Quote:
Originally Posted by Dandor
Of course, this is what you are supposed to do. How did you do this though? Did you file a Schedule D or Schedule C with the IRS? If you did this as a "hobby" you probably did it wrong. There are absolutely no deductions for a hobby, even though people take them. If you bought a card for $500 and sold it for $400, you would need to pay taxes on the $400 even though you sold it at a loss. For people that don't believe me, just wait until 2023 and you get a 1099-K form. Good luck trying make any deductions with the hobby form.
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I don't even know where to start on this one, as there is much wrong, and I'm tired of typing and missing out on some Call of Duty MWII. Go back and read through my other posts in this thread, and/or do a search for other posts of mine in different threads talking about taxes and implications for people in our hobby. There are many, and they are often detailed and very long. But they are pretty much accurate and informative, at least until they change the laws again, which they are constantly doing.