Quote:
Originally Posted by Peter_Spaeth
So if I buy a card for 1000 and sell it for 800 I owe taxes?  |
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.