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Comic Book Sales
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10 posts in this topic

9 minutes ago, Bookaholic said:

Sorry if this has been discussed.. although I was unable to find a clear answer. If you sell an expensive book.. $1k+ that you have held for years.. $100 basis.. do you pay 28% collectable tax on the gain???

That's what the IRS expects.

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Not sure if this works in the US....but I do believe if I sold a comic on e-bay I would legally have to report the difference I paid with the what I sold it for to Revenue Canada. (This would be difficult only because I never kept track of what I paid for the comics when I purchased them) It's my understanding however, when I'm gone and my kids inherit the books, they get to sell them without having to report the income.

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In the US, I th8nk what you are referring to is called a “step up”. When asset ownership changes hands in an estate, the new owners cost basis is stepped up to current market value.   That a sweet tax “dodge”, except for the Daffy Duck problem.  Like in the classic cartoon where he’s a magician auditioning for a gig, and blows himself up, and drifting up to heaven says, “but I can only do it once!”

basically to sell at full retail and have no taxable gains, you just have to die first!   : (

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On 8/29/2019 at 12:26 AM, ninanina said:

Not sure if this works in the US....but I do believe if I sold a comic on e-bay I would legally have to report the difference I paid with the what I sold it for to Revenue Canada. (This would be difficult only because I never kept track of what I paid for the comics when I purchased them) It's my understanding however, when I'm gone and my kids inherit the books, they get to sell them without having to report the income.

That's not difficult at all.  Can't remember what you paid or have no paperwork to support what you paid?  Then it most likely would go back to the cover price on the book.

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On ‎8‎/‎30‎/‎2019 at 8:59 AM, pemart1966 said:

That's not difficult at all.  Can't remember what you paid or have no paperwork to support what you paid?  Then it most likely would go back to the cover price on the book.

Ouch!  Good enough reason to hang onto the collection and simply let my kids get rid of it.

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