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 ???
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If you record it as an investment, there may be additional ways of categorizing it on your taxes, as Ryan laid out. That's one reason I also recommended talking to an accountant.
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Oh, what a difference a year makes.
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11-24-2020, 04:40 AM
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