Are baseball card transactions taxable?

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Posted By: Bob

As a criminal lawyer I have learned that the last place you want to end up is in a penitentiary of any sort. If you claim your sales and pay taxes on it, even if you underestimated your expenses and the inital cost or value of the cards, the worst thing that can happen is that you end up owing Uncle Sam some money. If you fail to report income, you are rolling the dice that you won't be caught. Failure to report could give you a free pass to the pen. Granted federal pens are luxury suites compared to state prisons, still they are definitely a place to be avoided. As collectors we like to think that we are simply under the radar but you might be surprised. I was startled to see an article listing the top 25 card sellers on ebay and see my ebay handle there! I believe it was in Old Cardboard but I am not positive where I saw it. Makes you think...