fair asking price for 8k base

[matchpenalty]

I would take each 5,000 ct box and bring them to Salvation Army or Goodwill and assign a value of .05 per card and take the $250 tax deduction.

Nothing red flags a tax return more than people writing off their trash as being worth something.

It's not lying or cheating.

According to book value, most base cards book between .05 and .10, therefore, a $250 deduction is fair.

(see, bv does count somewhere! )

Good luck proving that if your taxes get flagged with these type of write offs. It's market value you will have to prove and better make sure you have all your other tax stuff in order and squeaky clean.

I don't even think a lot of these places would even want them. They are getting sick of people dumping their trash off at godwill type places.

 

[f2tornado]

It's not lying or cheating.

According to book value, most base cards book between .05 and .10, therefore, a $250 deduction is fair.

(see, bv does count somewhere! )

I'm guessing the average poster here isn't going to itemize the 1040 and simply take the standard deduction. If this is the case then it is a moot point. Itemizing only pays off for people who have a fat mortgage and/or make very large charitable contributions. I would certainly be curious how the IRS would react to $10k worth of commons being unloaded.

 

[craftysouthpaw]

An accepted industry standard price guide such as Beckett would be more than sufficient to substantiate a tax deduction. Even the low Beckett value would far exceed $250. Although those of us who follow this hobby on a daily (or hourly) basis know the fair market value (as defined by what we could actually sell the cards for) would be way below low Beckett, an IRS auditor wouldn't know this.

In tax court, Beckett's place in the hobby for 25 years would carry a lot of weight. Of course, if any of us were one of the rare individuals to get audited, it is highly unlikely a case would proceed to court. There would probably be a settlement out of court that would still provide the taxpayer a deduction far greater than a nickel a card.