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Old 03-23-2021, 02:07 PM
hcv123 hcv123 is offline
Howard Chasser
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Join Date: Sep 2009
Location: NY
Posts: 3,562
Default Some thoughts

1) As Scott said you are only supposed to pay tax on your gain/profit over what you paid for the item(s). Hobby = gain, business = profit. A consideration - if you have held the cards for longer than a year , I believe your gain would be taxable at the capital gains rate whereas if you have a business - income doesn't get capital gains rate treatment.
2) While receipts are better, a detailed list with as much detail as possible is a good second alternative - only comes into play IF you get audited.
3) THE important question - are you looking to sell your collection or really start a business? Probably not worth starting a business with the sole purpose of selling your collection. You need to give some serious thought to this.
4) SHAMELESS SELF PROMOTION - I accept private consignments on a commission basis - another alternative to doing it yourself or giving to auction co. Pm or email for more info.
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I have been a Net 54 member since 2009 and have an Ebay store since 1998 https://www.ebay.com/usr/favorite_things

Cards for sale: https://www.flickr.com/photos/185900663@N07/albums

I am actively buying and selling vintage sports cards graded and raw. Feedback as a buyer: https://www.net54baseball.com/showthread.php?t=297262

I am accepting select private consignments of quality vintage cards (raw or graded) and collecting "want" lists for higher end ($1K+) vintage cards.
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