Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Mar 26, 2023 7:14:54 PM

Purchased 100s of Funko Pop figures for personal use. Did not keep receipts. I was offered $20K for the entire collection. FMV is near $41K. Will I owe taxes on sale?

Sale will be online via PayPal.  Purchases were over 10 year period.

0 1 503
1 Replies
Expert Alumni
Mar 26, 2023 7:35:37 PM

Maybe.

You will need to claim income for the amount you receive for selling them that is over what you paid for them. 

You will need to make an educated estimate of what you paid.

 

The profit will be Long-Term Capital Gain. 

 

The tax will depend on other things, such as your filing status and other income. 

Long-Term Capital Gain Rates are listed below;

 

https://www.cnbc.com/2023/02/15/heres-how-much-you-can-make-in-2023-and-pay-0percent-capital-gains-taxes.html