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Thread: Taxes on your collection

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    Strawberry (Level 2)
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    Default Taxes on your collection

    As a companion thread to the insurance thread...

    Do you keep receipts for what you paid for your collection?

    I always worry that someday down the road when I sell my collection, the IRS is going to come knocking on the door trying to tax what i got for it. Without receipts they will tax the full value of whatever I got for it, even if i got $90 for something that i paid $100 for.

    my parents almost got screwed on something like this (got a letter from the irs saying they owed almost 20k in taxes) - until they dug and dug for receipts.

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    I use to be a reciept hog but most of my reciepts past 2 years the ink faded rendering them useless.
    neo geo system

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    Quote Originally Posted by backguard View Post
    As a companion thread to the insurance thread...

    Do you keep receipts for what you paid for your collection?

    I always worry that someday down the road when I sell my collection, the IRS is going to come knocking on the door trying to tax what i got for it. Without receipts they will tax the full value of whatever I got for it, even if i got $90 for something that i paid $100 for.

    my parents almost got screwed on something like this (got a letter from the irs saying they owed almost 20k in taxes) - until they dug and dug for receipts.
    "I think there oughta be a government booklet entitled "Where Ta Stick It"... Now that I think of it, I believe there IS a government booklet like that... they send it to ya on April 15th." ~George Carlin.

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    You could always scan your recipts into your computer and sort them into files by store.
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    I dont usually get receipts. I buy my stuff from garage sales, pawn shops and flea markets. The rare time when I do buy a new game or actually get a receipt, then yeah I keep em no matter how old they are, I still have my receipt for when I bought my Dreamcast.

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    Angry

    Screw receipts and to hell with the IRS!

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    I save some of the money order receipt in an envelope, but mostly just to remember what I paid for certain items.

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    I never save receipts but maybe I should start doing so. You know what I wonder is if you had a sealed Panzer Dragoon Saga and still had the original reciept with it, I wonder if it would affect the price if you were to sell it. I personally wouldn't pay more for it but I think it would be neat to have with the game especially if it is from a store that isn't around anymore like Funcoland or something.

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    I have never heard of the IRS coming after someone for tax on a personal sale(video game-wise). Unless you are running a huge business online/ebay, I would not worry about it. Even people who sell every weekend at Flea Markets never seem to worry about the IRS. Unless you pissed off someone and they report you, I wouldn't worry about it.

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    One of my buddies sold me his old model 1 genesis, and later on when his parents were cleaning their attic, they found the original box and all paperwork including a receipt. So yes, I have a receipt for a model 1 genesis.

    I keep receipts for everything I buy. I just throw it behind the instructions (cd case), or something inside of the instructions (I never read the instructions anyway, they might as well keep my receipt).

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    Quote Originally Posted by backguard View Post
    As a companion thread to the insurance thread...

    Do you keep receipts for what you paid for your collection?

    I always worry that someday down the road when I sell my collection, the IRS is going to come knocking on the door trying to tax what i got for it. Without receipts they will tax the full value of whatever I got for it, even if i got $90 for something that i paid $100 for.

    my parents almost got screwed on something like this (got a letter from the irs saying they owed almost 20k in taxes) - until they dug and dug for receipts.
    Why in the world would the IRS tax you on a private sale?

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    Strawberry (Level 2) Mark III's Avatar
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    Quote Originally Posted by Tommy View Post
    Why in the world would the IRS tax you on a private sale?

    Because they can

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    Quote Originally Posted by Mark III View Post
    Because they can
    This is true, that sucks!

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    If the IRS is hurting that bad to come after you, then it's the end of America.

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    Quote Originally Posted by guitargary75 View Post
    If the IRS is hurting that bad to come after you, then it's the end of America.

    They're apparently doing well enough to spend millions of dollars hiring people to track down your private sales and squeeze a few extra dollars from you.

    Generally you don't have to worry about it unless you're selling in a high enough volume to attract their attention. I know in Canada that if you sell over $10,000 worth of stuff on ebay over the course of a year you can expect a visit from Revenue Canada.

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    Remember, a tax-collecting entity such as the IRS will only seek you out if they can extract more in otherwise-uncollected taxes than the cost of their investigation and audit.

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    Garage sales don't generally give out receipts, so I've received very few receipts from purchases for my collection. Although whenever I buy a new game I put the receipt in the box but it's more of reminder as to what I paid for it.

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