Quote:
Originally Posted by Gusturd
Thanks for the sound advice, but at no point did I or anyone responding imply that was the intent. The goal here is to make sense of the options I have before me. I've been a collector most of my life. Now I'm just trying to figure out how you go about getting rid of it legally while maximizing the value of your collection. People always get squirrely when this topic is brought up. Makes it very hard find useful information.
|
No way I took it as you were trying to beat IRS. I do apologize that you may have taken it that way.
All payment processors issue a 1099k and report to IRS when certain thresholds are met. Some people mistakenly think if they did not get a 1099k they are exempt from claiming the income.
If you decide you want to be a business seller instead of a hobby seller, register as a sole-proprietor or a LLC, and you can use schedule C when you file your tax's. Lots of things you can write off. Hobby sellers can not file a schedule C.
Whatever way you go, good luck with your venture.