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Tanman

My Air Raid Auction Update

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If you don't mind sharing Tanman, can you tell us how many people are watching this auction. I am just curious.

 

It's funny to think that when this auction first started (before the box was included), I got all excited and posted when I mistakenly thought the receipt was included. Who would have thought it would turn into this?!

 

I love this hobby.

 

 

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Wow, I have to be honest, I never really expected this. This is truly amazing. When this started I predicted $7,500+. And I thought there was a small chance this would hit $10,000. Boy was I wrong. The auction total is already past what I thought would be an amazing amount for an ending price. And $12,500 is starting to get hard for me to grasp. It will definitely be interesting to see what will happen in the end.

 

By the way just for fun here are some things you can buy for $12,500

 

A Luxury African Safari costs $9,000

 

Hyundai Accent, Nissan Versa, and Kia Rio all have models that are cheaper than $12,500 brand new.

 

You can get 11 ounces of gold for $12,386

 

You can get 7 ounces of platinum for $11,650 Meaning that this game not only worth more than its weight in gold. It is worth more than it's weight in platinum.

 

For me personally as a substitute teacher I could take the rest of the year off if I had this amount of money.

 

You could pay for your cable tv for the next 20 years with $12,500

 

$12,500 could easily feed you decently for the next 5 years.

 

Right now it is going to be used for something between new double pane windows for the house to a weekend in Vegas tht would rival the movie "The Hangover". I'll let everyone know when I decide.

 

HAHAHA

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If you don't mind sharing Tanman, can you tell us how many people are watching this auction. I am just curious.

 

It's funny to think that when this auction first started (before the box was included), I got all excited and posted when I mistakenly thought the receipt was included. Who would have thought it would turn into this?!

 

I love this hobby.

 

860 watching

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Right now it is going to be used for something between new double pane windows for the house to a weekend in Vegas tht would rival the movie "The Hangover". I'll let everyone know when I decide.

 

HAHAHA

 

If you want to do a weekend in Vegas you should go the last weekend of July! That's the Classic Gaming Expo and a lot of us AA people will be there! You could have a chance to meet the buyer of your auction (if it's who we hope it is) and expand your collection and just meet a lot of us folks! :D That would be awesome! Have a celebratory beer with us for the first boxed Air Raid! :)

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Right now it is going to be used for something between new double pane windows for the house to a weekend in Vegas tht would rival the movie "The Hangover". I'll let everyone know when I decide.

 

HAHAHA

 

If you want to do a weekend in Vegas you should go the last weekend of July! That's the Classic Gaming Expo and a lot of us AA people will be there! You could have a chance to meet the buyer of your auction (if it's who we hope it is) and expand your collection and just meet a lot of us folks! :D That would be awesome! Have a celebratory beer with us for the first boxed Air Raid! :)

 

The way this thing is going I don't see how I could not go... What's the link to the Expo info?

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SWEET! I hope to see you there Tanman! :) Beer's on me (or iwan if we can get him to come) ! :)

 

EDIT: Hey Al since he's in Austin maybe he could carpool with you! :D

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SWEET! I hope to see you there Tanman! :) Beer's on me (or iwan if we can get him to come) ! :)

 

EDIT: Hey Al since he's in Austin maybe he could carpool with you! :D

 

Yeah... Put me down at 85% sure I will be there.

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Does this have to be claimed as income when the item has been paid for? I'd check since this is going to be a huge score. :P

I might be wrong, but since he has had it so long, it is capitol gains tax. Which is about 28 percent. So either way the government gets you in the end.

 

Edit: Did some research, and maybe it is lower than that. More like 15 percent or even 10 percent.

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IMHO, paying that tax, whatever it is, seems to be a wonderful problem to have :)

 

Man! I check in on this to see it over 10K! Unreal :D :thumbsup: :thumbsup:

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Has anyone considered writing up a press release on this and sending it out to the news agencies?

 

I am not even remotely qualified to do such a thing, but a one pager with contact names of whomever wants to be an expert, a few quotes and a link to the auction forwarded to the various wire services would probably get at least a mention.

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Ten thousand dollars, for this? I just played the game to review it on my web site and it sucks... it's a clone of Garry Kitchen's Space Jockey with the action turned on its side and buildings grafted on. Amazing that someone would pay ten grand for a knock-off of a game that typically goes for 1/1000th of that price.

 

Whoever buys this game will probably never play it (or maybe just one time). It will probably be encased in a museum-quality, climate-controlled, nuclear-resistant chamber surrounded by security laser beams. ;)

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Hi Tanman, just wanted to say, have been watching this unfold from the beginning and hope you get a great amount for your Air Raid.

And thanx for giving my favourite console, the Atari 2600, some much needed worldwide advertising! All the best.

 

Fr0st.

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I might be wrong, but since he has had it so long, it is capitol gains tax. Which is about 28 percent. So either way the government gets you in the end.

 

Edit: Did some research, and maybe it is lower than that. More like 15 percent or even 10 percent.

 

Selling on ebay is regular income. Though how many people report income from eBay? Doing some research apparently eBay doesn't report anything to the IRS regarding sales.

 

If you plan on reporting it (I would), I'd pay estimated taxes for 2nd quater or you could get hit with a penalty.

Edited by DDtMM

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I might be wrong, but since he has had it so long, it is capitol gains tax. Which is about 28 percent. So either way the government gets you in the end.

 

Edit: Did some research, and maybe it is lower than that. More like 15 percent or even 10 percent.

 

Selling on ebay is regular income. Though how many people report income from eBay? Doing some research apparently eBay doesn't report anything to the IRS regarding sales.

 

If you plan on reporting it (I would), I'd pay estimated taxes for 2nd quater or you could get hit with a penalty.

That is only if you flip items on Ebay. If you hold the item for over a year than it becomes capital gains tax. Since he has had this item since 1984 he would be under capital gains tax instead of income.

 

Here is a quote I got from a website

 

"If you sell collectibles such as stamps, coins, or baseball cards that you have owned over a year, the maximum rate of capital gains tax is 28%. If your federal tax rate is 15% or below, you will be taxed at that rate. "

 

Edit: It appears because this is a collectible that he has to pay 28 percent capital gains tax.

 

Here is the link

http://taxes.about.com/od/capitalgains/a/CapitalGainsTax_3.htm

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Gotta change his story,,,, I found this game in a trash heap a few weeks ago... :twisted:

Edited by Trinity
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Off-topic but why has that skyrocketed in the past year and a half? Two years ago you could get a CIB one for $400. Now it sells for around a grand.

That was 10 years ago! they all went for about $350 before and after mine!

Like I always say, something is not worth what someone is willing to pay, it is worth what TWO people are willing to pay. And I had 2 at the same time that wanted it. The guy that won, was from Canada, he sent me ½ and I cashed the check, and kept the item. When he paid the rest, I shipped it. Actually no hassles, I wasn't going to complain since I already had $300, and didn't want to risk losing the rest.

This was before paypal even existed.

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Doesn't ebay have to report items that sell for more than a certain amount? I'm thinking of casinos that have to report winnings of over $1499.

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And don't banks still have to report any deposits over a certain amount? Last I heard was $10,000. Maybe that has something to do with the PayPal limit too? If that 28% really applies to this, that would blow big time.

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Thank you for the nice message!

 

Tanner

 

 

Hi Tanman, just wanted to say, have been watching this unfold from the beginning and hope you get a great amount for your Air Raid.

And thanx for giving my favourite console, the Atari 2600, some much needed worldwide advertising! All the best.

 

Fr0st.

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