Posted By:
Dave HaasI'm sure if the IRS could figure out how to determine the cost basis and the final sales price of our cards when we sell them, they sure would want us to pay the 28% long term capital gains tax on collectibles. To the IRS the cards are definitely assets and not the cheap 15% tax ones either. Pretty soon the auctions will start sending out 1099's at the end of the year for items we auction, or do they already?