Bearer of rare 'One Ring' card from 'Lord of the Rings' lore could fetch $2 million and face hefty tax bill
Publishing timestamp: 2023-07-10 10:47:53
Summary
The article discusses the potential tax implications for the sale of a rare "Magic: Gathering" playing card called "The One Ring." Collectors have offered bids of millions of dollars for the card, and if sold, the seller would likely owe a hefty tax bill on the profits. The tax rate could be as high as 53.53% in Canada and would depend on the method of acquisition and the seller's intent. The article also compares the tax systems in Canada and the United States for capital gains tax on collectibles.
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Keywords: media, business news, hasbro inc, personal finance, government taxation and revenue, toronto, breaking news: business, canada, social issues,
Source: https://www.cnbc.com/2023/07/10/one-ring-magic-card-could-fetch-2-million-and-a-big-tax-bill.html