Sir Kill Alot wrote in Best Way to Sell a Collection:I think when the time comes, I'll show a loss for everything.  How does the IRS prove otherwise?  Banks are only required by law to keep transactional records 5 years for checking and savings accounts.

-SKA

Lol. The problem (and I'm assuming the US government thinking is the same as the UK), is that the IRS can begin from the assumption that you have made a profit and apply an arbitrary 'reasonable' percentage profit that they pull from their ass, and move the obligation of proof onto the defendant who has no records and a government imposed debt which can then be levied against their assets. The argument would be that you always had an obligation to keep accurate records and report your dealings and the fact that you did not do so, and have no records, lends credence to their position of you are concealing profits and that you are not providing any evidence to the contrary.

TheHistorian wrote in Best Way to Sell a Collection:*sigh*

I really should have cleared out all my extra stuff last year. This is a nightmare for collectors or just people trying to sell off some extra stuff to make ends meet. Very few have records of what they paid for a thing years ago.

But sure, make life harder for lots of people over a few thousand dollars each instead of billions that large companies dodge.

Yep. I lost big time when I sold my collection.
The lefty woke thinking is that rich folks have collectables too, and far more unrealized gains to be taxed (in theory). More tax means more bribes and handouts for those voters who vote for free stuff over a hard work ethic.
The flaw in the DNC scheme is that the rich also have the means of employing professionally trained accountants to deal with these things, and can write those fees off against taxes. So the only people who get hurt and pay up are hard working citizens, but seeings as most of those are not in receipt of government assistance, most are not DNC voters anyhow, so why should the DNC care?
But then, that's the whole purpose of electing from the ill educated sector isn't it?