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

Started by kav,

98 posts in this topic

Robot Man

Robot Man

Posted
Posted
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"...

 

:o

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.

 

Exactly Do your homework before you put it out for sale. Now days I just pay the full asking price and move on. Action #1 or anything else. Now, if someone asks me I have be honest or just move on and let it go.

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ttfitz

ttfitz

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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/

 

Wait a minute - so you have talked to a tax attorney about giving away large amounts of money?

 

So this isn't a hypothetical - you DID find an Action Comics #1 at a yard sale! lol

 

I believe you are right on this, but I am surprised it isn't mentioned on the FAQ I quoted above. I tried searching on the irs.gov site, and still didn't find this.

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kav

kav

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Its weird the last time this came up it was all over the place on the internet this time I had to google a bit.

 

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fmaz

fmaz

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Returning to the "scene of the crime" seems like a great idea, but in the real world - with greedy people - can just open you up to trouble. You're under no obligation to give the seller anything, so if you give them $10k after a sale, they could attempt to sue you for a larger portion of your profits. Will the suit be successful? Almost certainly not. But that doesn't mean you won't burn through your profits and time and trouble mounting a defense. Things like that.

 

No, if I ever (and I won't) was that lucky.... I'd either:

 

1. Keep it

2. Trade it for other things I wanted more

 

Obviously if I did either of these, I'd have no money to give the seller... so nothing I can provide.

 

If I did decide to sell it? I think the thing I might do - no, the thing I think I would do, is give a portion of my sale to a charity. I think that using some of the money to help other people would be the cleanest and easiest way to do some good with it. I would feel bad for the seller, but I'm just to afraid of turning a happy story into a sad story... especially one that would be completely of my own making.

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kav

kav

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Just slip a little note in their mailbox saying hi I bought something at your yard sale for a dollar that I sold for $1,000,000-I wanted to give you a large chunk of cash, but I know that you would probably just get angry and want more and it would just escalate to a living hell so I'm not going to do that.

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FineCollector

FineCollector

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Just slip a little note in their mailbox saying hi I bought something at your yard sale for a dollar that I sold for $1,000,000-I wanted to give you a large chunk of cash, but I know that you would probably just get angry and want more and it would just escalate to a living hell so I'm not going to do that.

 

Sounds like the safest way to do it. For some reason, I picture you ringing doorbells and running away...

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porcupine48

porcupine48

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Just slip a little note in their mailbox saying hi I bought something at your yard sale for a dollar that I sold for $1,000,000-I wanted to give you a large chunk of cash, but I know that you would probably just get angry and want more and it would just escalate to a living hell so I'm not going to do that.

 

Sounds like the safest way to do it. For some reason, I picture you ringing doorbells and running away...

If i could still run away id play nickynickyninedoor all the time!Thats what we called it anyhow...why that,ive no idea...one time we talked a friend into pooping on a step,then part way through it,we pushed him over rang the bell and ran like hell....we were bad,evil kids...

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Artboy99

Artboy99

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I would buy it for whatever price they had on it at the yard sale.

They priced it, I paid what they asked.

 

I feel no guilt, because in today's age information is readily available about the book, and it isn't my business to be telling them what the item is worth.

 

 

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