Obsolete Inventory...a term you may want to know for 202216530
 past performance is no guarantee of future actions.
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KatKomics private msg quote post Address this user | |
Quote:Originally Posted by DrWatson you can still obsolete something if the sales forecast is zero and you haven't hit your expiration date etc. I work in alcohol and this happens all the time - refreshment flavour isn't the hit you thought - minimum run size was say 10,000 cases - you have 5,000 cases and it's September - you aren't going to sell many more of that summer refreshment - we obsolete because it's either taking up storage space, we might be paying for outside storage or maybe it's delisted and you have no place to sell it (although there is the chance you can sell for pennies on the dollar to some all inclusive resort!!) Although comics don't have an end life, if they are taking up too much space and have little to no chance of selling then disposal/obsoleting may be the only option left - difference with comics is there is the off chance that 30yrs later something happens with that book and now it will sell...though pretty sure my Ralph Snart run will never be worth anything!!!!! If you have a massive storage facility (Chuck @ Milehigh) then sure...hang onto everything forever - if they are going to tax you on a hobby - once you realize it can't be sold - take the loss and either dispose or move to PC that isn't part of "inventory" and will never be sold |
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past performance is no guarantee of future actions.
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KatKomics private msg quote post Address this user | |
| pretty sure the best plan is to sell nothing ever - die and leave it to your kids/estate etc. - they have it valued at the time of death and pay the probate/estate tax (1% in my area) that is the new cost/tax base - then sell the whole collection in one shot to someone and have no gain - therefore no tax -maybe even a loss after broker fees etc. if they go the auction it all off at once route. | ||
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HAmistoso private msg quote post Address this user | |
| Well if all investments are going to be taxed... I'd rather take my chances with some pretty paper etc. over a 10 year U.S. Treasury yielding under 2%. Especially if the published inflation rate is over 6%! Who is buying? | ||
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HAmistoso private msg quote post Address this user | |
| Maybe that's why Wall Street is getting involved in the collectables industry? BOOO CGC! | ||
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HAmistoso private msg quote post Address this user | |
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HAmistoso private msg quote post Address this user | |
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 I'm waiting.... (tapping fingers).Splotches is gettin old! |
Nuffsaid111 private msg quote post Address this user | |
| Here's my advice: Eliminate Ebay Eliminate Facebook Eliminate Mercari, Hipcomic, Whatnot Hello Small Conventions Hello Flea Markets Hello my own Garage Sales P.S: My collection started in 1977 is not considered "$0 Inventory" Mr Tax Expert or Mr. Govt. And no, I'm not apologizing for not keeping my receipts from the 7-Eleven in 1977 or the comic book store in 1985. Screw them; not screw me. |
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HAmistoso private msg quote post Address this user | |
| Are you trying to rev me up @Nuffsaid111? Because it's working! | ||
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HAmistoso private msg quote post Address this user | |
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HAmistoso private msg quote post Address this user | |
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HAmistoso private msg quote post Address this user | |
BOOOOOOOOOOOOOOOOOO CGC!!!!!!! |
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 I'd like to say I still turned out alright, but that would be a lie.
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flanders private msg quote post Address this user | |
| There's a lot of useful information here: https://www.irs.gov/businesses/small-businesses-self-employed/self-employed-individuals-tax-center |
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