lydia33 Posted January 31, 2012 Report Posted January 31, 2012 Taxpayer won as a prize baseball cards in 1991, which he received a 1099 for and paid the taxes on them. He has sold them now in 2011 for a substainual loss. Does he have a cost basis in these since he won them? Quote
michaelmars Posted January 31, 2012 Report Posted January 31, 2012 yes the amount that he paid taxes on. but personal loses arent deductible....did he hold these as an investment? Quote
lydia33 Posted January 31, 2012 Author Report Posted January 31, 2012 They were collectiables so would the loss not be a deduction? Quote
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