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Old 09-11-2014, 07:43 PM
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Larry More.y
 
Join Date: Nov 2011
Posts: 1,993
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Quote:
Originally Posted by GregMitch34 View Post
Let's say you by a card for $150 and sell it the next week for $200. Does that mean your "income" was $200? Or $50? Or separately you'd list $50 in a profit line? Or $150 as an "expense"? And would this apply to casual dealing, not a "business"?
Since I have been buying and selling cards, the best investment I have ever made was to secure the services of an accountant who's knowledgeable and focused on self employed individuals. All of my questions I had concerning how to report my activities, such as what can be considered expenses, deductions, etc, were answered very easily by my accountant. My cost for his services (answer my questions, help me to establish a system I maintain to account for my transactions, and prepare my taxes) are about $300/year. Best money I spend all year long.
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