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THE AMAZING FANTASY #15 CLUB
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Started by HarveySwick,

14,484 posts in this topic

alexgross.com

alexgross.com

Posted
Posted
On 4/27/2023 at 8:08 AM, gadzukes said:

 

The "12c" circle on the JIM83 was interesting.  It's like the black ink didn't take to the paper very well, or it faded.

thats simply glare from the light. note the big bright spot on the mylar just left of it. 

incredible books! :)

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trmoore54

trmoore54

Posted
Posted

That FF 1 is going to garner some serious coin...looks like that could be in 7.0-8.0 territory...of course along with the AF15 etc etc.  Jealousy meter on high!  CONGRATS on the inheritance.  Keep us informed on the sales program.  You thinking of going with one of the larger auction houses?

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1950's war comics

1950's war comics

Posted
Posted
On 4/25/2023 at 1:57 PM, acistaro said:

Well, I might as well make my first post a good one.  I submit my application to join the club, inherited from my father, the great collector, Armand Cistaro III.

- Armand Cistaro IV

IMG_20210927_203017.jpg

you could almost trade that in for a three bedroom house in a nice neighborhood !!

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acistaro

acistaro

Posted
Posted
On 4/27/2023 at 10:11 PM, 1950's war comics said:

you could almost trade that in for a three bedroom house in a nice neighborhood !!

It's a bit of a reader's copy... the important thing to my father was that it presented so nicely (he loved a sharp cover with no major creases)... It may or may not have a coupon cut out or a chunk of an inside page missing... I know it's not perfect, but I'm not about to take it out of the mylar to check it until I can afford to grade it.

Basically - I'm investing in grading some mid-tier books that were outside of his main collection to hopefully sell and pay to grade the more significant stuff.  His ASM 129 is gorgeous, and I found a Tomb of Dracula #10, a Green Lantern #87, Justice League of America #1, and a Gold Key Peanuts #1 that is damn near flawless.  All my first submissions to CGC.

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Dark Knight

Dark Knight

Posted
Posted
On 4/27/2023 at 2:37 PM, trmoore54 said:

That FF 1 is going to garner some serious coin...looks like that could be in 7.0-8.0 territory...of course along with the AF15 etc etc.  Jealousy meter on high!  CONGRATS on the inheritance.  Keep us informed on the sales program.  You thinking of going with one of the larger auction houses?

Hard to tell exactly condition of the FF1 but there seems to be some sort of staining at the top edge and what seems to be a vertical creased going down next to the spine? Might be more like a mid grade 5.0-6.0 copy it seems. I could be wrong.

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KCOComics

KCOComics

Posted
Posted (edited)
On 4/28/2023 at 9:45 AM, acistaro said:

It's a bit of a reader's copy... the important thing to my father was that it presented so nicely (he loved a sharp cover with no major creases)... It may or may not have a coupon cut out or a chunk of an inside page missing... I know it's not perfect, but I'm not about to take it out of the mylar to check it until I can afford to grade it.

Basically - I'm investing in grading some mid-tier books that were outside of his main collection to hopefully sell and pay to grade the more significant stuff.  His ASM 129 is gorgeous, and I found a Tomb of Dracula #10, a Green Lantern #87, Justice League of America #1, and a Gold Key Peanuts #1 that is damn near flawless.  All my first submissions to CGC.

First off - I'm sorry to hear about your father passing. That's always such a difficult situation. 

Every comic you pulled out looks gorgeous to me. Great centering, no chipping, beautiful colors. The whites in the X1 and FF1 look crisp. The black on the Hulk 1 are strong. They are all simply beautiful. 

I won't even wager a guess on the grades without better picture, but I will tell you, your father did very well for you and your family. 

One thing to consider... 

I'm not a tax expert, so take this for what it is. An anonymous post on the Internet. But I believe when you inherit a collection like this, your cost basis starts at the current value, meaning you don't have to pay gains on the appreciated value. 

So there may be an advantage to selling them quickly if the goal of to sell. You can work with a big auction house to help with grading.... Trust me, they would all line up to help you! 

Food for thought. Probably worth consulting a tax expert. Regardless, its an extraordinary collection. 

Edited by KCOComics
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peewee22

peewee22

Posted
Posted
On 4/28/2023 at 9:38 PM, KCOComics said:

First off - I'm sorry to hear about your father passing. That's always such a difficult situation. 

Every comic you pulled out looks gorgeous to me. Great centering, no chipping, beautiful colors. The whites in the X1 and FF1 look crisp. The black on the Hulk 1 are strong. They are all simply beautiful. 

I won't even wager a guess on the grades without better picture, but I will tell you, your father did very well for you and your family. 

One thing to consider... 

I'm not a tax expert, so take this for what it is. An anonymous post on the Internet. But I believe when you inherit a collection like this, your cost basis starts at the current value, meaning you don't have to pay gains on the appreciated value. 

So there may be an advantage to selling them quickly if the goal of to sell. You can work with a big auction house to help with grading.... Trust me, they would all line up to help you! 

Food for thought. Probably worth consulting a tax expert. Regardless, its an extraordinary collection. 

I believe he is correct on the tax implications. Sell now. If you wait a couple of years or so, you'll pay a capital gain on the appreciation. I'm sure they wont go down in value.

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Sweet Lou 14

Sweet Lou 14

Posted
Posted
On 4/29/2023 at 1:04 PM, peewee22 said:

I believe he is correct on the tax implications. Sell now. If you wait a couple of years or so, you'll pay a capital gain on the appreciation. I'm sure they wont go down in value.

Hang on a sec.  Just to be clear, none of us are tax experts ... but assuming he's right about the basis being calculated at the time of the dad's passing, there's no pressure to sell now.

Let's say the collection is worth $100,000 right now and that's the basis.  Selling the collection for $100,000 would yield no gain and therefore no tax.  Proceeds after tax:  $100,000.

But let's say the heirs wait a couple of years and they can now sell the books for $110,000.  Yes, they would owe taxes -- but only on the $10,000 gain.  Even if they owe 50% in federal and state taxes on that $10,000, their proceeds after tax would be $105,000.

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peewee22

peewee22

Posted
Posted (edited)
On 4/29/2023 at 9:40 PM, Sweet Lou 14 said:

Hang on a sec.  Just to be clear, none of us are tax experts ... but assuming he's right about the basis being calculated at the time of the dad's passing, there's no pressure to sell now.

Let's say the collection is worth $100,000 right now and that's the basis.  Selling the collection for $100,000 would yield no gain and therefore no tax.  Proceeds after tax:  $100,000.

But let's say the heirs wait a couple of years and they can now sell the books for $110,000.  Yes, they would owe taxes -- but only on the $10,000 gain.  Even if they owe 50% in federal and state taxes on that $10,000, their proceeds after tax would be $105,000.

(I'm a "retired" CPA and my ineptness on taxes show. :bigsmile:)

Yep his cost basis is called a "stepped up" basis which is the value assigned at the time of inheritance. Agreed, the capital gains tax owed is on the amount above the cost basis at the time of sale.

 

Edited by peewee22
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KCOComics

KCOComics

Posted
Posted
On 4/29/2023 at 10:40 PM, Sweet Lou 14 said:

Hang on a sec.  Just to be clear, none of us are tax experts ... but assuming he's right about the basis being calculated at the time of the dad's passing, there's no pressure to sell now.

Let's say the collection is worth $100,000 right now and that's the basis.  Selling the collection for $100,000 would yield no gain and therefore no tax.  Proceeds after tax:  $100,000.

But let's say the heirs wait a couple of years and they can now sell the books for $110,000.  Yes, they would owe taxes -- but only on the $10,000 gain.  Even if they owe 50% in federal and state taxes on that $10,000, their proceeds after tax would be $105,000.

Yes. I thought about that after the fact. His exposure should be minimal even if he waits and prices recover a bit.  

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