Quote:
Originally Posted by perezfan
Not just f’ed up… it’s criminal. They even let you deduct gambling losses (or at least they used to).
So if you sell 10 items… lose a combined total of $5K on nine of them, but net a profit of $1K on one of them…. You’re on the hook for $1K in taxable income? Even though you’re down $4K for the total sale? I can see why people want to avoid reporting, if the system is really that rigged against you!
|
LOL
See post #96. This is exactly why those who may be getting 1099s for the first time ever for this year (and haven't been reporting such sales on their tax returns in the past) may want to review and think about how best to treat and report their card sales activity, and figure out what they really are (Dealer/Collector/Investor) and what makes the most sense for them if they possibly have a choice in what/how they choose to report everything for tax purposes going forward.