Appraisal

[VintageComics]

Here you can buy the software and do your own returns. A lot of people just do their own returns in Canada. Is that possible in the US, or too different.

BTW, I'm lazy and pay about $70 or so.

 

R.

 

 

Yep. You can buy it here (TurboTax). Pretty easy to use. But, once you pay for the software/downloads and the filing fees, it's almost the same as having MK's person do it for you.

 

Can't you get a bunch of people in on it to make it more feasible?

 

R.

 

[chrisco37]

I think with Turbotax, you get 3 or 4 for "free". After that it's an additional $20 or so.

 

But that's just to use the software. You've always got to pay the other fees (for auto-deposit into a bank account). Of course, if you choose to wait for the check, you don't have to pay those.

[innocuous]

For some, taxes can be quite complicated. You don't want to know how much I pay to have mine completed.

[ft88]

The only reason I can see getting them appraised for tax and legal reasons is for estate planning / writing a will or divorce proceedings. No mention of insurance needed, at least in the original post. I think the real trick here would be to have the appraiser as someone who is qualified. Also, there may be incentives to have it appraised either low or high depending on what you are trying to do. Lets say you want to will them to your son, ignore marital issues for now. You have $2 million in cash ($2 million is the break point where estate taxes go from 0% to 45%) and about $1 Million in comics. If your son has no intention of selling, then you would want to have them appraised as low as possible to avoid taxes. If you had only $1 million in cash and say 500k in comics you'd want them appraised as high as possible since they get passed on tax free and the cost basis gets upped to the FMV or appraised value at time of death. Then if the son sells them for 500k or less he pays no taxes regardless of what the original owner paid.

 

That said there are other techniques as well such as gifting the comics while alive (currently $12k to any person per year) and if sold by the individual for 12k or less, there is no tax consequence. Or you could set up a trust but that would probably be prohibitavely expensive sometimes up to 1% per year but it could save significantly on estate taxes in certain high dollar instances.

 

But again how to get an appraiser that passes muster. I want my $1 Million collection valued at $200k can't I just hire anybody? If not, how is Mr Jon Q Overstreet considered qualified by the IRS?

[the blob]

"If not, how is Mr Jon Q Overstreet considered qualified by the IRS?"

 

I think being an overstreet advisor would be sufficient. come on, their names are in a book! seriously, is there supposed to be a Comic Book Appraisal Society?

 

Heck, the guy who owned my old LCS would get hired by insurance companies for loss appraisals on comics damaged by floods, etc. and he wasn't an overstreet advisor.

[ComicSupply]

"If not, how is Mr Jon Q Overstreet considered qualified by the IRS?"

 

I think being an overstreet advisor would be sufficient. come on, their names are in a book! seriously, is there supposed to be a Comic Book Appraisal Society?

 

Heck, the guy who owned my old LCS would get hired by insurance companies for loss appraisals on comics damaged by floods, etc. and he wasn't an overstreet advisor.

 

But in all reality who is to say that any of the overstreet advisors are more or less qualified that any LCS owner.

 

For example there is a guy here (dealer) in Michigan that has just about sold every book that has ever been printed and his name isn't in the book.

[Moondog]

"If not, how is Mr Jon Q Overstreet considered qualified by the IRS?"

 

I think being an overstreet advisor would be sufficient. come on, their names are in a book! seriously, is there supposed to be a Comic Book Appraisal Society?

 

Heck, the guy who owned my old LCS would get hired by insurance companies for loss appraisals on comics damaged by floods, etc. and he wasn't an overstreet advisor.

 

Many insurance companies will only accept appraisals from certified appraisers. One gets certified by passing certain exams - depending on the association. But many will accept an appraisal from an expert - sorta like an expert witness - if you have the credentials. Depending on the size of the claim, a local comic book store owner would suffice, but the government is not going to accept just anyone's opinion on a $1 million collection - especially if the tax ramifications are so significant.

 

If you have a collection and you want to sell it, most dealers will give you an informal appraisal for free. "Your books are worth around $2,000. I can give you $1,200."

 

But for insurance policies, divorces, etc., usually someone who is a pricing advisor - with their name listed as an advisor in a reputable price guide - would suffice.

[Leescomics]

$1,500 to appraise a comic collection?

 

Hahahahaha

 

 

 

 

I'm not sure what you do for a living, but my time and expertise are worth $125 hour to me.

 

And insurance companies believe it too.

 

You can get me for a bargain $100 an hour.

 

I've been doing quite a bit of consulting at this rate (and sometimes more) lately.

 

Regards,

 

Lee Hester

[the blob]

One gets certified by passing certain exams - depending on the association. But many will accept an appraisal from an expert - sorta like an expert witness - if you have the credentials.

--------------------------------

 

Hmm, who wrote the comic book section in the exam?

 

I understand there are appraisal certificates and a little bit of background in "appraisal" science may help, but comics really are a niche area, it's not like appraising real estate or even 19th century furniture, which has a somewhat broader market.

 

Although, actually, for expensive stuff it's not so hard for even an "outsider". There's GPA and Heritage archives (though you do have to grade the thing). But appraising the value of 2 long boxes of F/VF to NM BA and SA books "worth" $3-$50 each is going to be a lot trickier, though perhaps there's no reason to appraise that.

 

My old LCS put in an appraisal for my co-op application when I bought my first place. I had only been working 18 months and wouldn't have much in the bank after buying the place, so I did whatever I could to seem viable. I doubt they paid any attention though.

[OldGuy]

If you have a collection and you want to sell it, most dealers will give you an informal appraisal for free. "Your books are worth around $2,000. I can give you $1,200."

 

Can you please provide contact info for this dealer?

 

 

[blazingbob]

Gary/Richard:

 

Remember, we as dealers are not allowed to make money!

 

We are to pay retail and sell for wholesale.

 

We are in this for the love of the hobby!