Quote:
Originally Posted by Snapolit1
No. What I was trying to say is that a sports collector cannot sell $3000 worth of cards in a year with a $2500 basis and say I didn't really earn income of $500 because I separately had $500 of expenses. Expenses don't figure into the equation unless it's a business you are running.
That's my understanding of how it works, but I am not a tax professional.
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I believe this is correct.