Comic Books in the Attic? Old Collections Could Be a Treasure, But … – CPAPracticeAdvisor.com

Hello. It looks like you’re using an ad blocker that may prevent our website from working properly. To receive the best experience possible, please make sure any blockers are switched off and refresh the page.
If you have any questions or need help you can email us
Taxes
Many old comic book titles in good condition can sell for tens if not hundreds of thousands of dollars. But Uncle Sam will want a share.
Dec. 07, 2022
By Vincent Zurzolo
President, ComicConnect.com.
A few years ago, a man from Kansas called me to say he had found his old comic collection tucked away in a corner of his parents’ barn. He shipped them to me for an offer, and, when I received the box, I was excited to see so many great titles like Captain America, Wonder Woman, Human Torch and Green Lantern.
When we later spoke, I told him I could pay him “18.” He said OK without hesitation and seemed pretty pleased. I then asked who he wanted me to make out the check for $18,000 to.
“Eighteen thousand?” he said. “I thought you meant $1,800!” I was happy to make his day.
He was one of the lucky ones. How many times have I heard, “If only my mom hadn’t thrown out my comics, I’d be a millionaire”?
Mothers notwithstanding, we are still finding original owner collections held onto by seniors who are downsizing and cashing in on their childhood treasures. Today’s 70-year-olds were tweens or teens during what is known as the Silver Age of Comics (1956-1969). That memorable period saw a boom in Marvel Comics titles:
Each of those titles in good condition can sell for tens if not hundreds of thousands of dollars.
If you are fortunate enough to have such a valuable item, be prepared to send some of your bounty to the IRS, said Garrett Wagner, a CPA. He says this is because the income from the sale of a collectible, whether art, coins, comic books, sports cards, memorabilia, or other items, is treated as long-term capital gains when owned for more than a year. The collectibles tax rate is specifically set at 28%.
Many states also have their own tax on such income, ranging up to 10%. For the Kansas collector above, the state tax rate would have been 3.1% to 5.7%, depending on their household income.
Although superheroes dominate the collectible comic book market, non-superhero titles, such as Archie, Donald Duck, Mickey Mouse and Little Lulu, are finding traction as well. Many are from the Golden Age of comics (1938-1956), but some from the Silver Age and even later are growing in popularity. Many of these early issues from the 1940s are worth five and six figures.
If you or your clients are ready to find out whether you have “cash in the attic,” here are some of my expert tips:
While you’re combing your collection for golden nuggets, you will also have the opportunity to go down memory lane and remember why you loved these comic books when you were a kid. And that’s priceless.
=====
Vincent Zurzolo is president of www.ComicConnect.com and Metropolis Comics based in New York City.  The company holds multiple Guinness world records for comics bought and sold.
Taxes
Taxes
Jason Bramwell
Taxes
Taxes
Subscribe for free and get unlimited access to all CPA Practice Advisor content
Subscribe
CPAPA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors.
© 2022 Firmworks, LLC. All rights reserved

source

Leave a Reply

Your email address will not be published. Required fields are marked *