Quote:
Originally Posted by DezHood
Calling purchases inventory doesn't feel right to me. Let's take a hypothetical example to exaggerate things. Imagine I added $10,000.05 worth of items to my collection and I sold a card for 5 cents to a kid on my street. Would I be able to claim a 10K loss on my taxes?
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Yes. If you sold the $10K card by accident and kept the 5 cent card. When buying lots you have to properly allocate based on fair value.