Quote:
Originally Posted by 4815162342
I haven’t sold a card in several years. “No hobby expense” sounds like you can’t deduct the cost basis for a card any more. Surely that’s not correct?
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Even if you're a hobbyist, your basis in the cards is properly included in the calculation of your gain. That's not technically a deduction.
But if you have a loss on the sale of a card, then you can't take that loss. So for example, you have 10 cards that you sell for a gain, you have to pick up those gains. If you have another 10 cards that you sell for a loss, those losses cannot be used to offset your gains.
And when it comes to other hobby expenses, like traveling to shows, your PSA membership, Net54 dues, home office deduction, tax preparation fees, etc., none of those are deductible.