Not bad 50% (or $130,000) gain in 2 years

goudeygold · February 8, 2005 6:24AM

As you know the 1952 Topps PSA 8 set sold again for $400,000. Sold 2 years ago for $277,000. 50% gain in only 2 years. Pretty amazing if you ask me!

GG

WinPitcher · February 8, 2005 6:37AM

Nice

jrdolan · February 8, 2005 12:32PM

Dang, and I dumped my '52 Topps because somebody said modern is "on fire."

CollectorChris · February 8, 2005 12:43PM

Less the tax, of course

AbsolutJake · February 8, 2005 11:38PM

Speaking of taxes, here's a question I've been pondering. Say you've spent the past 20 years collecting cards, as I think most of us have, then one day you decide to sell everything for a large sum of money. What would the tax implications be? It would be nearly impossible to determine the actual capital gains. Any ideas?

goudeygold · February 8, 2005 11:51PM

yea, don't claim anything.

GG

Fletch1750 · February 8, 2005 11:57PM

Who bought that set? Didn't it pass in the Sotheby's Ruth comes home sale? I believe the opening bid was $275,000 and it passed.

Stone193 · February 9, 2005 2:00AM

<< <i>Dang, and I dumped my '52 Topps because somebody said modern is "on fire." >>

goudeygold · February 9, 2005 2:50PM

Modern is on fire all right!! All mine was on fire in the fireplace this winter!! HAHAHAHAHA

GG

mudflap02 · February 9, 2005 2:57PM

I dumped all my 52 Topps in the Atlantic, cause everybody else was doing it.

larryallen73 · February 10, 2005 12:57AM

Jake- I am not a CPA so take this for what it's worth but my thought is you just need to substantiate (if audieted) that your basis is equal or greater than the sale price. I am not sure everything that goes into calculating basis, other than the obvious (purchase prices) but I would imagine costs related to collections (cost to grade cards, cost to subscribe to Becketts, etc....) would be added to basis to build that number up. Or as someone up above said, just don't report it!

Not bad 50% (or $130,000) gain in 2 years

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