In my State it's fairly simple to set up a small LLC in which case you could write off expenses against profits and report as Schedule C on line 12 of schedule 1. If you're talking about a substantial profit you may want to look into that. Also, if your heirs inherit your collection their cost basis goes up to current value at time of death, so if they sold the collection there would be no capital gain taxes assessed.
Sidenote, If you trade cards with another person that is a non-taxable transaction.
Last edited by Casey2296; 11-23-2020 at 06:15 PM.
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