Quote:
Originally Posted by Dandor
There is the ability for deductions on a Schedule C and Schedule D. It gets a bit messy with collected tax, but it is based on profit. The IRS expects this 1099-K income on a Schedule C, but you can do it as short/long term capital gains for collectibles on a schedule D. Losses can be carried forward as well. Believe it is a maximum of $3000 applied to the next tax year.
Just keep detailed records and give it to your CPA. By asking this question, my advice is for you not to attempt to do your own taxes.
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I am confused because in 49 you said that if you bought a card for 500 and sold it for 400, you still had to pay tax on the 400. But here you are saying what you owe is based on profit, which I assume would also include loss if that's what you have and indeed you mention a loss carryforward.
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My avatar is a sketch by my son who is an art school graduate. Some of his sketches and paintings are at
https://www.jamesspaethartwork.com/
He is available to do custom drawings in graphite, charcoal and other media. He also sells some of his works as note cards/greeting cards on Etsy under JamesSpaethArt.