Quote:
Originally Posted by insidethewrapper
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 ???
|
You are big boy, capable of deciding whether or not to report taxable gain, capable of deciding whose tax advice on a baseball card message board to follow, and capable of googling your query and finding the answer out for yourself. But just bc I am capable of using a search engine myself, here is one (of a zillion) articles I found (much cheaper than a “tax expert”, which btw, I am (or was)):
https://1040return.com/collectibles-tax-collector/