What would you do if you saw Action #1 at a yard sale?

[Hulksdaddy1]

Buy it for the $1, fly down to Sarasota, have it graded, contact Heritage, negotiate 0% sellers fee, plus take some of the buyers, auction it off, keep all the money, sleep very well at night dreaming of the Pagani Huayra about to take up a spot in my garage.

 

[nearmint]

I would want to share my windfall with them. I would contact my lawyer about the safest way to do this without ending up in the courts myself for the next twenty years.

 

No good dead goes unpunished.

 

It's funny. Whenever there's a news stories about the guy who buys a framed picture at a garage sale and finds an original copy of the Declaration of Independence hidden in the frame, they never talk about the poor schlub who sold it to him.

[Davenport]

It's funny. Whenever there's a news stories about the guy who buys a framed picture at a garage sale and finds an original copy of the Declaration of Independence hidden in the frame, they never talk about the poor schlub who sold it to him.

Case in point from this month:

Billy the Kid photo purchased for $2 in junk shop, could sell for $5M

 

It's like finding a six-pack of Action 1s for 2 bucks.

[kav]

Gifting someone $100K isn't that simple. Ask Oprah.

You can gift up to 5 million with no taxes but if you gift something like a car, then taxes must be paid on it.

[ttfitz]

I would want to share my windfall with them. I would contact my lawyer about the safest way to do this without ending up in the courts myself for the next twenty years.

 

 

I'd want to keep it for my collection, but as I'd also want to give the seller part of the value, if possible I'd try to sell and buy a lower grade copy for myself. Of course when something like this comes to market, everyone wants the story of where the book came from, and that's when the trouble likely comes.

[Solar]

I'd buy the book. People come to yard sales exclusively to find bargains, but they're expected to pass when they find an historically good one? Nope. Google your mess before you put it on the yard sale table.

[shadroch]

Gifting someone $100K isn't that simple. Ask Oprah.

You can gift up to 5 million with no taxes but if you gift something like a car, then taxes must be paid on it.

 

 

As far as I know, you can only gift $14,000 to any one individual in a calendar year.

[revat]

Gifting someone $100K isn't that simple. Ask Oprah.

You can gift up to 5 million with no taxes but if you gift something like a car, then taxes must be paid on it.

 

 

As far as I know, you can only gift $14,000 to any one individual in a calendar year.

 

Best to contact your CPA before doing any of this. Also best to make sure its a 'gift' and not a disguised payment.

 

If I buy something from you, and a year (or two or whenever) later I come back and give you some money after I sold it, that CAN LOOK a LOT like part of the purchase price to the IRS. I'm not saying its, but if you're dealing with big boy money, you should check with a professional first on how to document everything properly and keep everything on the up and up.

 

BTW - For me personally, as a competent adult buying from another competent adult, pay the price which was set by the owner, because...life and economics. Its nice to be nice to strangers, but its also nice for my kids to not be in debt from college.

[kav]

Gifting someone $100K isn't that simple. Ask Oprah.

You can gift up to 5 million with no taxes but if you gift something like a car, then taxes must be paid on it.

 

 

As far as I know, you can only gift $14,000 to any one individual in a calendar year.

No you can gift up to 5.3 mil.

You just have to notify IRS if it's over 14K.

[Michelangelo]

I'm shocked at how many of you would share the profits if you sold.... I find that so hard to believe.

 

if I bought a comic for $10 and sold it for $1,000,000, the thought of sending 50% or 25% or even 10% sounds like it would be too hard to do.

 

perhaps that's why the comic gods will not smile upon me....

 

Why would it be hard for you to share if you got a massive windfall?

 

It wouldn't be that hard... I totally would share it... In fact, even after sharing a portion (whatever that amount might be), I'd still probably feel guilty for not giving even more.

[krighton]

I'm shocked at how many of you would share the profits if you sold.... I find that so hard to believe.

 

if I bought a comic for $10 and sold it for $1,000,000, the thought of sending 50% or 25% or even 10% sounds like it would be too hard to do.

 

perhaps that's why the comic gods will not smile upon me....

 

I think if you showed up with any money for the person you bought it from they would want more...or all of what you sold it for. Prepare for a massive lawsuit in your future.

 

He took advantage of me. I didn't mean to sell that one. etc. etc.

[Robot Man]

First off LIKE THIS IS GOING TO EVER HAPPEN???

 

As far as "sharing the wealth", I bought a photo from a flea market dealer I regularly shop at once. I paid $20. for it knowing it was a real find. I sent it into an auction house that specializes in this material and got around $2400 for it. Next time I saw the dealer I handed him $500. cash. He asked why and I said I bought something from him and did well at auction with it. Instead of him thanking me, he proceeded to want to know what it was and what I got for it which I wouldn't tell him. I said it was a windfall and he should enjoy the money. Now, he is suspicious and won't sell me anything anymore. So much for doing the "right thing"...

[ttfitz]

Gifting someone $100K isn't that simple. Ask Oprah.

You can gift up to 5 million with no taxes but if you gift something like a car, then taxes must be paid on it.

 

 

As far as I know, you can only gift $14,000 to any one individual in a calendar year.

No you can gift up to 5.3 mil.

You just have to notify IRS if it's over 14K.

 

Can you give a source for this information?

 

This is what I found on the IRS site, which supports shadroch's statement:

 

What can be excluded from gifts?

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.

 

1. Gifts that are not more than the annual exclusion for the calendar year.

 

How many annual exclusions are available?

The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012 and $14,000 on or after January 1, 2013, the annual exclusion applies to each gift. The annual exclusion for 2014 and 2015 is $14,000.

[yoddler]

this is why you don't take financial advise from an online forum...

[Michelangelo]

First off LIKE THIS IS GOING TO EVER HAPPEN???

 

As far as "sharing the wealth", I bought a photo from a flea market dealer I regularly shop at once. I paid $20. for it knowing it was a real find. I sent it into an auction house that specializes in this material and got around $2400 for it. Next time I saw the dealer I handed him $500. cash. He asked why and I said I bought something from him and did well at auction with it. Instead of him thanking me, he proceeded to want to know what it was and what I got for it which I wouldn't tell him. I said it was a windfall and he should enjoy the money. Now, he is suspicious and won't sell me anything anymore. So much for doing the "right thing"...

 

terrible.... that's pretty short sighted of the guy.. he should thank his blessings that you gave him anything... now he's suspicious of you? If he thinks his stuff might be worth so much more, he should figure it out for himself before putting it up for sale.

[krighton]

First off LIKE THIS IS GOING TO EVER HAPPEN???

 

As far as "sharing the wealth", I bought a photo from a flea market dealer I regularly shop at once. I paid $20. for it knowing it was a real find. I sent it into an auction house that specializes in this material and got around $2400 for it. Next time I saw the dealer I handed him $500. cash. He asked why and I said I bought something from him and did well at auction with it. Instead of him thanking me, he proceeded to want to know what it was and what I got for it which I wouldn't tell him. I said it was a windfall and he should enjoy the money. Now, he is suspicious and won't sell me anything anymore. So much for doing the "right thing"...

 

terrible.... that's pretty short sighted of the guy.. he should thank his blessings that you gave him anything... now he's suspicious of you? If he thinks his stuff might be worth so much more, he should figure it out for himself before putting it up for sale.

 

typical human behavior for 2015....might get a different response in the 1950s.

[kav]

Gifting someone $100K isn't that simple. Ask Oprah.

You can gift up to 5 million with no taxes but if you gift something like a car, then taxes must be paid on it.

 

 

As far as I know, you can only gift $14,000 to any one individual in a calendar year.

No you can gift up to 5.3 mil.

You just have to notify IRS if it's over 14K.

 

Can you give a source for this information?

 

This is what I found on the IRS site, which supports shadroch's statement:

 

What can be excluded from gifts?

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.

 

1. Gifts that are not more than the annual exclusion for the calendar year.

 

How many annual exclusions are available?

The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012 and $14,000 on or after January 1, 2013, the annual exclusion applies to each gift. The annual exclusion for 2014 and 2015 is $14,000.

 

Sorry it's 5.43 million. That's the lifetime max. I verified this with a tax attorney.

http://www.forbes.com/sites/deborahljacobs/2014/10/30/irs-raises-limit-on-tax-free-lifetime-gifts-for-2015/

[Chip Cataldo]

typical human behavior for 2015....might get a different response in the 1950s.

Isn't that where most of the people in this thread are stuck...?

[shadroch]

Gifting someone $100K isn't that simple. Ask Oprah.

You can gift up to 5 million with no taxes but if you gift something like a car, then taxes must be paid on it.

 

 

As far as I know, you can only gift $14,000 to any one individual in a calendar year.

No you can gift up to 5.3 mil.

You just have to notify IRS if it's over 14K.

 

Can you give a source for this information?

 

This is what I found on the IRS site, which supports shadroch's statement:

 

What can be excluded from gifts?

The general rule is that any gift is a taxable gift. However, there are many exceptions to this rule. Generally, the following gifts are not taxable gifts.

 

1. Gifts that are not more than the annual exclusion for the calendar year.

 

How many annual exclusions are available?

The annual exclusion applies to gifts to each donee. In other words, if you give each of your children $11,000 in 2002-2005, $12,000 in 2006-2008, $13,000 in 2009-2012 and $14,000 on or after January 1, 2013, the annual exclusion applies to each gift. The annual exclusion for 2014 and 2015 is $14,000.

 

Sorry it's 5.43 million. That's the lifetime max. I verified this with a tax attorney.

http://www.forbes.com/sites/deborahljacobs/2014/10/30/irs-raises-limit-on-tax-free-lifetime-gifts-for-2015/

 

 

You, as an individual can give away five million dollars during your lifetime, tax free.

You can only give $14,000 to anyone one person in a year before taxes kick in

Your "tax attorney" ought to know the difference

[kav]

The person receiving the gift is not liable for the taxes.

Gift tax is not an issue for most people

The person who makes the gift files the gift tax return, if necessary, and pays any tax.

 

If someone gives you more than the annual gift tax exclusion amount ($14,000 in 2015), the giver must file a gift tax return. That still doesn’t mean they owe gift tax.

 

For example, say someone gives you $20,000 in one year, and you and the giver are both single. The giver must file a gift tax return, showing an excess gift of $6,000 ($20,000 – $14,000 exclusion = $6,000).

 

Each year, the amount a person gives other people over the annual exclusion accumulates until it reaches the lifetime gift tax exclusion.

 

Currently, a taxpayer does not pay gift tax until they have given away over $5.43 million in their lifetime (2

 

Here is what the tax attorney told me:

The money is not taxable by the IRS or California - there is a $5.4 million threshold for taxes - either in death or cumulative before death. The $14k limit is a reporting requirement if given in a single year

 

Apparently you are unclear on what a reporting requirement is. And some other things.