The claim that gains on the sale of collectibles held for more than 12 months are always taxed at 28% is false. Tax rates on collectibles can vary and it's important to consult tax rules and professionals for accurate taxation information.
The statement that gain on the sale of collectibles held for more than 12 months is always subject to a tax rate of 28% is false. While it's true that the IRS can tax certain long-term capital gains on collectibles at a maximum rate of 28%, this is not an absolute rule for all situations. Tax rates on collectibles can vary depending on the taxpayer's overall tax situation, including their income and the total amount of capital gains they have. It is essential to consider the specific tax rules and consult with a tax professional or accountant to understand the exact tax implications of selling collectibles.