Registry Member is Running for Congress

Galveston

I thought the readers of this board would be interested to know that Steve Wolfe, who occasionally, battles against me for 1971 Kelloggs cards, is running for Congress.
Steve is listed on a bunch of the Registry sets. I've gotten to know him through these boards, a bunch of e-mail, and a couple of phone calls. Seems like a great guy and has experience in politics. Anyway, I found out he was running for Congress and I asked him if it was OK if I mentioned it on the message boards.

Personally, I don't care if he's a Republican or Democrat, if he collects cards he must be OK!

So join me in wishing him luck if nothing else.

Steve is a serious candidate and I know several of us on these boards might be in a position to help his campaign financially. I've run for office myself and I know how much money it takes!

If anyone wants to help him, the address is:

Wolfe For Congress
PO Box 8114
Fredericksburg, VA 22404-8114

thegemmintman

<< <i>Steve Wolfe, who occasionally battles against me for 1971 Kelloggs cards, is running for Congress. >>



I believe that a Kellogg's Kollector will run for President one day and win.

RedHeart54

If he promises that we can choose to take our tax cut in the form of low pop PSA vintage cards, he has my vote.

gemint

I'd like him to campaign to allow us to write off our grading fees. I would only be successful in convincing him if he's a republican.

qualitycards

I've dealt with Steve on numerous occasions. Never a problem, a real class act. I'm not sure Congress can handle someone with integrity ...jay

toppsgun

Running from Virginia, there is a good chance he might be a Republican. If so, he better get to know my congressman, Tom "The Hammer" Delay. If he's a democrat, well, too bad. He'll be in the minority for a while.

Griffins

If he's willing to push to allow graded cards into your IRA accounts like they do with stamps and coins (I believe, but can't quote the law) then I'm in- I'll even switch party lines to make a contribution! Cards are sure doing much better than all those tech stocks my broker insisted had bottomed out, and are much more fun to hold.
All kidding aside best of luck- the people I've known personally that have run for office have done it out of deep conviction of their beliefs, often at a significant financial loss, both in the short and long term.

gtbeaker

I've also dealt with Steve before, and had no problems whatsoever. However, he is currently ahead of me on the Johnny Bench basic set list, and I need to pass him in order to repeat in this category. Maybe his bid for Congress will distract him enough so that I can sneak in just under the wire.

Basilone

That is pretty cool news....I wish him the best in his campaign.

John

toppsgun

<< "graded cards into your IRA accounts like they do with stamps and coins" >>

Most every definition of stamps, coins and baseball cards would put them the "collectibles and works of art" category.

The Internal Revenue Code specifically prohibits placement of "collectibles and works of art" into Qualified retirement plans and IRA accounts. Anyone who has done so could be subject to a 50% (of the value claimed) excess contribution penalty per year.

Pretty steep hill to climb there, Griffins.

AlanAllen

Do any of you honestly report the income from cards you sell at a profit? If not, there is no reason to put them in a Roth IRA. If you want to buy cards under the umbrella of a traditional IRA, I suppose you could deduct the costs except that it is specifically excluded . But you wouldn't be able to pocket the money from your sale until you're 65 or so.

Joe

toppsgun

IRS says, "income is taxable from whatever source derived," unless specifically excluded by an IRC Section. I've yet to find card sales as an exclusion.

Failure to report income is fraud. Much tougher to defend than reporting excessive expenses. Reporting excessive expenses that are later rejected by the Service will earn you a penalty and interest. Failure to report income could land you in the hoosegow.

Anyone who sells on ebay and doesn't report those sales (and expenses) is either ignorant or foolish. Personally, I report it all and would feel relatively comfortable defending any expense I've deducted against those sales.

To each his own. And good luck.

Griffins

<<<<The Internal Revenue Code specifically prohibits placement of "collectibles and works of art" into Qualified retirement plans and IRA >>>>>

I stand corrected- a prominant stamp collector had told me they had done that (allowed stamps and coins in your IRA)in the early 90's. Personally if it's with my life savings I keep it in something very safe and stable- which means money market these days.
I agree about reporting ebay income- I'm surprised the IRS hasn't asked for Ebay sales figures yet, and the way things are here in California I"m sure they'll be reaching out for sales tax on in-state sales. Detailed records of every purchase and sale wouldn't be a bad idea, just in case.

VaYank

I rarely post on this Board, but the political topic pulled me in. If he is running in Fredericksbirg for Congress, he would be running against Jo Ann Davis (R), a popular and well-organized campaigner in the heart GOP country. "Just the facts, M'am"

KING KELLOGG

Good luck Steve!



Mow 'em down in Virginia!!!




Larry