Was this Trade good or bad?

ThePhoenix · February 28, 2003 12:49AM

I just traded for 2 autographed Redemptions of Peyton Manning (Jersey and Mini Helmet).

I had to give up a Baron Davis SPX PSA 9 Auto RC & Jamaal Magloire Spx Spectrum RC

I'm a bigger Football fan than Basketball and thought the memorabilia might be better than the cards.

Did I mess up? I personally think I came out better on the end of the deal.

Both Peyton redemptions will be for trade as soon as I receive them. Looking for Football autos in return.

Undertaker · February 28, 2003 1:01AM

what else ya got in high-end basketball?

ThePhoenix · February 28, 2003 1:03AM

Not much, I do have a few older RC's and a couple autos. Those were probably 2 of the biggest BKB cards I owned.

Undertaker · February 28, 2003 1:05AM

aha I see.. well if you have time to list the auto's you have, that would be great

and since I don't know the market value of the redemption cards you traded for I can't really tell you whether it was a good trade or not.. sorry

autobilia · February 28, 2003 1:05AM

You got the better end of the deal.

ThePhoenix · February 28, 2003 1:11AM

I was told that the Manning was an embroidered Jersey and had a UD SRP of $650 I figured about $200-$250 in cash

And a Manning Mini Helmet SPR $300, looked and saw one sold for $100

I haven't seen too many Magloire Spectrums, but that entire set went down, so I probably could have got maybe $60 and Raw Baron Davis SPX RCs are going for under $100.

Undertaker · February 28, 2003 1:12AM

oh well then you got the better deal.. duh

zardoz51 · February 28, 2003 1:16AM

Of course, at the end of the year you'll get a 1099 form from UD showing $950 that you'll have to pay taxes on as regular income. Sorry to break the news

ThePhoenix · February 28, 2003 1:17AM

Well, I wasn't totally sure seeing the Davis was a PSA 9. Don't know what that would sell for. A BGS 8.5 got like $110

ThePhoenix · February 28, 2003 1:18AM

I've heard from several other collectors that you only have to pay taxes in California. I will probably trade them off anyways. Who said you have to pay taxes zardoz?

KLS23 · February 28, 2003 1:20AM

Zardoz,

Actually, I don't think that Phoenix will get a 1099 form or have to pay tax on the memorabilia. If you see his first message, he plans on trading the redemption cards not the actual items. I don't believe that UD can track the redemptions until someone submits them to receive the items.....

Ken

8kobe · February 28, 2003 1:22AM

a trade is good as long as you like what you got. Sounds like you like what you got so I guess you made a good deal

zardoz51 · February 28, 2003 1:22AM

When you get a 1099 form which is for Miscellaneous income. UD does send these out on anything over 5 or 600 dollarsat the end of the year.

I believe that the Frederal Government and the IRS say that you have to pay taxes on this. They do take a dim view of people ignoring 1099's. Something about unreported income! LOL

ThePhoenix · February 28, 2003 1:23AM

Personally, I'm sure I'm not the only one who thinks this, but what if I gave my address and just my initials. Would they be able to prove that I was the one who received it, especially seeing you don't have to sign any legal papers.

ThePhoenix · February 28, 2003 1:25AM

I'm still wondering if it actually has happened to you after redeeming one of these redemptions.

I'll just have to call Upper Deck to find out. Like I said, I don't see how they can track the person if they don't use their own name. Postal workers and UPS ship to addresses and not by name. All someone would have to do is scribble a signature for John Doe.

49erfan33 · February 28, 2003 2:21AM

First of all, you won't receive a 1099 from UD telling you to claim these.

Secondly, you got the better deal because Manning autos sell really well and he's a proven star, where as the other 2 bsk "kids" might eventually flop.

namcap · February 28, 2003 2:25AM

<< <i>First of all, you won't receive a 1099 from UD telling you to claim these.

Secondly, you got the better deal because Manning autos sell really well and he's a proven star, where as the other 2 bsk "kids" might eventually flop. >>

Peyton Manning was just drafted in 1998 and Baron Davis was drafted shortly thereafter. So how is Manning "proven" and Davis a "kid?"

49erfan33 · February 28, 2003 2:26AM

<< <i>When you get a 1099 form which is for Miscellaneous income. UD does send these out on anything over 5 or 600 dollarsat the end of the year.

I believe that the Frederal Government and the IRS say that you have to pay taxes on this. They do take a dim view of people ignoring 1099's. Something about unreported income! LOL >>

If for some reason you do get a 1099 form, all you have to do is claim that sports collecting is your hobby, and them claim a loss (from sell) on the items, but YOU WON'T HAVE TO WORRY ABOUT IT!

Smarteeeee · February 28, 2003 3:24AM

Not really a comment on your trade, but I must say there is some bad tax advice floating on this chain.

49erfan33 · February 28, 2003 3:29AM

I was just stating that this is a hobby to most of us, not knowing whether or not ThePhoenix has a business.

I know it's alot more complicated that what I mentioned earlier.

ThePhoenix · February 28, 2003 5:33AM

I called UD and they stated they have to send out 1099-INT forms for any prize that they value $600 and up. Any prizes less than that they don't send forms for. So if you redeem 10 prizes that total $3000 you won't get any tax form as long as none of the prizes were $600 or more.

49erfan33 · February 28, 2003 6:48AM

namcap · February 28, 2003 6:50AM

Is 49erfan single?

ThePhoenix · February 28, 2003 7:04AM

I've got the Jersey traded locally as soon as I get the redemption. UDA Aikman Mini Helmet auto, $50, and a $300-$400 Brett Favre Auto.

Was this Trade good or bad?

Comments