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.