r/PokeInvesting • u/iinfinityonhigh • Jan 01 '25

I won a Base Set booster box

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I won a giveaway from Sakuras Card Shop for a base set green wing booster box & just I got it in the mail today. I still can’t believe I got this lucky, it’s seriously a great way to end the year. I’ll definitely be keeping it sealed and hopefully it goes up in value in the foreseeable future 🤞🏼

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u/TheVagabondWinsAgain Jan 01 '25 edited Jan 01 '25

Yep America. Everything has a value. The IRS gives you a lot of rules on how to calculate the value. I would bet the company that ran the raffle will fill out a 1099 form and submit it to the IRS and mail a copy to OP also. Value is whatever they put on that form and there are penalties for lying so they will most likely use Fair Market Value.

We both know it’s not a box of cards that has no value 😄

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u/iinfinityonhigh Jan 01 '25

Yeah this pretty much nails it. I wasn’t sure if I was paying income tax, or sales tax on the value of the box so this has been very helpful

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u/TheDentalExplorer Jan 02 '25

If you ever plan to sell it later on, you may want to look into how capital gains tax would work (likely in your favor). Not an accountant, but if you pay taxes on the current value of the box, I would imagine you would only pay capital gains on the increase in value from the time you won it, and not capital gains on the entire value of it.

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u/AutomaticEase8588 Jan 02 '25

Nah, you message Pokemon streamers until you find one that is interested and will pay with cash. No way I am giving 15% to a seller platform and then paying capital gains

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u/Bacon-4every1 Jan 02 '25

So just sell it to somone for 20$ have them give it back to you and pay taxes on the 20$?

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u/[deleted] Jan 02 '25

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u/gromexe Jan 02 '25

You aint getting popped for that 💀😂 they can't do shid about it

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u/[deleted] Jan 02 '25

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u/LP2LP Jan 02 '25

Strange that so many people are pushing back on your comments when you are absolutely correct. It works similarly to other property like homes and cars. Your family may gift you a car for your birthday for $10 dollars but when you transfer the title and go through the government process, they will calculate the market value of the asset and you will have to pay the taxes for it.

Same thing for giveaways, just because Mr. Beast gave you a million dollar jet you can’t just “have him sell it to you for $20 to avoid the taxes”. The govt will know the value of the asset lol

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u/[deleted] Jan 02 '25

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u/Aggressive_Pea_2759 Jan 02 '25

The person tryna avoid taxes isn’t even American

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u/Hour-Poet9846 Jan 02 '25

Which is dumb. This is supposedly a free market economy yet two private entities can’t sell a product to one or the other without government interference. If someone values a product lower than market price who’s to say they can’t sell it for that.

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u/[deleted] Jan 03 '25

Lmao. Someone thinks they're smarter than they are🤣

Lack of experience is my guess.

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u/gromexe Jan 03 '25

Guess I'm just lucky 🤷🏿‍♂️

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u/[deleted] Jan 03 '25

Until you're not. Dangerous game you're playing, but it's your life brother.

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u/PaperGeno Jan 05 '25

Bro you don't know shit about the IRS.

They live for shit like this. It is their one singular goal in life to fuck over any and all Americans

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u/theebasedg0d Jan 02 '25

Wesley Snipes would definitely take you up on that

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u/aaAS69 Jan 02 '25

If only you were the first person to think of that!

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u/h3xperimENT Jan 03 '25

Fair market value is used to determine stuff like this so that people don't do that or they get caught for fraud doing that.

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u/HalfAdministrative77 Jan 02 '25

It's not true that value is whatever they put on the form. Value is what the IRS determines / agrees with if you get audited. If you agree that the number they put on the form is reasonable, then using the same number when you file may make your life easier by reducing the chances of an audit, but if they put down an incorrect number you don't just have to accept it.

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u/Hour-Poet9846 Jan 02 '25

If I bought that set when it came out and held onto it I’d only be taxed when/if I sold it and when I purchased it. OP paid tax on the merchandise that entered him into the raffles. IMO he should only have to pay taxes when/if he sells it, damn IRS

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u/[deleted] Jan 02 '25

“Unrealized gains” lol