My Air Raid Auction Update

[DDtMM]

"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.

 

The IRS website isn't very good. I was looking at pub 17 for something to clarify this, but there was nothing good except that selling collectables is considered capital gains. I saw the 28% number on other websites, so it seems Homer is correct.

 

When I sold items in the past I was told to put it on a shedule-C, which was small business income. I think you will pay less than 28% if you do. Maybe you should just see a tax professional about this?

Edited April 5, 2010 by DDtMM

[Zap!]

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

 

I completely disagree. Giving 28% to federal government is mob style thugism at it's best. $10,000 is not something a luxury tax should be for. It won't make anyone rich.

[Cebus Capucinis]

I think he was saying having that $10000+ is the nice problem, because paying taxes on it implies you have that much money in one shot. I don't really think politics was entering the equation in that statment.

[Pioneer4x4]

Plus if the $10,000 (minus the $4.99) orignal price is capitol gains, then who ever buys it can write off the 10K as an investment. Or use it to offset other sales.

(I think, I am by no claims a tax professional)

[Chickybaby]

I woudl check with a tax professional or even with someone like H&R block to be safe and pay the extra money for their audit protection/representation program that year especially with a huge sale like this.

 

TBH and IMO with the amt the auction is sitting at now, if I was Tanman and the winner was a reasonably near/withing extended driving distance and the price did hold - I would, after payment, meet in a public place and deliver the game in person and also look at their Drivers license and do anything else possible to make sure the game is going to the right person.

 

Have any online news sites picked it up yet as i haven't been able to foolow as closely as I have liked and most of all what does his wife think now about his hobby now? LOL

[potatohead]

I think he was saying having that $10000+ is the nice problem, because paying taxes on it implies you have that much money in one shot. I don't really think politics was entering the equation in that statment.

 

That is exactly it! I don't care what your politics are, regarding the taxes. The fact is, having enough income to worry about paying them, is a damn good problem to have.

 

PM me, if you want to on the politics, but let's keep that off the thread, as starting that was not my intent, nor should it be the intent.

 

Deffo contact a professional. A coupla hundred bucks could easily return many times that amount in savings.

Edited April 5, 2010 by potatohead

[Shawn]

To hell with all this tax bullshit. Take the cash, put it in your pocket and the gov't can go fuck themselves. They get enough money out of your regular income tax, land tax,ect,ect.

[Rev]

To hell with all this tax bullshit. Take the cash, put it in your pocket and the gov't can go fuck themselves. They get enough money out of your regular income tax, land tax,ect,ect.

 

 

 

you are my new hero!!!!!!!!!!!!!!

 

[Cebus Capucinis]

You could always add in the auction "Will deliver in person. Buyer to purchase plane ticket to wherever they are plus pay for one night hotel expenses and return flight." With an auction this high I bet you'd still have some takers! Then you could just take cash and no tax reporting needs to happen....

[the.golden.ax]

When I picked up my PSX kiosk the squirrelly seller made me sign a paper saying I got it in case I tried to do a non-delivery claim after the fact since I paypaled for it (against his instructions) I wasn't going to drive hundreds of miles to get something without protection. Large cash transactions are risky for buyers as well. Neutral Escrow services are a good idea when it gets into the thousands.

 

AX

[Omegamatrix]

Shawn has shotgun taxes. If you want his taxes, you must come within range of his shotgun.

 

 

All things being equal, you'll have to pay taxes on a big publicly noticed autcion like this. Still though, I'd rather scoop 8 grand off a box sitting in the garage that I didn't even realize I had than have nothing at all. And the auction is only going to go up from here...

[Dino]

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.

 

 

Interesting. Over here, capital gains tax (CGT) was introduced in 1985. Anything purchased pre that date was exempt from CGT

[cybercylon]

I would also look into a tax expert. Would he have local and state estimated taxes to consider as well? In our township, a lot of folks have to pay quarterly estimated local taxes on all income for that quarter if their sources of income don't withhold it.

[Shawn]

I would also look into a tax expert. Would he have local and state estimated taxes to consider as well? In our township, a lot of folks have to pay quarterly estimated local taxes on all income for that quarter if their sources of income don't withhold it.

 

 

Or just say you bought it for $10k back in the day from a friend and write yourself up a little reciept to say so. If you work in the inflation technically you would be loosing money on the sale and you can file it as a right off of losses not gains.

[atari181]

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.

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.

I think capital gains tax is for over 100G or somewhere around there

[Mirage]

 

I think capital gains tax is for over 100G or somewhere around there

 

I know that that's not true at all, since I've personally paid capital gains taxes on much lower amounts. But not on an Atari box!

[Dino]

hey Tanman, why no manual? just wondering.

any story behind that?

From what he said earlier, there was no book because the instructions were written on the back.

 

Has any game in the history of gaming ever not came with a book?

 

Ultravision-Karate (Mabey...)

 

There are lots of pirate games that only came with one page (or a card), but I can not think of any that had nothing.

 

There are plenty of Taiwan knock-offs that didn't come with manuals.

And plenty of Taiwanese originals too This game is SO Bitcorp it isnt funny. And it explains why the compnay name was never registered and why there is no information out there about the company. These pirate/hack companies used every trick in the book not to be found out. They operated very successfully in Europe Canada and Australia, where governments did not chase piracy as aggressively as in the US. After viewing this box, my guess is nothing will ever be found out about Menavision.

 

Airraid actually raises an interesting question for me. With the box making it clear that this release is a pirate/hack release, why are US collectors so interested in it I would have thought that it would have been dispelled as a cheap pirate hack by now, not worth $50 Are NTSC only collectors joining the PAL side?

[Miss 2600]

 

Airraid actually raises an interesting question for me. With the box making it clear that this release is a pirate/hack release, why are US collectors so interested in it I would have thought that it would have been dispelled as a cheap pirate hack by now, not worth $50

 

A completest would want all the games, especially those incredibly rare pirate hacks.

[Dino]

 

Airraid actually raises an interesting question for me. With the box making it clear that this release is a pirate/hack release, why are US collectors so interested in it I would have thought that it would have been dispelled as a cheap pirate hack by now, not worth $50

 

A completest would want all the games, especially those incredibly rare pirate hacks.

That's the irony - US collectors DONT collect the pirate/hacks, but PAL collectors do

[Miss 2600]

That's the irony - US collectors DONT collect the pirate/hacks, but PAL collectors do

 

Really?? I didn't know that. Just out of curiosity, what is an example of a pirate/hack US game that US collectors shy away from?

[homerwannabee]

 

Airraid actually raises an interesting question for me. With the box making it clear that this release is a pirate/hack release, why are US collectors so interested in it I would have thought that it would have been dispelled as a cheap pirate hack by now, not worth $50

 

A completest would want all the games, especially those incredibly rare pirate hacks.

That's the irony - US collectors DONT collect the pirate/hacks, but PAL collectors do

That is because almost all the Pirates are not U.S. releases. That is the thing that you are missing in this equation. U.S. collectors collect U.S. stuff.

[accousticguitar]

 

That's the irony - US collectors DONT collect the pirate/hacks, but PAL collectors do

I bet PAL collectors like it that way.

[SoulBlazer]

 

Airraid actually raises an interesting question for me. With the box making it clear that this release is a pirate/hack release, why are US collectors so interested in it I would have thought that it would have been dispelled as a cheap pirate hack by now, not worth $50

 

A completest would want all the games, especially those incredibly rare pirate hacks.

That's the irony - US collectors DONT collect the pirate/hacks, but PAL collectors do

 

Why do you think this is? Boredom?

[Miss 2600]

 

That is because almost all the Pirates are not U.S. releases. That is the thing that you are missing in this equation. U.S. collectors collect U.S. stuff.

 

Even if it plays on a US system?

[Shawn]

Really?? I didn't know that. Just out of curiosity, what is an example of a pirate/hack US game that US collectors shy away from?

 

Some collectors don't bother with the Zellers titles cause most of them are just rebranded copies of other titles.