Posted By:
prewarsportsI am on my lunch break at the Chicago Office of Cheif Council for the Internal Revenue Service right now. I am not kidding, but I actually work with government exempt entities and not in the fraud division.
As a side note, I always report everything I make, even cash at a show. If dealers like Levi (as much as I dislike him from my above post which everyone seems to have skipped) started to selectively report things to the IRS, they would eventually send some red flags their way and they would get audited. The IRS loves to audit people like this who make good livings and have lots of opportunity to cheat with cash transactions. Once that happens, the few hundred or thousand they saved in not reporting the gain will look like a great deal once penalties are assessed and the aggrivation of having to deal with the IRS are through.
Rhys