Quote:
Originally Posted by GregMitch34
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"?
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My 2 Cents... If You are a Collector, than this would be part of your "Hobby" Report on Your 1040A. It's no different than reporting Art, Coins & Stamps.
If You have a "Business", than You'll need to Separate Your "Hobby" from Your "Business" transactions. Over the years I have found that it's Only difficult if I make it So!
I just report it All... As it is!