Quote:
Originally Posted by insidethewrapper
In 2023, if Married filing jointly, you pay 0% long-term capital gains tax if your income was $ 89,250 or below . So if I bought a card or set etc. maybe 2 years ago for $ 1000 and sell for $ 5000 I owe no tax on this item under these circumstances.
I'm asking is this correct or I'm I reading the tax code wrong ? thanks
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So the reality is how up front you want to be about it, if you collected cash or a form of payment like Venmo, PayPal Friends & Family or personal check you can likely avoid even touching this on taxes. Additionally, unless you're keeping a detailed record of purchases price (receipts etc) and sale price including profit, it'd be incredibly hard to prove how much you actually made on one item.