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05-23-2022, 12:52 PM #1
taxes
When sales of old collectibles for which no receipts exist are reported , does the IRS allow deduction of a good-faith estimate of their original cost, or is the whole amount received considered profit?
I searched the IRS website before bothering you all, but haven't found an answer. Hoping someone here knows the ins outs of this.
(I learned that you can invest in collectibles in some retirements accounts--who knew? I'm not advising that; just offering it as evidence that I searched for my answer, and sharing it because it might turn out to be the most surprising thing I learn today.)
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05-23-2022, 02:54 PM #2
I have no clue but I am going to say this. If it has to with the IRS you better have a receipt as I cannot fathom them every believing a Good Faith Estimate. I am not sure about this but if they allowed this you know what would happen. So, going to go with you better have a receipt or some type of transaction that has been documented.
I am sure the scf trade manager would suffice LOL.
DON
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