THE AMAZING FANTASY #15 CLUB 39 39

[Pantodude]

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

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.

Unless someone has an irrational screw-the-government-at-all-costs mentality (maybe some do?), it should be irrelevant that you'll pay more in capital gains tax as the books appreciate in this inheritance plus anticipated appreciation scenario.  Worrying about Uncle Sam doesn't make cents.  This is why employees generally want promotions--more for Uncle Sam, sure, but more importantly, more for you, too!   

[WNY]

Ok, let’s not get too distracted and come back to the topic at hand: @acistaro’s awesome collection.

@acistaro joined the boards on Monday and drops that epic collection on our collective heads and all of our minds were blown (at least mine was) inside of a week. 

This is what this hobby is all about. Awesome stories like this. Whatever you decide to do with that collection @acistaro, how incredible is it that your dad left you this memory and story. Really happy for you man. 

[acistaro]

On 4/30/2023 at 9:34 AM, WNY said:

Ok, let’s not get too distracted and come back to the topic at hand: @acistaro’s awesome collection.

@acistaro joined the boards on Monday and drops that epic collection on our collective heads and all of our minds were blown (at least mine was) inside of a week. 

This is what this hobby is all about. Awesome stories like this. Whatever you decide to do with that collection @acistaro, how incredible is it that your dad left you this memory and story. Really happy for you man. 

I appreciate all the concern - and yes, we've already discussed this with tax experts and have started looking into the big auction houses... he didn't just collect comics - he's got every Topps Baseball card complete set from 1957 to 1970... he has complete non-sports card sets that are highly sought after - Mars Attacks, Beatles, Three Stooges, Gilligans Island, Spook Stories, Outer Limits... sports autographs - the Miracle on Ice Team signed, Muhammad Ali signed gloves, Bobby Orr signed hockey stick, a picture of Mantle, DiMaggio, and Ted Williams that he had signed twice because the first time DiMaggio signed over Mantle!... oh and a wall of Bowen statues and busts... these are just the examples - I have a basement and office filled with collectibles and quite frankly it's overwhelming... not just because it's so many collectibles to go through - but my Dad was an awesome guy and included me in his hobbies.  He was best man at my wedding because I considered him not just my Dad, but my best friend - at the very least, out of all of my friends - the one I could count on no matter what.  So deciding what to keep and what to sell is a painful process.

I love sharing his collection because he always wanted to set up his basement and office to display all his collectibles, and he just never got around to it.  Unfortunately back to back flu infections took him from us when he was only 61 and other than being overweight (he called himself the Fatman), he was in otherwise good health.  I'll continue to post pics of his collection as I go through it.  I'm definitely pulling out Avengers Annual 2, Spider-Man Annual 1, and his Silver Surfer 4 (who doesn't love that cover)... and as I get stuff graded and decide to keep stuff, I'll post to share it.

[KCOComics]

On 4/30/2023 at 5:17 PM, acistaro said:

I appreciate all the concern - and yes, we've already discussed this with tax experts and have started looking into the big auction houses... he didn't just collect comics - he's got every Topps Baseball card complete set from 1957 to 1970... he has complete non-sports card sets that are highly sought after - Mars Attacks, Beatles, Three Stooges, Gilligans Island, Spook Stories, Outer Limits... sports autographs - the Miracle on Ice Team signed, Muhammad Ali signed gloves, Bobby Orr signed hockey stick, a picture of Mantle, DiMaggio, and Ted Williams that he had signed twice because the first time DiMaggio signed over Mantle!... oh and a wall of Bowen statues and busts... these are just the examples - I have a basement and office filled with collectibles and quite frankly it's overwhelming... not just because it's so many collectibles to go through - but my Dad was an awesome guy and included me in his hobbies.  He was best man at my wedding because I considered him not just my Dad, but my best friend - at the very least, out of all of my friends - the one I could count on no matter what.  So deciding what to keep and what to sell is a painful process.

I love sharing his collection because he always wanted to set up his basement and office to display all his collectibles, and he just never got around to it.  Unfortunately back to back flu infections took him from us when he was only 61 and other than being overweight (he called himself the Fatman), he was in otherwise good health.  I'll continue to post pics of his collection as I go through it.  I'm definitely pulling out Avengers Annual 2, Spider-Man Annual 1, and his Silver Surfer 4 (who doesn't love that cover)... and as I get stuff graded and decide to keep stuff, I'll post to share it.

Your father sounds like a great guy. 

My kids are 10 and 5, and I hope to maintain that kind of relationship with them. 

The collection and value aside, I'm glad you'll always have such wonderful memories of sharing your dad's hobbies with him. 

 

[acistaro]

On 4/30/2023 at 7:55 PM, KCOComics said:

Your father sounds like a great guy. 

My kids are 10 and 5, and I hope to maintain that kind of relationship with them. 

The collection and value aside, I'm glad you'll always have such wonderful memories of sharing your dad's hobbies with him. 

 

He retired to be a full time babysitter to his grandkids, and searching his office, he still finds ways to surprise me.  I found a box of newer comics he had set aside for them - including a run of Marvel Age Spider-Man books, so they can be introduced to all those great Spider-Man villains - without risking damage to his original collection.  I love sharing this with my kids - and will be giving them a bunch to start reading after we make our rounds on Free Comic Book Day this Saturday!

[fsumavila]

On 4/26/2023 at 8:46 PM, acistaro said:

Ask and ye shall receive.

 

 

wow, those are excellent books! 

[lou_fine]

On 4/28/2023 at 7:38 PM, KCOComics said:

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. 

 

On 4/29/2023 at 7:53 PM, peewee22 said:

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.

Yes, although you as the receiver of the inheritance wouldn't have to pay any taxes, am I correct to say that the deceased would have to pay federal estate taxes on the portion that exceeds $12.92M of the FMV of their assets being transferred?  

[NoMan]

Isn't that Boardie Batman Forever is for ever #1 and #2's copy of AF15 6.0 on CC or CL? If so good luck with the sale. Wish I had sold my copy two years ago. Prices are tanking.

[Aman619]

On 5/5/2023 at 1:29 PM, lou_fine said:

 

Yes, although you as the receiver of the inheritance wouldn't have to pay any taxes, am I correct to say that the deceased would have to pay federal estate taxes on the portion that exceeds $12.92M of the FMV of their assets being transferred?  

yes.  and double that if he was married and the first to die passed her 12.9 onto the husband.   In essence NOBODY pays Federal estate taxes now (but may be liable to state estate taxes on a state by state basis).  Only estates (of married couples) worth more than (this year) 25.8M pay the any federal estate tax. Thats all of us except the .1 to 1 percenters.  An estate with more than the max exclusion amount (the 12.9M) pays fed estate tax on only any amount above 12.9 (or 25.8).  And heirs receive the assets with a cost basis "stepped up" to current market values.  Best to get an appraisal as a paper trail to cement the values in place.  

Overall though these tax implications only affect a small minority of collectors.  Makes me wonder how the Promise Collection heirs dealt with this. What would the cost basis have been?  cover price perhaps. Im no accountant, but I think their case gets a bit complicated as the assets were hidden for decades after the owner passed. Assuming they were worth very little at that point, all the increase in value is profit taxed as capital gains at sale, meaning the heirs pay that. Comics are more than the rate for long term held stocks: 28%   Although, lets face it -- in reality, its all gravy for them, so whatever they netted was just dandy Im sure.  And what about the Fantastical collection?  they seriously need financial planning!

[tth2]

On 5/21/2023 at 3:23 AM, Aman619 said:

Makes me wonder how the Promise Collection heirs dealt with this. What would the cost basis have been?  cover price perhaps. Im no accountant, but I think their case gets a bit complicated as the assets were hidden for decades after the owner passed. Assuming they were worth very little at that point, all the increase in value is profit taxed as capital gains at sale, meaning the heirs pay that. Comics are more than the rate for long term held stocks: 28%   Although, lets face it -- in reality, its all gravy for them, so whatever they netted was just dandy Im sure.  And what about the Fantastical collection?  they seriously need financial planning!

I expect to see some Sally Struthers commercials highlighting their plight very soon!

[Aman619]

Id pay to see that!

not a lot, but...

[peewee22]

On 5/20/2023 at 1:43 PM, NoMan said:

Isn't that Boardie Batman Forever is for ever #1 and #2's copy of AF15 6.0 on CC or CL? If so good luck with the sale. Wish I had sold my copy two years ago. Prices are tanking.

Enjoying the book is the fun of the hobby. Sounds like you’re more tuned to the dollar side. Nothing wrong with that. 

Prices will go up again. It’s all part of the Economics I game.

Edited May 21, 2023 by peewee22

[Cushing Fan]

On 5/21/2023 at 1:47 PM, peewee22 said:

Enjoying the book is the fun of the hobby. Sounds like you’re more tuned to the dollar side. Nothing wrong with that. 

Prices will go up again. It’s all part of the Economics I game.

I would be just as happy to own my AF15 if it was only worth $100 and the the thousands I paid for it. An incredible book with the introduction of in my opinion the most significant comic book superhero of all. 

[PKJ]

On 5/21/2023 at 2:58 PM, Cushing Fan said:

I would be just as happy to own my AF15 if it was only worth $100 and the the thousands I paid for it. An incredible book with the introduction of in my opinion the most significant comic book superhero of all. 

Agree 100%. I have been happy with mine but did want to upgrade right before the run up. Now it looks like I can upgrade and keep the undercopy.

[peewee22]

On 5/21/2023 at 10:05 PM, Batmanis#1 said:

The moment mine sells the upswing will start happening just you wait and see.

We all hope so.😂

[NoMan]

On 5/21/2023 at 10:47 AM, peewee22 said:

Enjoying the book is the fun of the hobby. Sounds like you’re more tuned to the dollar side. Nothing wrong with that. 

Prices will go up again. It’s all part of the Economics I game.

I dunno. It sits encased in plastic in a safe deposit box. Sometimes I even forget it's there. There isn't really that much "fun" in that I sometimes think to myself. Existential crisis over here. Could pay off my house and never work again (mostly, you know). That sounds like more fun today...

Edited May 22, 2023 by NoMan

[peewee22]

On 5/22/2023 at 8:06 AM, NoMan said:

I dunno. It sits encased in plastic in a safe deposit box. Sometimes I even forget it's there. There isn't really that much "fun" in that I sometimes think to myself. Existential crisis over here. Could pay off my house and never work again (mostly, you know). That sounds like more fun today...

Yeah big decisions with these books. Bought my first beater in ‘86 for $75 in store Little Rock, AR. Always wondered where that book is now. 🤔 

[Math Teacher]

On 5/22/2023 at 8:06 AM, NoMan said:

I dunno. It sits encased in plastic in a safe deposit box. Sometimes I even forget it's there. There isn't really that much "fun" in that I sometimes think to myself. Existential crisis over here. Could pay off my house and never work again (mostly, you know). That sounds like more fun today...

My CGC 2.5 copy is doing exactly the same thing. Sometimes it bothers me that I can't take the book off the shelf and look at it. But then I realize that is more important that it is safe and sound in a safe deposit box, and, before long, the moment passes.

[LDarkseid1]

Looks like Stan‘s personal copy is getting a hell of a lot of love! Because his sig alone doesn’t normally command anywhere near this kind of a premium. Sometimes no premium at all.

[DC#]

Here is an updated chart of sales for grades 2.5 to 5.5 going back to Jan 2022.   Will update again in a few weeks with the Comic Connect and Comic Link results.   This chart does include a 4.5 sale on Heritage tonight.   Things have definitely leveled out with biggest differences in sales within the same grade seemingly driven by the quality of the book.