I've been told that since the New Tax laws of 2018 took effect that you can't deduct any expenses involved with the sale ( not original purchase price, etc ).
Pre-2018, if you bought a card or set for $ 1000 and sold for $3000 you would pay a tax on the $ 2000 profit. Since 2018-Present, you would have to pay a tax on the $ 3000, since you can no longer deduct the $1000. ( This only applies if you are not a business, but selling as a collector or hobby on the side). If a business you would use Schedule C and deduct the expenses etc.
Any tax experts out there to confirm the above ? Thanks
__________________
Wanted : Detroit Baseball Cards and Memorabilia ( from 19th Century Detroit Wolverines to Detroit Tigers Ty Cobb to Al Kaline).
|