Quote:
Originally Posted by npolackw
I hope it's not in the new bill, but let me throw out a hypothetical. Let's say I sell a Mike Trout card for $1,000 that I bought for $10 8 years ago. That would obviously trigger the 1099. Could I not, to offset this gain, just "sell" an old stereo I bought for $1,000 20 years ago that now isn't worth anything to a friend for $1, who then just throws it in the trash? I mean, I've bought tons of stuff over the years that's now worth nothing...vacuum cleaners, lawn furniture, etc. Can I just "sell" all this stuff for a loss to offset my gains?
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Nope, you can't do it. You can't apply a loss from a household good to apply to a collectible. They are in different categories in the Schedule D.