- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Collectibles can be held for investment purposes or personal purposes (depending upon the intent of the owner).
Regardless of how a collectible is held, it is taxed at ordinary income tax rates up to a maximum of 28%. If the collectible is held for personal purposes, a net loss cannot be deducted (net gains are reported and taxed at the aforementioned rate irrespective of the purpose for which the collectible was held).
‎September 17, 2021
9:28 AM