Would you take this deal?

[BobC]

Originally Posted by RCMcKenzie

On a similar topic to Nic's.

A board member is working on a mid-tier hofer back run. He reaches out to me to see if I have a dupe of a rare card from T213-2 Coupon. I do. I paid $90 12 years ago from a BIN from Joe's Vintage. It has a sticker on the back that states "90-" in Joe's handwriting. SGC 10 with paper loss on front.

He offered a raw T213-3 common with front and back damage. I am thinking about it, and asked him to to throw in a low grade common t206. I haven't heard back. Should I forget about it?

No, I wouldn't forget about doing such a trade, assuming you are happy to get the two cards you're trading for. The only thing is, you technically end up owing income tax on the difference between the $90 you originally paid for the T213-2 Coupon card you're now trading away, and whatever the then current FMV is of the T213-3 and T206 cards you traded for, as of the date you made the trade.

Just remember to keep track of/a record of the trade so you know what your tax basis going forward is for the two cards you just traded for. It should be the FMV of both cards at the time of the trade you then use to figure out how much in sales proceeds you'll be reporting on your tax return from the deemed sale of the T213-2 card you just traded away.

[Exhibitman]

Originally Posted by BobC

assuming you are happy to get the two cards you're trading for.

Yep, thats the bottom line: does it make you happy? This is supposed to be fun. A card collection is:

"a magic carpet that takes you away from work-a-day cares to havens of relaxing quietude where you can relive the pleasures and adventures of a past day—brought to life in vivid picture and prose." --Jefferson Burdick.

[Yoda]

Screw the deal. Keep the card and you won't regret it. Plus you can stop agonizing about it. There are a thousand stories from folks on the Board, including me, about cards they have regretted selling or trading.

[mq711]

This thread Gotta be about some super cool Willie Mays card! Wish we could see it because probably pretty rare.

[Casey2296]

It's unfortunate that the deal breaker is "the Government" .

[Leon]

+1. I vote for a law that says once something is taxed it can't be taxed again!

When I sold my first collection the tax bill was a doozy.

Originally Posted by Casey2296

It's unfortunate that the deal breaker is "the Government" .

[insidethewrapper]

I don't sell anything. My heirs will inherit at market value and pay no taxes and I don't have to worry about taxes by selling.

[JustinD]

Originally Posted by Leon

+1. I vote for a law that says once something is taxed it can't be taxed again!

When I sold my first collection the tax bill was a doozy.

Sadly, the government wants all they can muster for important programs. How else would we study the feasibility of if selective crossbreeding for creating real jackalopes is sound and how we will then properly fit them with knit caps safely?

Just wait for the fun when the silliness of 'unrealized gains' slides into the picture eventually...