Quote:
Originally Posted by iwantitiwinit
You might not have lost as much as you thought. If you fill out Schedule C declaring baseball cards as a business you can claim a loss of approx. 7k. If you are in the 30% tax bracket you can save $2100 at the federal level and a bit more on the state level. That would probably be spread out over 2014 and 2015 but if you have the time it might be worth it.
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I wrote off a few thousand dollar baseball card loss and ironically got audited that same year. I missed one small stock sale legitimately and had to pay a little but the baseball card loss write off was fine. I just showed where I bought and sold it. No questions.