The "I can't believe I just sold it for that much" thread.... 5 5

[djzombi]

3 hours ago, nearmint said:

You don't pay capital gains on the sale price, you pay it on the profit.  So, unless you got that $2000 book for free, you wouldn't pay $560 in capital gains on it.

Would you have to PROVE what you paid for it?  Otherwise everybody that sold that $2,000 book would say they originally bought it for $1800, and only pay capital gains tax on $200.  If I started selling my collection, I have no records of what I originally paid for anything.  

[Xenosmilus]

3 hours ago, nearmint said:

You don't pay capital gains on the sale price, you pay it on the profit.  So, unless you got that $2000 book for free, you wouldn't pay $560 in capital gains on it.

Sucks for the "Original Owner" collection being sold on Clink right now HAHA. 10-12 cents a book he paid!  

[Xenosmilus]

12 minutes ago, djzombi said:

Would you have to PROVE what you paid for it?  Otherwise everybody that sold that $2,000 book would say they originally bought it for $1800, and only pay capital gains tax on $200.  If I started selling my collection, I have no records of what I originally paid for anything.  

So the IRS assumes everyone paid the cover price?You can also subtract out the taxes and shipping paid + commission + grading/slabbing (if applicable).

 

For me, I don't remember the exact price for each book I paid but I do have a "ball park estimate". I plan on adding sales tax to that price and +15 for shipping on every slab and add that to the sold price.  Subtract that from my sell price and that's my profit.

Edited June 25, 2021 by Xenosmilus

[chrisco37]

Sell for cash at a discount.

[THE_BEYONDER]

7 hours ago, Drummy said:

Hi again --

Thanks for patiently waiting with no judgment about my overpriced purchases!   Am confirming my payment plan today for this book:

 

Good call

 

By the time you pay it off, it will most likely be worth double. 

[nearmint]

3 hours ago, djzombi said:

Would you have to PROVE what you paid for it?  Otherwise everybody that sold that $2,000 book would say they originally bought it for $1800, and only pay capital gains tax on $200.  If I started selling my collection, I have no records of what I originally paid for anything.  

If you were audited, I assume you’d need to come up with some type of proof, yes.

[Randall Dowling]

6 hours ago, nearmint said:

You don't pay capital gains on the sale price, you pay it on the profit.  So, unless you got that $2000 book for free, you wouldn't pay $560 in capital gains on it.

Here's a helpful breakdown for how to approach it.

https://www.investopedia.com/articles/personal-finance/061715/how-are-collectibles-taxed.asp

[KPR Comics]

4 hours ago, Xenosmilus said:

Sucks for the "Original Owner" collection being sold on Clink right now HAHA. 10-12 cents a book he paid!  

Pretty sure they inherited the collection, so they get stepped up basis treatment. 

Edited June 26, 2021 by KPR Comics

[Xenosmilus]

2 minutes ago, KPR Comics said:

Pretty sure they inherited the collection, so they get stepped up basis treatment. 

If that's true then they are not the original owner LOL

[KPR Comics]

5 minutes ago, Xenosmilus said:

If that's true then they are not the original owner LOL

Original Owner was killed in action in Korea.

[Xenosmilus]

1 minute ago, KPR Comics said:

Original Owner was killed in action in Korea.

I think we are talking about 2 different collections.  I think you are talking about Heritage's Promise Pedigree.  I'm talking about CLink's "Original Own" collection.  It's not a pedigree, some guy just commission them to sell his original collection that he maintained.  At least that's what they told me when I dropped off my books at Clink.

[KPR Comics]

Just now, Xenosmilus said:

I think we are talking about 2 different collections.  I think you are talking about Heritage's Promise Pedigree.  I'm talking about CLink's "Original Own" collection.  It's not a pedigree, some guy just commission them to sell his original collection that he maintained.  At least that's what they told me when I dropped off my books at Clink.

.  My bad.  Yes, I am talking about the Promise Collection.  Reading is clearly not fundamental for me.  Carry on.

[Xenosmilus]

On 6/25/2021 at 12:00 AM, VintageComics said:

Anything subby related is going nuts lately. Plus it's a battle issue. Plus it's always been a bit tougher in grade than surrounding issues. Plus it's a great cover.

Lots more going for that book than Alf #1!

My subs under performed last night with the exception of #8.  Pretty much lost money on most books but with the high price #8 got I made a profit of around 300 over the run.

[lou_fine]

Well, if you are talking about Subby books, the one from the Promise Collection that did the best was this absolute beauty here:  

https://comics.ha.com/itm/golden-age-1938-1955-/sub-mariner-comics-13-the-promise-collection-pedigree-timely-1944-cgc-nm-96-off-white-to-white-pages/a/7244-93153.s?ic4=ListView-ShortDescription-071515

 

Sold for a record setting $50,400 or way above all of the other Subby books in the collection and from my own POV, a much under appreciated classic cover and the best cover in the Subby run (even more so than the ever popular Subby 11)  that's got it all from the classic bondage cover image utilizing the cobra snake right through to the hooded villians.     

[lou_fine]

On 6/18/2021 at 9:13 AM, HighVoltage said:

On 6/18/2021 at 2:24 AM, chrisco37 said:

That’s a stunning result.  Congrats to the seller.  Just a stupid price.  Maybe the most stupid price ever.

Did every single 9.6 copy in existence end up in an overnight mailer for pressing and cleaning to CGC headquarters today?

Well, I believe pretty much everybody here also said exactly the same thing when the last CGC 9.8 graded copy sold for $48K or thereabouts quite a few years ago, and to date, this Oregon Coast  copy is the only additional copy to have found its way into a CGC 9.8 since that time.  

[lou_fine]

Speaking about rather unbelievable prices, even the consignor of this book here was totally shocked and did not expect this kind of price since there had been absolutely zero history to date that this book was going to sell for so high, even when the Ducks were in their big heyday over a decade ago:    

https://comics.ha.com/itm/golden-age-1938-1955-/four-color-178-donald-duck-rockford-pedigree-dell-1947-cgc-nm-96-off-white-to-white-pages/a/7244-94042.s?ic4=ListView-ShortDescription-071515

 

Sold for an absolutely astounding and totally out of this unvierse price of a stunning $90K.  

[HighVoltage]

41 minutes ago, lou_fine said:

Speaking about rather unbelievable prices, even the consignor of this book here was totally shocked and did not expect this kind of price since there had been absolutely zero history to date that this book was going to sell for so high, even when the Ducks were in their big heyday over a decade ago:    

https://comics.ha.com/itm/golden-age-1938-1955-/four-color-178-donald-duck-rockford-pedigree-dell-1947-cgc-nm-96-off-white-to-white-pages/a/7244-94042.s?ic4=ListView-ShortDescription-071515

 

Sold for an absolutely astounding and totally out of this unvierse price of a stunning $90K.  

I love Ducks - but this book/price may have been the most stunning result in the whole auction. 

Just a sweet book- Ped & first Scrooge!

[Kevin76]

On 6/25/2021 at 1:57 PM, nearmint said:

You don't pay capital gains on the sale price, you pay it on the profit.  So, unless you got that $2000 book for free, you wouldn't pay $560 in capital gains on it.

Correct and a way to avoid paying taxes is to take that profit and buy more comics with it. (No it's not tax evasion) Yes, it's legal.  

[WolverineX]

2 minutes ago, Kevin76 said:

Correct and a way to avoid paying taxes is to take that profit and buy more comics with it. (No it's not tax evasion) Yes, it's legal.  

Tell me more... I know Elon Musk did that with his paypal money into Tesla and Space X.  I didn't know the small town investor could do that.

[Larryw7]

8 hours ago, lou_fine said:

Speaking about rather unbelievable prices, even the consignor of this book here was totally shocked and did not expect this kind of price since there had been absolutely zero history to date that this book was going to sell for so high, even when the Ducks were in their big heyday over a decade ago:    

https://comics.ha.com/itm/golden-age-1938-1955-/four-color-178-donald-duck-rockford-pedigree-dell-1947-cgc-nm-96-off-white-to-white-pages/a/7244-94042.s?ic4=ListView-ShortDescription-071515

 

Sold for an absolutely astounding and totally out of this unvierse price of a stunning $90K.  

Glad to see the Barks books reclaiming their rightful place in the hobby.

Edited June 27, 2021 by Larryw7
They took the bar