wilbil

i refuse all the time.

#wecareaboutfans($)

28 minutes ago, buttock said:

You'd 

Not to come across as rude, but there are so many things wrong with this that I don't really know where to start.  But in general, I wouldn't encourage you to do any of this.  

was it was the incubator that got your attention, doc?

we can change it to a p&c autoclave........

interesting comments in this thread.

1) a federal insurance deposit bank is not required to cover any contents of a safety deposit box.

2) every bank sets a limit on what is and is not covered and for how much or for how little for items in a safety box. the user may not know it, the user may not have read the lease documents, or the information documents that accompanied the opening of a bank account. 

3) there are insurance companies that specifically insure contents of a safety box, and strict requirements for same. many insurance companies will have a lower rate for items that are stored in a bank deposit box.

4) storing collectibles in a safety box is a very risky business.

a) as shad states, there is a vast swing in temperature control, without any protection at all.

b) as to paper items, moisture is of particular concern, and insurance companies recommend that such items....wills, discharge papers, dnr directives, mortgages, birth certificates, stock/bond certificates etc., be in a waterproof container. note it is never a good idea to keep documents that may be needed for immediate action in a safety box...like passports. even your re-insurer will most likely require this, and will exclude damage due to temperature/moisture/humidity changes. 

4) cash...never. cash should be in a federally insured account. 

5) gold/silver: dumb move.

6) it is never at all ever a good move to store collectible valuable coins or stamps in a safety box, wheter encapsulated or not, for any but a very temporary length of time.

7) there are wonderful all encompassing home safes on the market that are the ultimate in protection. cost? sure. worth it? personal decision.

8) i would advise a person that decides to have a safety box to check the safety box at least once a week. keep a record of the sign-in/sign out time, and what was removed or added.

but, if someone is putting even the maximum amount the bank will insure...say 10k, in the deposit box at the bank, and i can buy a great box for 3-4k, i am buying the box. that is just me.

fwiw

absolutely. pay it forward. always.

using a mystery drawing like so many here do, especially for youngsters or the children of older members.

hospitals, and nursing/long term care/retirement homes, va facilities. it is surprising how popular comics are in those venues.

care packages for overseas (and for that matter conus) troops. it is appreciated (just don't send it to any boot camps because the reader will get destroyed by the di if caught).

fwiw, this happened in numismatic grading. what was/is the result? re-submittals, crack-outs and re-submittals, endless confusing market grading, added buying and selling, and....the increase in fees paid to the tpg/4pg, and the advance of and growth of the hobby.

in short, it keeps the hobby alive.

now, take philately. the stuffy shirts would not succumb to market grading, made the cost of submitting very complicated, never really explained what and how and why a grade was a grade, got involved in usps/congressional committees about what should and should not be a stamp and what price and what collectors want , never did a good job of separating genres, but.....the hobby did agree on a color id for stamps (which was more confusing than a painter's judging contest at a convention). plus, they beat the "roosevelt was a collector" thing to death, to where any further hobby advertisement attempts were useless

the result: if you don't know that by now, then why did you start collecting comics? i will answer...because philately died. drt died (dead right there, meaning no resuscitation  efforts would ever never ever be helpful. forever.

3 minutes ago, comicdonna said:

I usually lose money on every book I sell so, I shouldn't have to pay too much in taxes.

that is what everybody tells the irs.

1 minute ago, CatskillMike said:

You can expect more of this scrutiny to obtain "missing" tax dollars to get even tighter as states are scrambling to find money to pay for the enormous pandemic costs.  As for getting money orders and personal checks, they leave a paper trail also, with your bank. If you get audited they will find that in 2 seconds. I'm pretty sure that is what wilbil was referring to.

To me it looks like all those sellers that never paid a dime in tax money all these years are in for it.  Private sellers selling off or turning over keys and making $1000's of dollars in profit might now be paying taxes. Here, ebay, everywhere. 

Consider this scenario- Blob or Dale or one of the true dealers sells an FF#1 for $15,000.  He priced it knowing he has to pay taxes on the gain. But if I wanted to sell my FF#1 for the same amount, I shouldn't pay any taxes?  Then I should sell my for less, right?  This levels the playing field for selling, imho.

I assume this will not be a popular post. 

it is a popular post in the circles i travel in.

and yes, that is what i am referring to, and...it triggers the 7 year look back after they nail a person to the cross for the present review. it is not worth testing. at all. testing means you lose.

Just now, manetteska said:

So I buy a comic at the LCS and pay tax.

I sell a comic on eBay and pay tax on the sale (as income at EoY).

And the buyer pays tax on that purchase.

Cool.

....and you get to deduct all the legal deductions, and keep more.

26 minutes ago, grebal said:

^yeah, but your cost basis in the comics you sold (to calculate your gain in the first place) can be hard to document, especially for comics bought years earlier (original purchase price plus shipping etc).

Documenting today's expenses (fees, postage, shipping supplies, bags/boards etc.) is comparatively easier because you have recent receipts.  Though I agree about the 'fun' of deducting a portion of your overhead (allocate part of your home, climate control costs ...).

all that is required is a reasonable cost estimate. i would be surprised if historical reasonable comparatives could not ebmade. what would a person want....doing a reasonable cost comparison to determine the basis, or letting the irs do It? you don't want my answere, because it would not be a pretty conclusion.

35 minutes ago, Mutant Manatee said:

I will have my accountant/tax preparer look into this, but according to a post above hobby expenses are no longer tax deductible as of 2017.   I don't know if I can report this income as a business and therefore deduct my expenses.  I have never had a tax ID number.

yes, you can. your accountant knows what to do. the post you are referring to is not quite correct. go to irs.gov. the test for business vs. hobby is stated. how to report income is stated, for both hobby and non-hobby earnings and profits. if you had 10k in sales, i assure you irs considers you a business, and you have meticulous sales records....ebay records. listen to shad. he is giving you excellent advice. the deductions you can take is the fun part (including a percentage of your residence used for the business....phone/electric/mortgage/etc.)

your tax id number is your ssn. file 1040 with c,d, and whatever the heck other forms you need to after talking with your accountant.

there is not one reason to not do so, other than trying to scam the irs and not apy the taxes. why anybody does that is beyond me, when the government gives you plenty of legitimate methods to lower the tax that may be owed.

i do not see any reason for quitting ebay sales because of this, especially when it is a benefit to you for record keeping.

checks and money orders is not the answer, and could be a bigger problem down the road.

fwiw. been there done that.

run it as a business. it will be to your benefit.

it is not what you make, it is what you keep. 

don't, before understanding law of agency. possibility you are responsible for collecting/recording/paying taxes. quebec a bit different, in application of law, but principle is same. why do i know? many steel fabrication representation dealings.  the commodity being comics will not be treated any differently.

i would not proceed on friendship basis. a clear understanding of the relationship, and a clear understanding of responsibility as interpreted by the law is the best course, before a commitment that  may have consequences for you that were not anticipated.

it is a business transaction. 

never give up. never quit.

2 minutes ago, valiantman said:

"True value of a key comic"

i say let the dude from rallyrd. sell it and that will determine the value.

he is awesome.

i emailed my dude warren about the awesome investment opportunity the dude is, like, saying the stuff he is gonna do, which i think is really awesome, with neat cars and stuff like that, which is cool.

and the dude knows computer typing art things, and only needs 17 mil, so i told warren to help this awesome dude out, man. it is, yeah, well, like the ground basement floor, starting, and all.

yeah, that was, like, an awesome read about the dude, just awesome.

so, like, he needs another 17 mil man, to like make the place really awesome, with all this radical market stuff going on, and like fine art is ok, but car stuff is rad, too and my fellow dudes want in on the car rally sales and investment stuff.

the dude has impressive management computer stuff experience, just awesome.

somehow, i think the concept of "profits" has left the room.

6 hours ago, Lightning55 said:

foil the plan.

clever.

2 hours ago, shadroch said:

For a fairly small company, they have a pretty impressive management team, and their car division has gotten a number of good write-ups. 

You aren't buying a comic. You are investing in an asset that has a proven track record. No one knows what the future will bring, but if you'd been able to invest in this ten or twenty years ago, you'd be sitting pretty. The management has a good track record when selecting cars for people to invest in, from what I can tell.  People who bought in to the first two cars they sold made 18% on one, and 16% on the other. Not a home run, but a solid double.

I'm thinking they diversified into collectibles as a way to get younger people involved in their business and perhaps cross over into the classic car hobby. 

are you "invested"? you are giving a  recommendation....and an endorsement, really.

did you "invest" $60,000.00 that allowed you to buy a jet?

or, did you "invest" in a tesla they were offering?

or, have you already "invested" in a comic with this "investment" company? if so, did you make 16-185 on your "investment'? if so, over what period of time?

how are you aware of who made what %? is this "investment" opportunity strictly regulated?

a couple of write ups and " a pretty impressive management team" does not make a company a good investment.

ponzi schemes always look good and are recommended by the persons that got in early on a good deal. then they become complicit in keeping it appear to be a good "investment", for the simple reason that it isn't.

exactly what is the proven track record asset that has a proven record that can be vetted, trusted and publicly endorsed? madoff had all that, also

simply, if this is such a wonderful investment that gets a solid double, exactly what % of your available investment portfolio is with this wonderful opportunity that has an impressive management team?

does their "car division" have a lot of teslas?

one of the most disappointing investments in the last 2 years has been "classic cars". it isn't a "hobby". it is a boat.

5 hours ago, shadroch said:

To be a bit extreme, you could have bought a tesla last year for $60,000 and own a really nice car or you could have bought $60,000  worth of Tesla and now you're able to buy a nice private jet.

not the whole tesla blahblah thing again. what has it been, 3 - 4years of this? considering your constant endorsement of tesla, even at the time the wheels were falling off, the doors were falling off, the batteries were catching fire, the cars were being assembled without windshields, and in 1 case a steering wheel, you have stuck by them. loyalty counts, and assuming you are a man of convictions and also knows a good selling thing and business opportunity when he sees it, how do you like your nice private jets? i am sure you bought more than 1.

any pictures?

6 hours ago, shadroch said:

Rally isn't some fly by night company. It's got a pretty impressive list of corporate officers and has assets of close to twenty million dollars. Some of you are acting like this is a kid operating out of a tree house.

Accredited Investors get offered opportunities like this all the time. Going after small investors is unusual and I don't see much profit to be realized but I don't think they are going to snacking with the products or the money.

never stop selling, shad, never stop selling....

that is the only reason for no confidence?

if the borrow clause is removed, would it be an acceptable fonzi ponzi investment?

bla bla.....

()

would that be worth 2 tulips? i'm in....

tulip farm management. the grail book of oh no business. it will make billions, jerry. billions.