I do have a serious question about this that I've seen asked on other threads and other boards but never I've seen a clear and concise answer...and usually it turns in to arguments.
Precursor: I have a very simple tax situation currently and I file my taxes with the Standard Deduction (i.e. I don't itemize).
Question: If I buy a baseball card for $1000, then I sell that card for $1500, should I report and pay tax on the $1500 transaction, or do I just report and pay tax on the $500 profit (and ensure I have documentation for my purchase price).
Remember, my taxes are simple and I have no interest in filing as business, incorporating, etc. I just want to comply with the tax laws in the easiest way possible.
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