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$2 million comic collection inherited- Heritage to sell

Started by robocard,

60 posts in this topic

Columbia Comics

Columbia Comics

Posted
Posted
Overall, the collection netted the heirs (Billy Wright's niece and her children) over $3 million. They were in attendance, and were quite happy. :grin:

 

just imagine how much the estate or income taxes will be. (shrug)

 

I believe collectibles are taxed in the 28% bracket. And since the cost basis on them is effectively zero, just knock 28% off the gross.

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Wally's Comics

Wally's Comics

Posted
Posted
Overall, the collection netted the heirs (Billy Wright's niece and her children) over $3 million. They were in attendance, and were quite happy. :grin:

 

just imagine how much the estate or income taxes will be. (shrug)

 

I believe collectibles are taxed in the 28% bracket. And since the cost basis on them is effectively zero, just knock 28% off the gross.

 

:takeit:

 

and pay it happily.

 

 

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Columbia Comics

Columbia Comics

Posted
Posted

Overall, the collection netted the heirs (Billy Wright's niece and her children) over $3 million. They were in attendance, and were quite happy. :grin:

 

just imagine how much the estate or income taxes will be. (shrug)

 

I believe collectibles are taxed in the 28% bracket. And since the cost basis on them is effectively zero, just knock 28% off the gross.

 

:takeit:

 

and pay it happily.

 

 

Still over a cool $2mm after taxes....yeah :takeit: too!!

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delekkerste

delekkerste

Posted
Posted
Overall, the collection netted the heirs (Billy Wright's niece and her children) over $3 million. They were in attendance, and were quite happy. :grin:

 

just imagine how much the estate or income taxes will be. (shrug)

 

I believe collectibles are taxed in the 28% bracket. And since the cost basis on them is effectively zero, just knock 28% off the gross.

 

:takeit:

 

and pay it happily.

 

 

Still over a cool $2mm after taxes....yeah :takeit: too!!

 

Collectibles are taxed at a 28% federal capital gains tax rate, but don't forget that you also have to pay state and local taxes on your gains as well. In California, where the family is from, capital gains are treated as income at the state/local level, meaning they are subject to up to a 10.30% marginal rate (most of the gain would be taxed at 9.30%) :whistle:

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Wally's Comics

Wally's Comics

Posted
Posted
Overall, the collection netted the heirs (Billy Wright's niece and her children) over $3 million. They were in attendance, and were quite happy. :grin:

 

just imagine how much the estate or income taxes will be. (shrug)

 

I believe collectibles are taxed in the 28% bracket. And since the cost basis on them is effectively zero, just knock 28% off the gross.

 

:takeit:

 

and pay it happily.

 

 

Still over a cool $2mm after taxes....yeah :takeit: too!!

 

 

 

Collectibles are taxed at a 28% federal capital gains tax rate, but don't forget that you also have to pay state and local taxes on your gains as well. In California, where the family is from, capital gains are treated as income at the state/local level, meaning they are subject to up to a 10.30% marginal rate (most of the gain would be taxed at 9.30%) :whistle:

 

 

so in other words in would've been very wise for them to take residency

in florida (no state taxes) before the flip???

 

anyway, my first action on acquiring this would be to hire a solid attorney

team. Because their cost would surely out weight the taxes you would be

hung by the neck with out them.

 

 

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namisgr

namisgr

Posted
Posted

I would think the estate is partially exempt from Federal taxes. For example, from an estate from someone who passed away in 2011, the first $5 million is exempt.

 

Billy Wright passed away in 1994, so I don't know what his heirs' liability would be. I'm sure they can afford a good tax accountant to sort it out.

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adamstrange

adamstrange

Posted
Posted
I would think the estate is partially exempt from Federal taxes. For example, from an estate from someone who passed away in 2011, the first $5 million is exempt.

 

Billy Wright passed away in 1994, so I don't know what his heirs' liability would be. I'm sure they can afford a good tax accountant to sort it out.

These are really the heirs of Billy's widow, unless there is some reason to re-open his estate.

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namisgr

namisgr

Posted
Posted
I would think the estate is partially exempt from Federal taxes. For example, from an estate from someone who passed away in 2011, the first $5 million is exempt.

 

Billy Wright passed away in 1994, so I don't know what his heirs' liability would be. I'm sure they can afford a good tax accountant to sort it out.

These are really the heirs of Billy's widow, unless there is some reason to re-open his estate.

 

Do you think the entire comic sale might be exempt from Federal taxes then?

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namisgr

namisgr

Posted
Posted

A couple of pix from the auction:

 

The Fletcher-Sinclair mansion across the street from Central Park

heritage1.jpg

 

The auction room during the Billy Wright 'Tec 27 bidding. The bid prices displayed are without buyer's premium

heritage4.jpg

 

Corporate Steve was in attendance

heritage5.jpg

 

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lou_fine

lou_fine

Posted
Posted
Overall, the collection netted the heirs (Billy Wright's niece and her children) over $3 million. They were in attendance, and were quite happy. :grin:

 

The collection will probably gross closer to $4 million by the time the Friday and Sunday portions of the collection is done. :gossip:

 

BTW Bob: Since you were in attendance at the live auction, approximately how many collectors and/or bidders showed up for this auction? I am actually quite surprised at the rather sparse turnout in previous auctions, considering that Heritage apparently puts out a pretty good spread for anybody that attends. hm

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adamstrange

adamstrange

Posted
Posted
Overall, the collection netted the heirs (Billy Wright's niece and her children) over $3 million. They were in attendance, and were quite happy. :grin:

 

The collection will probably gross closer to $4 million by the time the Friday and Sunday portions of the collection is done. :gossip:

 

BTW Bob: Since you were in attendance at the live auction, approximately how many collectors and/or bidders showed up for this auction? I am actually quite surprised at the rather sparse turnout in previous auctions, considering that Heritage apparently puts out a pretty good spread for anybody that attends. hm

The number varied throughout the auction but there weren't too many more than 20 in attendance in the audience, including the BW heirs. They left after their books were sold and attendance was sometimes down enough that there were more Heritage employees than attendees.

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lou_fine

lou_fine

Posted
Posted
Overall, the collection netted the heirs (Billy Wright's niece and her children) over $3 million. They were in attendance, and were quite happy. :grin:

 

The collection will probably gross closer to $4 million by the time the Friday and Sunday portions of the collection is done. :gossip:

 

BTW Bob: Since you were in attendance at the live auction, approximately how many collectors and/or bidders showed up for this auction? I am actually quite surprised at the rather sparse turnout in previous auctions, considering that Heritage apparently puts out a pretty good spread for anybody that attends. hm

The number varied throughout the auction but there weren't too many more than 20 in attendance in the audience, including the BW heirs. They left after their books were sold and attendance was sometimes down enough that there were more Heritage employees than attendees.

 

I've never understood the low attendance at what is considered to be the major auction in the comics market. There must be more than 20 serious collectors in the New York area. Or does everybody find that it is more convenient to bid anonymously online.

 

Actually, the one that really surprised me was when they held a signature auction in the middle of the SD Comic Convention with over 100,000 collectors right there and still they could not draw even 20 people to their auction event. (shrug)

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Gotham Kid

Gotham Kid

Posted
Posted
FOX News reports $3.5mil for the collection and had the owner on. Can't find the video now. I hope they don't have to pay a dime in taxes. More power to 'em! (thumbs u

 

The Video you Speak of.

 

He's a comic book collector now !? But he decides to sell every single book... RIIIIIIIIGHT !!!!

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