Eh... I inferred it from what you said. If you just mean in general it will sell some point in the future, we'd probably never know. Maybe. I dunno. How often are hand changes public for SE?
I think buying a game for 42k just to sell it soon would be a dumb idea. The profit margin would have to be minimal.
I don't get into this really high dollar stuff, but that's just me.
The people who bought Action Comics 1 for $3 million bought it as an investment. It's called greater fool theory, the driving force behind bitcoin, high end artwork, and ridiculous video game prices
This is a big purchase and the buyer may enjoy it for a while but i see high ticket items like this being bought,shown off and eventually sold off for "reasons".
Who knows, this buyer could be in it for keeps and if he is, i am happy for him.
I think buying a game for 42k just to sell it soon would be a dumb idea. The profit margin would have to be minimal.
I don't get into this really high dollar stuff, but that's just me.
The people who bought Action Comics 1 for $3 million bought it as an investment. It's called greater fool theory, the driving force behind bitcoin, high end artwork, and ridiculous video game prices
I for one couldn't believe that it sold for that much. But hey, good for them on the sell and getting it done without all the other crazy stuff that was going on during the initial first bid on eBay.
Unless it is cash, the bank does not get notified of every transaction, as far as I know. If it is cash $10,000 or more, or if it is an unusual transaction or a series of unusual transactions, the bank would typically report.
However, don't think just depositing or withdrawing cash just under $10,000 will avoid any issues. Ask Dennis Hastert about that.
In either case, since the seller openly admitted to paying $1 for this, they have a roughly $40,000 gain on the sale that is definitely reportable on their tax return. Exactly how it is taxed depends on their situation.
This would be the same whether the payoff was $40,000, $4000, or any amount. It is always taxable, compliance is just really bad for stuff like this.
From the IRS and well, legal, perspective, every dollar you get from any transaction or sale is potentially income, unless you have basis to offset against the income or unless there is specific exclusion in the code to make it nontaxable.
I sold some big ticket items (like a loose Stadium Events) a few years ago and had to include it on my tax return as income. What made it worse was that I didn't have any proof of what I had payed for it (which was significantly less because I had it for about 10 years). So I had to claim the whole amount.
In theory every dollar you go up like this is a capital gain and should be taxed. I'm sure most people don't report it. I've always erred on the side of caution and claimed everything like this.
Edit: In case you're curious, I payed around $700 for a loose copy.... back in the day.
I sold some big ticket items (like a loose Stadium Events) a few years ago and had to include it on my tax return as income. What made it worse was that I didn't have any proof of what I had payed for it (which was significantly less because I had it for about 10 years). So I had to claim the whole amount.
In theory every dollar you go up like this is a capital gain and should be taxed. I'm sure most people don't report it. I've always erred on the side of caution and claimed everything like this.
Edit: In case you're curious, I payed around $700 for a loose copy.... back in the day.
I love it when an old old old school member checks back in, randomly, just to drop a line.
Sorry for the derail. I set a bad example, but welcome back! Good to see you
Yes, I've also claimed gains on sales in the past for tax purposes. Gotta keep it legal! So be sure to keep your records of what you've paid on just about everything.
Unless it is cash, the bank does not get notified of every transaction, as far as I know. If it is cash $10,000 or more, or if it is an unusual transaction or a series of unusual transactions, the bank would typically report.
However, don't think just depositing or withdrawing cash just under $10,000 will avoid any issues. Ask Dennis Hastert about that.
In either case, since the seller openly admitted to paying $1 for this, they have a roughly $40,000 gain on the sale that is definitely reportable on their tax return. Exactly how it is taxed depends on their situation.
This would be the same whether the payoff was $40,000, $4000, or any amount. It is always taxable, compliance is just really bad for stuff like this.
From the IRS and well, legal, perspective, every dollar you get from any transaction or sale is potentially income, unless you have basis to offset against the income or unless there is specific exclusion in the code to make it nontaxable.
ANY deposit of 10k or more gets reported.
Cash, check, doesn't matter.
Trying to dodge that reporting with a series of smaller deposits is called "structuring" and is a federal offense.
Unless it is cash, the bank does not get notified of every transaction, as far as I know. If it is cash $10,000 or more, or if it is an unusual transaction or a series of unusual transactions, the bank would typically report.
However, don't think just depositing or withdrawing cash just under $10,000 will avoid any issues. Ask Dennis Hastert about that.
In either case, since the seller openly admitted to paying $1 for this, they have a roughly $40,000 gain on the sale that is definitely reportable on their tax return. Exactly how it is taxed depends on their situation.
This would be the same whether the payoff was $40,000, $4000, or any amount. It is always taxable, compliance is just really bad for stuff like this.
From the IRS and well, legal, perspective, every dollar you get from any transaction or sale is potentially income, unless you have basis to offset against the income or unless there is specific exclusion in the code to make it nontaxable.
ANY deposit of 10k or more gets reported.
Cash, check, doesn't matter.
Trying to dodge that reporting with a series of smaller deposits is called "structuring" and is a federal offense.
Yeah the structuring is how Hastert got discovered I believe.
A lot of people don't know the reporting requirement extends to small businesses as well, if you receive a cash deposit over $10,000 or other suspicious activity in the course of your trade or business. Although there is an exception to this if it is a personal check.
Regarding the bank's requirement, you may be right as I know they have much more stringent requirements. I thought it was still limited to currency and a few other types of payments. Can you point me in the direction of something that verifies the ALL component for deposits? I'm not trying to challenge or argue - I genuinely want to clarify this for myself and my clients because I've been given conflicting information on this.
EDIT: You know what....sorry, let's not have a long discussion on this stuff here in the thread. If you want to PM me that'd be cool but I don't want to continue to derail a thread with side conversations about random stuff. Sorry all, I find that can be very annoying so I don't want to take this all over the place. I guess it's tangientally related, but ehhh, haha
Unless it is cash, the bank does not get notified of every transaction, as far as I know. If it is cash $10,000 or more, or if it is an unusual transaction or a series of unusual transactions, the bank would typically report.
However, don't think just depositing or withdrawing cash just under $10,000 will avoid any issues. Ask Dennis Hastert about that.
In either case, since the seller openly admitted to paying $1 for this, they have a roughly $40,000 gain on the sale that is definitely reportable on their tax return. Exactly how it is taxed depends on their situation.
This would be the same whether the payoff was $40,000, $4000, or any amount. It is always taxable, compliance is just really bad for stuff like this.
From the IRS and well, legal, perspective, every dollar you get from any transaction or sale is potentially income, unless you have basis to offset against the income or unless there is specific exclusion in the code to make it nontaxable.
ANY deposit of 10k or more gets reported.
Cash, check, doesn't matter.
Trying to dodge that reporting with a series of smaller deposits is called "structuring" and is a federal offense.
Yeah the structuring is how Hastert got discovered I believe.
A lot of people don't know the reporting requirement extends to small businesses as well, if you receive a cash deposit over $10,000 or other suspicious activity in the course of your trade or business. Although there is an exception to this if it is a personal check.
Regarding the bank's requirement, you may be right as I know they have much more stringent requirements. I thought it was still limited to currency and a few other types of payments. Can you point me in the direction of something that verifies the ALL component for deposits? I'm not trying to challenge or argue - I genuinely want to clarify this for myself and my clients because I've been given conflicting information on this.
EDIT: You know what....sorry, let's not have a long discussion on this stuff here in the thread. If you want to PM me that'd be cool but I don't want to continue to derail a thread with side conversations about random stuff. Sorry all, I find that can be very annoying so I don't want to take this all over the place. I guess it's tangientally related, but ehhh, haha
Not to clog up the thread, but I refreshed my reading on the subject and I was mistaken.
The hard requirement for reporting is only on cash. (a "ctr" ,-- a currency transaction report)
There is optional reporting for "suspicious" deposits of ANY amount and in any form (an "sar" -- a suspicious activity report)
That second one is at the discretion of the bank and teller.
Either way, not properly doing your taxes on 40k of income is a dangerous game that wouldn't ever be worth the risk.
Comments
I don't get into this really high dollar stuff, but that's just me.
I think buying a game for 42k just to sell it soon would be a dumb idea. The profit margin would have to be minimal.
I don't get into this really high dollar stuff, but that's just me.
never said soon.
I think buying a game for 42k just to sell it soon would be a dumb idea. The profit margin would have to be minimal.
I don't get into this really high dollar stuff, but that's just me.
The people who bought Action Comics 1 for $3 million bought it as an investment. It's called greater fool theory, the driving force behind bitcoin, high end artwork, and ridiculous video game prices
https://en.wikipedia.org/wiki/Greater_fool_theory
Who knows, this buyer could be in it for keeps and if he is, i am happy for him.
I think buying a game for 42k just to sell it soon would be a dumb idea. The profit margin would have to be minimal.
I don't get into this really high dollar stuff, but that's just me.
The people who bought Action Comics 1 for $3 million bought it as an investment. It's called greater fool theory, the driving force behind bitcoin, high end artwork, and ridiculous video game prices
https://en.wikipedia.org/wiki/Gre...
Good post and all but not the best example ; The guy who bought the 3m action 1 is a billionaire . He's not buying it to get rich; he's already rich
Anyone know how to get VGAs population report system to actually work or is it broken for everyone else as well?
You have to email them
I was just wondering how much the seller walks away with after all is said and done.
Has this sale been officially confirmed with anyone other than the seller?
I know the buyer..... it's confirmed
Has this sale been officially confirmed with anyone other than the seller?
I know the buyer..... it's confirmed
Okay cool. Good to know. Thanks
Do taxes get paid on something like this? If so, is it federal and state taxes?
I was just wondering how much the seller walks away with after all is said and done.
by the letter of the law, yes, it's income. whether or not you want to chance it is another issue.
Originally posted by: Lincoln
Originally posted by: Richardhead
Do taxes get paid on something like this? If so, is it federal and state taxes?
I was just wondering how much the seller walks away with after all is said and done.
by the letter of the law, yes, it's income. whether or not you want to chance it is another issue.
If they are getting a check for 40k+ then the bank will be contacting the IRS about the transaction.
However, don't think just depositing or withdrawing cash just under $10,000 will avoid any issues. Ask Dennis Hastert about that.
In either case, since the seller openly admitted to paying $1 for this, they have a roughly $40,000 gain on the sale that is definitely reportable on their tax return. Exactly how it is taxed depends on their situation.
This would be the same whether the payoff was $40,000, $4000, or any amount. It is always taxable, compliance is just really bad for stuff like this.
From the IRS and well, legal, perspective, every dollar you get from any transaction or sale is potentially income, unless you have basis to offset against the income or unless there is specific exclusion in the code to make it nontaxable.
In theory every dollar you go up like this is a capital gain and should be taxed. I'm sure most people don't report it. I've always erred on the side of caution and claimed everything like this.
Edit: In case you're curious, I payed around $700 for a loose copy.... back in the day.
I sold some big ticket items (like a loose Stadium Events) a few years ago and had to include it on my tax return as income. What made it worse was that I didn't have any proof of what I had payed for it (which was significantly less because I had it for about 10 years). So I had to claim the whole amount.
In theory every dollar you go up like this is a capital gain and should be taxed. I'm sure most people don't report it. I've always erred on the side of caution and claimed everything like this.
Edit: In case you're curious, I payed around $700 for a loose copy.... back in the day.
I love it when an old old old school member checks back in, randomly, just to drop a line.
Sorry for the derail. I set a bad example, but welcome back! Good to see you
Unless it is cash, the bank does not get notified of every transaction, as far as I know. If it is cash $10,000 or more, or if it is an unusual transaction or a series of unusual transactions, the bank would typically report.
However, don't think just depositing or withdrawing cash just under $10,000 will avoid any issues. Ask Dennis Hastert about that.
In either case, since the seller openly admitted to paying $1 for this, they have a roughly $40,000 gain on the sale that is definitely reportable on their tax return. Exactly how it is taxed depends on their situation.
This would be the same whether the payoff was $40,000, $4000, or any amount. It is always taxable, compliance is just really bad for stuff like this.
From the IRS and well, legal, perspective, every dollar you get from any transaction or sale is potentially income, unless you have basis to offset against the income or unless there is specific exclusion in the code to make it nontaxable.
ANY deposit of 10k or more gets reported.
Cash, check, doesn't matter.
Trying to dodge that reporting with a series of smaller deposits is called "structuring" and is a federal offense.
Unless it is cash, the bank does not get notified of every transaction, as far as I know. If it is cash $10,000 or more, or if it is an unusual transaction or a series of unusual transactions, the bank would typically report.
However, don't think just depositing or withdrawing cash just under $10,000 will avoid any issues. Ask Dennis Hastert about that.
In either case, since the seller openly admitted to paying $1 for this, they have a roughly $40,000 gain on the sale that is definitely reportable on their tax return. Exactly how it is taxed depends on their situation.
This would be the same whether the payoff was $40,000, $4000, or any amount. It is always taxable, compliance is just really bad for stuff like this.
From the IRS and well, legal, perspective, every dollar you get from any transaction or sale is potentially income, unless you have basis to offset against the income or unless there is specific exclusion in the code to make it nontaxable.
ANY deposit of 10k or more gets reported.
Cash, check, doesn't matter.
Trying to dodge that reporting with a series of smaller deposits is called "structuring" and is a federal offense.
Yeah the structuring is how Hastert got discovered I believe.
A lot of people don't know the reporting requirement extends to small businesses as well, if you receive a cash deposit over $10,000 or other suspicious activity in the course of your trade or business. Although there is an exception to this if it is a personal check.
Regarding the bank's requirement, you may be right as I know they have much more stringent requirements. I thought it was still limited to currency and a few other types of payments. Can you point me in the direction of something that verifies the ALL component for deposits? I'm not trying to challenge or argue - I genuinely want to clarify this for myself and my clients because I've been given conflicting information on this.
EDIT: You know what....sorry, let's not have a long discussion on this stuff here in the thread. If you want to PM me that'd be cool but I don't want to continue to derail a thread with side conversations about random stuff. Sorry all, I find that can be very annoying so I don't want to take this all over the place. I guess it's tangientally related, but ehhh, haha
Unless it is cash, the bank does not get notified of every transaction, as far as I know. If it is cash $10,000 or more, or if it is an unusual transaction or a series of unusual transactions, the bank would typically report.
However, don't think just depositing or withdrawing cash just under $10,000 will avoid any issues. Ask Dennis Hastert about that.
In either case, since the seller openly admitted to paying $1 for this, they have a roughly $40,000 gain on the sale that is definitely reportable on their tax return. Exactly how it is taxed depends on their situation.
This would be the same whether the payoff was $40,000, $4000, or any amount. It is always taxable, compliance is just really bad for stuff like this.
From the IRS and well, legal, perspective, every dollar you get from any transaction or sale is potentially income, unless you have basis to offset against the income or unless there is specific exclusion in the code to make it nontaxable.
ANY deposit of 10k or more gets reported.
Cash, check, doesn't matter.
Trying to dodge that reporting with a series of smaller deposits is called "structuring" and is a federal offense.
Yeah the structuring is how Hastert got discovered I believe.
A lot of people don't know the reporting requirement extends to small businesses as well, if you receive a cash deposit over $10,000 or other suspicious activity in the course of your trade or business. Although there is an exception to this if it is a personal check.
Regarding the bank's requirement, you may be right as I know they have much more stringent requirements. I thought it was still limited to currency and a few other types of payments. Can you point me in the direction of something that verifies the ALL component for deposits? I'm not trying to challenge or argue - I genuinely want to clarify this for myself and my clients because I've been given conflicting information on this.
EDIT: You know what....sorry, let's not have a long discussion on this stuff here in the thread. If you want to PM me that'd be cool but I don't want to continue to derail a thread with side conversations about random stuff. Sorry all, I find that can be very annoying so I don't want to take this all over the place. I guess it's tangientally related, but ehhh, haha
Not to clog up the thread, but I refreshed my reading on the subject and I was mistaken.
The hard requirement for reporting is only on cash. (a "ctr" ,-- a currency transaction report)
There is optional reporting for "suspicious" deposits of ANY amount and in any form (an "sar" -- a suspicious activity report)
That second one is at the discretion of the bank and teller.
Either way, not properly doing your taxes on 40k of income is a dangerous game that wouldn't ever be worth the risk.
Just went to comic-con san Diego and took a picture in front of the bandai booth. Thank you bandai for changing my life!
And your mom.
Congrats!
Just went to comic-con san Diego and took a picture in front of the bandai booth. Thank you bandai for changing my life!
Wishing you, your wife, and your mother the best!
Best. Mom. Ever.
Just went to comic-con san Diego and took a picture in front of the bandai booth. Thank you bandai for changing my life!
Wishing you, your wife, and your mother the best!
Best. Mom. Ever.
Thank you.