That's a great question that could apply to anything we collect, or even if we decide to hold a garage sale. Any experts on the list who would like to share the general guidelines?
Loran Phillip Sands wrote: >The sad truth is that if you accumulated your >collection in the 60's and 70's, as many did, its >worth about 3 times less than you paid for it, if you >adjust for inflation. > When I sell my machines, am I supposed to tell Uncle >Sam? Because if I paid 300 for a machine in 1980 and >am lucky enough to sell it for 350 today, I lost >money. But the govt doesn't look at inflation. Am I >supposed to declare that as profit? I am never clear >on where collections enter into paying taxes. > >
