Stupe the Second Sacker · #7 09-05-2022, 09:53 AM

Quote:

Originally Posted by swarmee

I rarely buy anything at card shows. But you're boring me, so I'm going to stop responding and put you on my block/ignore list.

What the? Wow...That's over sensitivity at it's worst.

How is it antagonistic to ask if hand written notes and an inbox with two decades worth of emails are acceptable forms of record keeping to the IRS? This is uncharted waters for many people and instead of helping, you guys respond like you're guarding a state secret.

Very odd.

raulus · #8 09-05-2022, 05:11 PM

Quote:

Originally Posted by Stupe the Second Sacker

What the? Wow...That's over sensitivity at it's worst.

How is it antagonistic to ask if hand written notes and an inbox with two decades worth of emails are acceptable forms of record keeping to the IRS? This is uncharted waters for many people and instead of helping, you guys respond like you're guarding a state secret.

Very odd.

Contemporary documentation is usually fine, even if it�s self-produced, as long as it�s not ludicrous. It�s nice to have a receipt if you can get one, or some other verifiable documentation.

Here�s the thing - unless your basis is really high, it�s just not going to matter enough for the IRS to fight you on it. You say your basis is $20? There�s no juice to the squeeze for them to argue that it�s less. Even if they are right, they�re not going to pick up much more than $5 off you. Not unless you�re selling 50,000 items at $20 basis.

And if your cost basis is really high, then you hopefully have been keeping some documentation in hand.

There�s one more wrinkle here- what happens when you die? Your assets enter your estate, and your heirs step up the basis to market value at your death. This way, even if they don�t know what your basis was, they get a new basis when they inherit from you.

No state secrets here. But as with many things in tax law, it�s often not as black and white as we might hope.

eliminator · #9 09-06-2022, 10:50 AM

Quote:

Originally Posted by stupe the second sacker

what the? Wow...that's over sensitivity at it's worst.

How is it antagonistic to ask if hand written notes and an inbox with two decades worth of emails are acceptable forms of record keeping to the irs? This is uncharted waters for many people and instead of helping, you guys respond like you're guarding a state secret.

Very odd.

👍

cardsagain74 · #10 09-10-2022, 02:58 AM

Quote:

Originally Posted by Stupe the Second Sacker

What the? Wow...That's over sensitivity at it's worst.

How is it antagonistic to ask if hand written notes and an inbox with two decades worth of emails are acceptable forms of record keeping to the IRS? This is uncharted waters for many people and instead of helping, you guys respond like you're guarding a state secret.

Very odd.

Yep. Obviously situations could easily come up where you're selling something that you picked up at a show in 1991 during the junk wax boom.

Being mocked for suggesting that it may not be easy to know every purchase price in your collection is absurd.

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