Quote:
Originally Posted by Peter_Spaeth
Sounds to me, Bob, like Heather has spoken. Do you REALLY think she's going to give the dude tax advice?
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No I would not expect her to give tax advice, just confirm that someone in effect gave them something for nothing, and that they did not have any obligation to then give them any future compensation whatsoever for it, ever. Which means that the person should then be able to claim on their subsequent tax return that they effectively sold their card for nothing. Do you agree the party forfeiting the card did not just not just gift it to PWCC?
And assuming this wasn't a gift, in PWCC's case I'm not sure if the IRS wouldn't view this sudden acquisition of these card as taxable income to them, at least equal to the alleged FMV of the card or the fees they didn't collect in trying to sell it. Best case scenario for PWCC would be they are considered to have $0 basis in the card and only pay tax on the net income/gain when it is sold.
Regardless, I don't think this practice of theirs is widely known in the hobby (I know I had no idea about it), at least not yet. I can also see that as info on how they operate like this starts to get out there that it could turn even more people against using them.