I have a list of all of the issues that I have purchased over the last 20 years. The comic books were "bagged and boarded" prior to their sale. I have not sold all of them yet. They are not being sold as an entire collection. So far, 100 of 4000+ comics have been sold.
2006-10-13 09:29:29 · 9 answers · asked by mlviola 1 in Business & Finance ➔ Taxes ➔ United States
There are no tax benefits.
2006-10-13 09:31:24 · answer #1 · answered by Blunt Honesty 7 · 1⤊ 0⤋
If you can show how much you paid for the comic books, you can deduct that amount from the sale price to determine taxable income. Any profit may qualify as a capital gain which is taxed at a lower rate than regular income. This is not exactly a 'tax benefit', but is may reduce the taxes you pay for the sale.
2006-10-13 14:37:51 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
The only tax benefit is the 25% capital gains rate on the sale of collectables. If your regular tax rate is higher than this, that's a benefit. If your regular tax rate is lower, you will pay your lower rate instead.
You can deduct from the sale price the costs of purchase and incidental costs related to the purchase and the sale. Incidental costs include the cost of the protective baggy, sales tax, packing materials for shipping, and postage related to the aquisition and disposal of your asset.
2006-10-13 21:27:51 · answer #3 · answered by lizzit 3 · 0⤊ 0⤋
Absolutely in no way is there a "tax benefit". If anything, you would be taxed for making a profit. If you bought a comic book for $1.25 in 1992 and sold today for $201.25, you will need to, or at least should, claim that you made $200.00.
2006-10-13 09:34:05 · answer #4 · answered by ? 2 · 2⤊ 0⤋
You must include on your tax return hobby income. Tax deductions for expenses related to hobby income are limited to the amount of hobby income you report on your tax return, and can be taken as tax deductions only if you itemize your tax deductions on Form 1040, Schedule A. The tax deductions are subject to the 2% AGI floor.
If you collect stamps, coins, or other items as a hobby for recreation and pleasure, and you sell any of the hobby collection items, your gain is taxable as a capital gain on your tax return. However, if you sell items from your hobby collection at a loss, you cannot deduct a net loss on your tax return
2006-10-13 09:36:35 · answer #5 · answered by RamsGod 3 · 2⤊ 0⤋
QuakJak is stable. yet i'm going to bypass even added. you are able to not get everywhere close to "marketplace" value to your comics except you have some severe golden/silver age stuff. eBay is saturated with human beings dumping comics at pennies on the dollar. you would be fortunate to get 25% of fee. comedian shops will in basic terms supply you kind of 25% of fee for what they opt for. the only thank you to get on the brink of marketplace fee is to discover some genuine stupid guy or woman who would not know approximately eBay, or can not bypass to a comedian save whilst they are having a loopy 50-seventy 5% off sale. Sorry, comics are actual a non-funds maker. stable luck.
2016-11-28 04:05:23 · answer #6 · answered by ? 4 · 0⤊ 0⤋
If you don't have a business, the sale of personal property is not taxable. If you do have a business, you will be allowed the normal business deductions from the gross sale. That would include things like purchase price (your basis), cost of doing business, etc.
2006-10-13 09:49:51 · answer #7 · answered by united9198 7 · 0⤊ 2⤋
No tax benefit,ok
2006-10-13 09:35:40 · answer #8 · answered by roymark 3 · 1⤊ 0⤋
are you a comicbook collector? i have tons of them i would love to get rid of
2006-10-13 09:33:03 · answer #9 · answered by justme 1 · 0⤊ 2⤋