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Vince G
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Posts posted by Vince G
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15 minutes ago, WEBHEAD said:
well since I buy more then I sell.....let's see how all the auction sites who charge fees that are so ridiculous I ask it again someone sends me $$$ for a book on this site. There is no marker that it is a comic, it might be a loan from a friend, Then again I think most of those chattering are in business You'd think that Ebay CGC Paypal would advise everyone. Except for this thread it's all I've heard/
Oh, and side note. My tax preparer, who has been doing this for 30+ years, tells me most people don’t report this type of income. The irs can’t audit everyone, but she says that even though it’s not likely that any individual would be the target of an audit, it’s still a roll of the dice. Her advice, better to report and show a gain, even a small gain if possible. Again, every situation will be unique so it’s buyer beware on this advice.
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11 minutes ago, WEBHEAD said:
well since I buy more then I sell.....let's see how all the auction sites who charge fees that are so ridiculous I ask it again someone sends me $$$ for a book on this site. There is no marker that it is a comic, it might be a loan from a friend, Then again I think most of those chattering are in business You'd think that Ebay CGC Paypal would advise everyone. Except for this thread it's all I've heard/
I think private sales give you more leeway, meaning, you can probably get away without reporting pending how you are receiving the funds. Then again, I am not entirely sure. My one big transaction was done on a private sale. It was over 10k, so I absolutely felt I needed to report that and be completely accurate in that reporting. No problem thus far.
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I have only been selling for a few years now but even though none of the online sites have sent me a 1099, I went ahead and reported anyway to be on the safe side. The advice I'd been given as a small time collector/seller/buyer (hobbyist, not a business) is that as long as you show a gain, you probably won't run into a problem. Then again, for many sellers, especially those who are buying and selling all the time, this rule/guidance may not apply. And yes, of course, any transaction over 10k is automatically reported so that definitely needs to be on your return. It can certainly be a nightmare to dig through records and determine exactly how much you paid for individual books but in some cases, estimating total cost might be the way to go. Any books held for more than 1 year are considered long term and are taxed at the long term capital gain rate of 15% (or i believe 20% in certain instances).
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41 minutes ago, Randall Dowling said:
Yes, @Hamlet and I were just discussing this. Increasingly, I'm priced out of the market on any number of eras or genres in comic books. Want to collect the Miller Daredevils? Be ready to cough up a kidney for #169. Want to collect Crime Suspenstories? Prepare to sell one of your children for a decent copy of #22.
The number of books that were once easily accessible and reasonably priced is quickly fading in the rearview. It's driven me to other collectibles because if I wasn't interested in buying a comic 10 years ago for $50, I'm definitely not interested in buying it today for $1000.
Thankfully, there are still many, many great values in magazines but I don't think it will stay that way for long.
That's where I've been focusing my attention recently. Mags have always been undervalued in my opinion, but based on the current trend upward, we may find ourselves on the outside looking in soon enough.
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10 minutes ago, Randall Dowling said:
At least. One of the reasons I posted the actual scan was to show that it's a pretty tough looking 6.0. The MCS under grading factor is increasingly less and less but the reputation keeps some people buying with the assumption that it's nicer than their numerical assignment. By contrast, the Eerie 23 looked very nice for a 7.0.
Believe it or not, I think these things all have room to move further upward. When people are spending 5-6k for an Amazing Spider-man 300 (when there are over a thousand certified 9.8s and thousands of certified 9.6s), then it's just a matter of time until they figure out how undervalued magazines are.
In case, anyone is interested, here's a snapshot of the current census for Vampirella 1 (thanks to @valiantman for your truly excellent resource, cgcdata.com). If it's hard to read, it should be easier clicking on the image.
Agreed on the grading. The raw Vampi 1 seems to be graded on point. On a bad day at CGC, it's a 5.5. Lots of stress on that spine. And also correct that the Eerie 23 is undergraded likely by at least 1/2, maybe a full point. It presents extremely well, particularly for a black cover, and no doubt was reflected in the final sale price. I've been buying raw books on mcs for the past decade and in most cases, they do grade conservatively. However, I always zoom the front and back scans, which are more than adequate for identifying the defects on most books and deciding on how accurate their assigned grade is.
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3 hours ago, wombat said:
A CGC 6.5 sold for $959 on March 7th on ebay. Heck, a 7.5 just sold for $1,850 last week. That is mind boggling.
For now, gone are the incremental increases we used to see with keys. Now, all the increases are exponential. And to think, I thought 6k was too much to pay for a 9.0 copy of Hulk 181 in January
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1 hour ago, OtherEric said:
We may need to allow for the fact at least some of the bidders were figuring on Line Star's notorious tendency to undergrade. But your general statement is probably correct.
True, but I think that copy was graded accurately. Too many stress lines, in my opinion, to get into 6.5 or 7.0 territory.
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3 hours ago, wombat said:
If a raw Vampi 6.0 sold for $915 a CGC 6.5 should be at least a $1,000, right?
I believe it was in the January MCS auction that a CGC 6.5 copy sold for a shade over 700. Crazy what's going on with prices these days.
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1 hour ago, oakman29 said:
That Eerie 23 was pretty amazing. WOW!
The Eerie 23 looked much better than FN/VF, so I think that played a part.
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10 hours ago, Bludriver said:
This sudden spike in prices has me worried. Just too many crazy prices across the board. If there is any Bronze Age book that deserves it is Hulk 181 but leaps like this scare me. I have never seen anything like this in this hobby.
Many of us have never seen anything like this and yes, that worries me also.
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On 2/28/2021 at 1:53 PM, Aman619 said:
It’s sure a mystery who these bidders and buyers are today. A lot to try to figure out, but here’s two simple premises...
number 1). we have seen the escalation of “highest grade madness” go from perfect 9.4s, to impossible 9.6s, to many years of first 9.8 insanity chasing, to building runs in 9.8.... so here we are at the next plateau: enough 9.9s to fuel a market. When there were 35 9.6s the first 9.8 went ballistic. Same thing now with the 9.8 column bursting at the seems. Grading may have gotten looser, and more unread moderns have gotten pressed and slabbed of late, but these books are still scarce out of the billions of comics printed. CGC may have opened the door to 9.9s but they don’t give them away easily.
number 2). Another comics collecting phenomenon we have experienced is at play with a new bunch of collectors: we are shocked by these sales because in OUR experiences, mega keys were less than today’s cars cost, and many of these books like Transformers 1 are dollar bin non-sellers, we have a well established sense of what comics are worth. But repeatedly, over time, new collectors or speculators, or just people who decide one day that they gotta have something go and pay whatever it takes for it.. and at auction which as we know fuels these crazy hammer prices. And these people are fine paying the new (Absurd) price. They are new to these hobbies and weren’t collecting when we were so they don’t have the hard limits in their minds like we do. Also, if they are young, they grew up with Moderns. You know the mass produced stuff that was even worse then the Bronze carp that was derivative of the true silver Age classics. (from some of our personal perspectives).
So long as the hobby keeps growing, and new collectors are the key to this, the truth is, from an investment stance, they are right. I paid some crazy prices in the oughts to upgrade HG key issues. I was embarrassed to admit some of my purchases. But it’s freaking 20 years later now.. the hobby demographics haven’t killed it, the death of print hasn’t hurt it, and those buys I made even have my financial guys respect. Many of us have 40 years of collecting and have seen waves of such price increase phases.
so yes I agree with all of you that this is whacked. and want to know WHO these new people are. And will they stick around post pandemic when there’s a lot more to do than scour the Internet buying stuff? Or post Marvel/superhero pop culture hegemony? I find it incredible that there’s so much new money at play, 50K comics add up to real money pretty darn quick. Let’s see where it goes.... if they win, we win.
My question has always been, where's the money coming from? This has been driving me crazy for the past month or two but I think I partially answered my own question after doing some research. I think part of what we're seeing is the 401k penalty-free withdrawal provision of the 2020 Cares Act. I did not know this, but there is no penalty for withdrawing up to 100k, and you can spread the income taxes on the withdraw over three years. Additionally, if you can pay the full amount you withdrew back, you can claim a refund on those taxes. So, it could very well be that some are pulling money and splurging, particularly on collectibles, but others may be buying with the hope of reselling at a profit, before replacing their initial withdrawal. Then again, maybe it's just all those investors who cashed out on Bitcoin and GameStop thenn decided to throw some money into comics?
If you're interested in a short high-level blurb about the 401k provisions in the Cares Act, here's a link: https://www.nerdwallet.com/article/investing/cashing-out-401k-covid-19
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Can't say enough about MCS. Conan and Este did a great job working with me to handle two five figure transactions in parallel, and were very accommodating in providing me with options for completing both in a timely manner. Not much else I can say except top notch all the way! Thank you for all you do for us individual collectors.
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I had a claim for a book that was delivered from CGC to the wrong address. Long story short, FedEx accidentally slapped a 2nd label on the box at a regional distribution center. The book went to the other address, was signed for, but was never able to be reclaimed from the person who signed for it. Declared a lost shipment. CIS resolved the case in a week and gave me current market value for the book. If anyone is wondering, it was a Weird Science Fantasy Annual 1 universal 3.5, that was delivered to the Winston-Salem NC area back in Sept 2019. Have had the service for 2 years and that was my only claim.
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I'm in a similar situation where my branch was closed, and I do live in a warm climate. I will be checking mine next week. I have a similar question regarding deterioration, specifically page integrity and quality, and staining/oxidation. I have one book with some light staining on the back, which appears to be a small water stain. If stored in a high temp/high humidity environment, can that stain darken and possibly migrate?
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While theoretically there may be a higher grade raw copy (its certainly not the Church), what we do know for sure is that there is a graded 9.2. Is the raw one (Allentown) nicer than that? Maybe, but it's not far fetched to say there is also the distinct possibility that it is not...
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14 hours ago, woowoo said:
I don't collect timley but its something
Congrats! Great price on this too!
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14 hours ago, Dark Knight said:
Must be the new entry level price for a 4.5
Guess it's time to sell then!!
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I'm probably very late to the party here but was curious to gather opinions. Unverified Stan Lee sig on this one but still, very high in my opinion. Can someone explain this to me?
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46 minutes ago, G.A.tor said:
Cap 3 5.0 Bc
Thanks so much! I'm interested so will send you a PM.
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12 hours ago, G.A.tor said:
Captain America comics 3 CGC 5.0...$34,995
Can you post the scan of the back, please?
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9 minutes ago, Black_Adam said:
No news yet from Heritage re: possible closure, but I know I won't be bidding on anything there with a potential shutdown looming.
I called them about 30 minutes ago and so far, they are operating normally. From what I learned, social distancing measures that are in place have resulted in some staggering of work within Heritage, so shipping times may wind up being affected. They told me that any change to operations would be noted either on their website or on your homepage/dashboard if you have an account with Heritage. Fingers crossed
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Wondering how this might affect Heritage since they are based in Dallas. Anyone have any information to share? Not trying to hijack this thread so I apologize in advance if this is to purely be a discussion with respect to MCS.
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38 minutes ago, Primetime said:
Yah, George what a steal on the Marvel 1. Congrats to the seller and buyer.
Congrats! Damn, i'm always late to the party on the big books!
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2 hours ago, waaaghboss said:
Yah, it was a feeding frenzy. I bud on almost every book last week and only won 7 of the later issues. At least I got one beaten up buck Rogers cover.
Grats to the guy who got #2, that books hella sexy.
Yeah, I bailed out on the first 10 but did snag a couple of the later gerber 8s
New IRS reporting for 2021?
in Comics General
Posted
Definitely not the point I am trying to make or infer. i have been reporting since I've been selling. Just relaying what I've been told by a licensed tax preparer. I certainly understand the issues many of our fellow collectors face, particularly those who do a ton of buying and selling. It's not easy to try to remember what you paid for a book months or years ago or even when you made those purchases without having detailed records. Bottom line, it's technically sale of goods or services on the 1040 so it should be reported.