Would you take this deal?

Michael B · #1 03-31-2023, 02:25 AM

Quote:

Originally Posted by BobC

Exact same thing I was thinking as well when I mentioned why would you want to trade down on your card, but really get nothing in return but an increased tax basis? He already said he wasn't going to be selling this card anytime soon, so you're absolutely right, it seems like a dumb thing to do as a collector, Registry or no Registry even.

And the double posts just happen. I only click the submit button once, but occasionally it double, or even triple posts. No idea why, but have seen it happen to others on here as well.

I was thinking that it must be some quirk in the system, possibly the isp.

BobC · #2 03-31-2023, 02:57 AM

Quote:

Originally Posted by Michael B

I was thinking that it must be some quirk in the system, possibly the isp.

Yeah, Leon said something like that to me once. Saw that was happening to him also.

ALBB · #3 03-31-2023, 06:11 AM

Nic,
good luck with decision

But it would be much more fun/ interesting/ easier ..for guys reading this if you could say -

For Ex - Im giving up my 33 G Nap Lajoie...for a 52 T Mantle and $150,000

bnorth · #4 03-31-2023, 07:09 AM

If it was just a simple trade with cash yes. With all the added BS involved not a chance.

FrankWakefield · #5 03-31-2023, 08:25 AM

Anyone here ever trade down, and then 3 years later be glad that they did?

If you really need the money, you need to trade, or maybe just sell the card outright.

I've sold a few cards that I wish I still had. A factor in that is that I still collect. If I was selling off the cards I have, I'd probably still miss whatever it is that you have, but I'd be missing all of my cards.

For you, if you're continuing with collecting, then that trade down card will always be there to remind you of what you once had, that'll be slightly more annoying, I suspect, than just having the memory alone.

In conclusion; if you're selling your collection then don't trade down, or trade down if you think that the trade down card plus the side money exceeds what you'd get in an outright sale. If you're going to continue with collecting, then don't trade...

Again, anyone here ever trade down, and then 3 years later be glad that they did?

And, do you guys really let tax factors dictate whether you buy, sell, or hold a card??? Really?

bnorth · #6 03-31-2023, 09:00 AM

Quote:

Originally Posted by FrankWakefield

Anyone here ever trade down, and then 3 years later be glad that they did?

If you really need the money, you need to trade, or maybe just sell the card outright.

I've sold a few cards that I wish I still had. A factor in that is that I still collect. If I was selling off the cards I have, I'd probably still miss whatever it is that you have, but I'd be missing all of my cards.

For you, if you're continuing with collecting, then that trade down card will always be there to remind you of what you once had, that'll be slightly more annoying, I suspect, than just having the memory alone.

In conclusion; if you're selling your collection then don't trade down, or trade down if you think that the trade down card plus the side money exceeds what you'd get in an outright sale. If you're going to continue with collecting, then don't trade...

Again, anyone here ever trade down, and then 3 years later be glad that they did?

And, do you guys really let tax factors dictate whether you buy, sell, or hold a card??? Really?

I have traded down many times and have never regretted it. For me it was usually going from a graded to ungraded example. I have also done the 1 expensive card for several lesser cards many times with no regrets.

parkplace33 · #7 03-31-2023, 09:04 AM

Very hard to give an opinion without knowing a) the specific card and b) the amount of cash you will be getting. But I will try

My concern is when you say "In this case, the item in question is one of the Crown Jewels of my collection. I paid more for it than I�ve paid for any other single piece. And at the moment, it�s arguably the most valuable piece in my collection." I think you have your answer there. Keep it and enjoy. And maybe let go of another piece if you want the cash.

mrreality68 · #8 03-31-2023, 09:28 AM

Quote:

Originally Posted by parkplace33

Very hard to give an opinion without knowing a) the specific card and b) the amount of cash you will be getting. But I will try

My concern is when you say "In this case, the item in question is one of the Crown Jewels of my collection. I paid more for it than I�ve paid for any other single piece. And at the moment, it�s arguably the most valuable piece in my collection." I think you have your answer there. Keep it and enjoy. And maybe let go of another piece if you want the cash.

I tend to agree with Drew and say keep it and enjoy it and enjoy knowing you have the highest graded.

But you cannot lose in either way which depends on the cash getting back which we do not know and what your plans might or might not be.

steve B · #9 03-31-2023, 09:44 AM

I think I would keep the card I have if I might not end up with money to spend once it's all settled.

I mostly do low end stuff, so low we just include any hobby money I get as misc income(the gross, like if I sell a card for $10 i report $10. Yes, we pay extra in taxes, but in most years it's not even enough to worry about. And figuring out a reasonable cost for things bought in large lots 40 years ago seems crazy. Like is my Gretzky rookie the $50 the entire 5000 count box of hockey cards cost? Or is it .01 ...........

Of course this has brought up many questions for me, since I've collected for decades. I essentially have no records pre-Ebay. And after Ebay only have a messy archive of "you won!" emails.

And how does cost basis work trading the other way. Like I buy a lot of stamps on Ebay, $40 for six. They have a wide range of catalog values, all have varieties making them more valuable than the basic ones they were described as. Some aren't cataloged and are hard to place an accurate value on. One is around $2000 catalog value. Two years later I swap that stamp plus cash for a different stamp that has a slightly higher catalog value. (

literally the only way I could have ever gotten one) How the _ do I figure that one someday when it gets sold. Or more likely how do my kids figure the value.

raulus · #10 03-31-2023, 09:59 AM

Quote:

Originally Posted by FrankWakefield

And, do you guys really let tax factors dictate whether you buy, sell, or hold a card??? Really?

I think for a lot of us, we pine for the good old days when lame adult stuff like taxes didn't matter. We could sit at home and trade cards all day long with our friends, and probably not even worry about stuff like centering and corners. And we sure didn't fuss about something as ludicrous as taxes. I suspect that a lot of the posts around here lamenting the current sad state of affairs are largely a mawkish plea for a return to the simplicity of childhood.

But returning to the here and now, when it comes to taxes, I'll admit to being a bit of an odd duck this way.

Part of the added fun here is that I really wasn't looking for this hypothetical deal. It came to me, rather than me seeking it out. I think if I had independently decided that it's time and I'm ready to sell this piece, or sell my collection entirely, then I would just sort of take the tax consequences and live with them.

I will also confess that I have an added overlay as a tax professional. I've worked pretty bloody hard for the last 20 years to get to where I am today as a senior partner at a top-30 CPA firm, and the pecuniary rewards for that hard work are pretty substantial. For the average American who takes a little more risk in being aggressive on their taxes, the consequences of getting caught usually aren't too severe. Pay your back taxes plus some penalties and interest. And a judge yells at you a bit about the importance of being a good citizen and paying your fair share. I think we can all agree that following the law is always a good idea, although for some of us, the risks of a little noncompliance are not quite so harrowing.

For a CPA, particularly one in my position, the consequences are typically a lot more severe, potentially even including some jail time, although that wouldn't necessarily be the worst of it. Among other things, if I were to blatantly cheat on my taxes, I would undoubtedly lose my license. And losing my license means that I get fired, and no one will ever hire me again.

So for me, the tax issues are generally front of mind, and can make a big difference in my approach.

whiteymet · #11 03-31-2023, 11:00 AM

If you are a COLLECTOR If I don't need the $$$ I hold on to my crown jewel.

Should things change down the road where you need money, which in your described position does not seem to be expected, you will still have the highest graded card which over the years should, as history has shown, increase even more in value.

But then you will have even MORE taxes to pay down the road when you sell it!

raulus · #12 03-31-2023, 09:46 AM

Quote:

Originally Posted by ALBB

Nic,
good luck with decision

But it would be much more fun/ interesting/ easier ..for guys reading this if you could say -

For Ex - Im giving up my 33 G Nap Lajoie...for a 52 T Mantle and $150,000

Totally understand and agree.

Part of the fun is that I'm trying to keep some of the details obscure to protect the innocent.

Another part of the fun is that I had hoped that each of you could personalize it a bit by thinking of your own crown jewels and whether you would trade them down in exchange for some cash. As you note, leaving it this mysterious in some ways detracts from the exercise, because by not knowing the precise cards and details, it seems less real, and perhaps more difficult to really conceptualize.

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