John above stated the tax law changed in 2018 and you have to pay taxes on the entire $ 250 ( not the Net) if you are not a business in the example stated above. Net is for businesses only. So I'm reading 2 different things on here. Guess I need a tax expert about the current laws to determine who is right.
Business : Sale - cost of goods, etc = Net Profit ( Use Schedule C )
Collector(Non business): Tax on Gross or Net Sale of item ???
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Wanted : Detroit Baseball Cards and Memorabilia ( from 19th Century Detroit Wolverines to Detroit Tigers Ty Cobb to Al Kaline).
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