QUESTION
Can I use the loss on the dolls to offset the gains on the coins when reporting the net capital gain on my 2014 taxes?
Asked on May 07th, 2014 on Taxation - Michigan
More details to this question:
I sold collectible dolls gifted to me 25 years ago on E-bay for less than the original prices. I also sold collectable coins on e-bay for more than their face value. Are the photographs of the dolls’ boxes that clearly show the price stickers acceptable proof of cost basis? (The photos include identification on the box of the specific doll in the same photograph as the price sticker)
2 ANSWERS
Probate Attorney serving St. Louis, MO
at
Edward L. Armstrong, P.C.
Update Your Profile
Can you establish the period of time you've owned these assets? If so you must net capital losses against capital gains first and then, depending on whether or not the loss is long or short term, you may deduct a small portion against your ordinary income for the year of sale.
Answered on May 14th, 2014 at 7:31 AM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
I would need more details but generally long term capital losses can offset similar losses.
Answered on May 07th, 2014 at 7:51 PM