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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Thanks for the head's up. I just filed this past weekend and sent everything off. I called my tax guy to see if there was something that I could do after the fact. He told me that he wouldn't do a schedule C since I have gainful emplyoment, but that I could do a schedule D capital loss of an investment. I can take losses (or offset gains) up to 3k per year until the losses are accounted for. It will take 3 years, but it will be found money in the process.
Thanks for the tip. I am going to go buy a card today with that found money!