Taxes on Consignments

I recently consigned some of my collection to an auction house and was wondering what the process is for taxes when it comes to the final sale. I would assume that a great majority of you have consigned in the past and have experience with this matter. Any information would be appreciated.

Mike

do you still have the receipts and invoices from when you bought the cards? would make things easier if you want to file the taxes. not much experience here tho, only consigned 2 things in my life one for a loss and one for some profits.

There are two things that are certain in life...

Q is right you ought to keep your receipts. If you use TurboTax or a similar program, there is a specific place where you can report your income from collectibles. It is taxed at the rate of your regular income, not a discounted capital gains rate like the stock market.

Gains on collectibles are taxed at the same rates as regular income, except that the maximum tax rate on collectibles is 28% (vs. a maximum tax rate of 35% on regular income).
Val

Anyone willing to ask Pete if he had to pay taxes on Rowdy Lowdy?