Quote:
Originally Posted by JustinD
Why is no one discussing capital losses to offset on these taxes? How often do we read of those posts the discuss a loss.
If we are cuffed into these nonsensical taxes on used goods we should be using the opposite to offset. This is commonplace in gambling and investments.
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I have written about losses on various other threads on this forum already. But first off, why do you refer to such taxes as "nonsensical", can you explain what you mean by that?
Secondly, most tax discussions are not simple yes or no answers, so trying to give an accurate, general response can take up a lot of space. Also, you have three distinct types of card sale transactions that can occur depending on if the seller is a Dealer, Collector/Hobbyist, or an Investor, with the taxable outcome from a sale potentially (and probably) differing between all three types. And I would argue that any one of us selling cards can potentially be all three types of sellers at the exact same time, just to make things even more interesting and clear.
So do you maybe have a more specific question(s) you wanted to ask that won't take a novel to answer?