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Originally Posted by 6GOAT789
28% is such a joke, although it does vary state by state I’m assuming?
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No, it’s federal.
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What determines a collectible anyway?
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The relevant law. Not a bunch of guys on a forum.
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It could have been an inheritance, among lots of other things
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If it was, you’ll have proof of that. (Unless you think the IRS will take your word for it. [emoji2])
And you only pay cap gains tax on the increase in value since you inherited it.