THE AMAZING FANTASY #15 CLUB 39 39

[Aman619]

On 6/4/2023 at 1:43 AM, lou_fine said:

Greatly appreciate your detailed response to my enquiry here, as it clearly shows that it is a huge tax advantage for collectors and their heirs in America to hold onto their books until they go to the big comic shop in the sky, as opposed to selling them while they are still alive and kicking.  

Unfortuantely, nowhere near the same for Canuckleland up north of the border where all of the assets of the deceased is viewed by the tax department to be a deemed disposition upon death which means full on capital gains to be paid by the collector upon their death before anything can even go to the heirs.      

 

Well, it really depends on what the true story is with respect to the disbursement of the Promise Collection, as I've received a few PM's from boardies postulating that the family members themselves might have sold off the collection right after his death and long before Heritage even got a sniff of it.    

Cant help you with Canadian tax laws... but at least while you are alive you benefit from all the things Canada does Better than here in the States, right?

 

Also, so long as your assets are under the Max exclusion (the 25.9M) selling BEFORE you pass on -- converting the assets to cash -- you won't owe estate tax on the cash, but, WILL owe Capital gains taxes to be paid the following year. So better to pass the collection down to your heirs intact -- get the step up -- and let them sell it. No capital gains unless the auction goes crazy and you net a lot more than the appraised value for it.  But better 28% Capital Gains on just the increase than on the total collection value.  

One also has to consider that the tax laws passed by the last administration increased the Max exclusion to its new crazy high numbers...and that law expires in 2025. No-one knows whether it will go back to the 5M level again, stay the same, or be increased again.  Current administration campaigned on lowering it, but his first year in office wasn't able to summon the political capital to get it done.  I think taxing the very rich makes sense, in theory. It's sofa cushion money to the 1 percenters.  But they own the politicians and will push hard against it ever happening.  And I think there's also some justice in the everyday American NOT having to be taxed on their earned estates too.

hope this isn't political.  I'm not taking sides or advocating one way or the other.... It feels right that 99% of us won't owe estate taxes (meaning taxes on AFTER tax assets) :  the other 1% just has to pay lawyers and accountants to pay as little as they can.

[Jordysnordy]

On 6/4/2023 at 1:43 AM, lou_fine said:

Greatly appreciate your detailed response to my enquiry here, as it clearly shows that it is a huge tax advantage for collectors and their heirs in America to hold onto their books until they go to the big comic shop in the sky, as opposed to selling them while they are still alive and kicking.  

Unfortuantely, nowhere near the same for Canuckleland up north of the border where all of the assets of the deceased is viewed by the tax department to be a deemed disposition upon death which means full on capital gains to be paid by the collector upon their death before anything can even go to the heirs.      

 

Well, it really depends on what the true story is with respect to the disbursement of the Promise Collection, as I've received a few PM's from boardies postulating that the family members themselves might have sold off the collection right after his death and long before Heritage even got a sniff of it.    

This is definitely my biggest concern moving forward as I age more rapidly than I would like.

[Pantodude]

Just a bump on a more festive but belated note.  AF15's official release date is June 5!   So a belated Happy Birthday to you, Spidey!  

[peewee22]

On 6/7/2023 at 5:25 AM, Pantodude said:

Just a bump on a more festive but belated note.  AF15's official release date is June 5!   So a belated Happy Birthday to you, Spidey!  

Yep. Here’s mine. Today is June 7th.

[Panda2]

On 6/5/2023 at 11:56 AM, Jordysnordy said:

This is definitely my biggest concern moving forward as I age more rapidly than I would like.

Curious - How would they determine the purchase price for purposes of capital gains?  

[Math Teacher]

On 6/8/2023 at 11:41 AM, Panda2 said:

Curious - How would they determine the purchase price for purposes of capital gains?  

I'm not a tax expert, but if you don't have a receipt, I would think the purchase price would be assumed to be $0.12.

I bought my copy of ASM #1 back in May, 1980, for $250. I'm not even sure if I got a receipt. However, assuming that I did, who keeps receipts for 43 years?

[peewee22]

On 6/8/2023 at 5:41 PM, Math Teacher said:

I'm not a tax expert, but if you don't have a receipt, I would think the purchase price would be assumed to be $0.12.

I bought my copy of ASM #1 back in May, 1980, for $250. I'm not even sure if I got a receipt. However, assuming that I did, who keeps receipts for 43 years?

For an auction winner it’s easy. Keep your receipt. Your cost basis is what you paid for it. 

[fishbone]

On 6/8/2023 at 6:41 PM, Math Teacher said:

I'm not a tax expert, but if you don't have a receipt, I would think the purchase price would be assumed to be $0.12.

I bought my copy of ASM #1 back in May, 1980, for $250. I'm not even sure if I got a receipt. However, assuming that I did, who keeps receipts for 43 years?

in Canada, I think if over $1000, the capital gains tax is 50% of difference between sold price and purchase price, if under $1000 it's just considered zero   (capital gains tax on 50% of  sales price period)

[Gotham Kid]

the other nut left so I'll make a post of the only AF15 of note in the latest Heritage auction

[peewee22]

On 6/22/2023 at 9:20 PM, Gotham Kid said:

the other nut left so I'll make a post of the only AF15 of note in the latest Heritage auction

The highest 8.0 sale I saw during Covid was $610k. That's roughly 1/2 of that. 

[CCEC]

I am seeking advice. I’d love to join the AF 15 club; I heard one dealer strategy was to buy a lower grade book now as a “placeholder”.  As the market changes, sell the lower grade and upgrade into a higher grade later.  

What do you think?

[Cushing Fan]

On 6/27/2023 at 2:37 PM, CCEC said:

I am seeking advice. I’d love to join the AF 15 club; I heard one dealer strategy was to buy a lower grade book now as a “placeholder”.  As the market changes, sell the lower grade and upgrade into a higher grade later.  

What do you think?

I would just advise to buy what you can afford. Are you looking to get an AF15 for your personal collection or to flip it? Great time to buy AF15 now but not a great time to sell unless you have to. 

[Sweet Lou 14]

On 6/27/2023 at 2:37 PM, CCEC said:

I am seeking advice. I’d love to join the AF 15 club; I heard one dealer strategy was to buy a lower grade book now as a “placeholder”.  As the market changes, sell the lower grade and upgrade into a higher grade later.  

What do you think?

This was common advice when the market seemed to be going up and up ... the idea being that if/when you upgrade, the profit you make selling your undercopy will soften the blow.

In a market that has trended down recently and may continue to do so, you wouldn't have that benefit but that doesn't mean you shouldn't buy one.

As the other poster just said above, I would buy the nicest copy you can afford today -- focus on eye appeal, trying to get a well-presenting, desirable copy relative to others in the same grade.  You may be pleasantly surprised that you feel good keeping that copy forever ... or if you do decide to upgrade, you'll be starting from a better position.

The only exception to the above advice is if you expect your financial situation to change significantly in the next 6-12 months, allowing you significantly more budget to work with.  In this case I would be patient.  There's no rush in this market and no need to let FOMO lead you to a rushed decision.  AF 15s are not in short supply in low- to mid-grade, don't ever forget that.

[Terry JSA]

On 6/27/2023 at 2:37 PM, CCEC said:

I am seeking advice. I’d love to join the AF 15 club; I heard one dealer strategy was to buy a lower grade book now as a “placeholder”.  As the market changes, sell the lower grade and upgrade into a higher grade later.  

What do you think?

Buy what you can afford. I took that advice and ended up with a pretty beat up AF #15. Complete and unrestored too.

Edited June 29, 2023 by Terry JSA

[CCEC]

On 6/29/2023 at 11:14 AM, Terry JSA said:

Buy what you can afford. I took that advice and ended up with a pretty beat up AF #15. Complete and unrestored too.

Do you love it?

[Terry JSA]

On 6/29/2023 at 7:02 PM, CCEC said:

Do you love it?

I should’ve clarified from the start that I no longer own it, but yeah, I absolutely loved it having it!

I ended up getting that book when I was 19-years-old. Imagine being my age and owning a book like that in todays market. I didn’t care about the grade. I just cared about having the book as long as everything was there, and of course, affordable.

[Beardown]

On 6/29/2023 at 1:14 PM, Terry JSA said:

Buy what you can afford. I took that advice and ended up with a pretty beat up AF #15. Complete and unrestored too.

Congrats on getting into the club!

[DC#]

Updated chart for 2.5 to 5.5 Universal with nice clean alignment/spread for the June sales.     At least for these grades - pretty stable since Fall.  

 

[Beardown]

Thank you for the chart and yes it seems a lot of these books are "leveling off" for now.   Is it the new floor?  Time will tell but its feeling that way.

[DT0428]

Very nice presenting 7.5 on Hakes auction now https://www.hakes.com/Auction/ItemDetail/275111/AMAZING-FANTASY-15-AUGUST-1962-CGC-75-VF-FIRST-SPIDER-MAN