What You Need To Know About Selling Collectables

Dr Friday Tax Tips - One Minute Moment
Dr. Friday Tax Tips
What You Need To Know About Selling Collectables

Dr. Friday 0:00
Good day. I’m Dr. Friday, President of Dr. Friday’s Tax and Financial firm. To get more info go to www.drfriday.com. This is a one-minute moment.

Dr. Friday 0:12
And one of the calls we received on the radio a few weeks ago came in, and they were talking about collectibles. This person had a baseball card that was going to be worth over a million dollars. And what he was thinking was long-term capital gains because he’s owned it for six/even years. And I had to correct him and say, “Hey, wait on collectibles, it goes up to 28%.” That’s right. So if you’ve got precious metals, you’ve got antiques, you have collectibles, the government looks at those differently than they look at stocks or other investments. So if you’ve got something that’s collectible and you’re thinking about selling it, you better call us at 615-367-0819.

Announcer 0:51
You can catch the Dr. Friday call-in show live every Saturday afternoon from 2 pm to 3 pm on 99.7 WTN.