3 thoughts on “Selling Baseball Cards

  1. Pingback: Ask TaxMama Issue 603 – Success and Failure | asktaxmama

  2. TaxMama says:

    Hi Christine,
    If you won the painting in a contest and never paid any taxes on the value, then that painting has a $0 basis. You can still sell it.
    When you do, if you have owned it for 1 year and a 1 day, you can get long-term capital gains treatment. The long-term capital gains rate for collectibles is 25% for IRS, plus whatever your state’s rate is.

  3. Christine Pignatello says:

    What if you sell a painting that you won in a contest that has some value?

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