Which of the following is NOT a tax implication for collectibles?
1) Collectibles purchased at collector conventions are worth more, given the knowledge of those selling the items.
2) Because there is no fixed maturity date on collectible investments, the individual can control the timing of any gain or loss.
3) The increase in value of collectibles occurs on a tax-deferred basis year after year.
4) Any gain realized on the sale of such an item will be subject to long-term capital gain treatment, assuming that it is held for the requisite period of time.
5) Most collectibles are held for at least one to two years, and therefore will usually result in either a long-term gain or a long-term loss.