Tax Expert Question - Net54baseball.com Forums

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12-15-2023, 11:23 PM

GrayGhost

Scott

Member

Join Date: Jun 2009

Location: Connecticut.

Posts: 9,734

Quote:

Originally Posted by raulus

Not sure that I follow this strategy.

Obviously if you are a dealer, then this would make sense. But Sch C income is ordinary, and taxed at ordinary rates.

Yes, but using cash basis for that year , it would all go in as sales and purchases

A hobbyist shows it as ordinary income and dch as deductions up to income only

Someone who randomly holds an item long term can have a CG or loss. Eg I buy a comic, which I'm not in business of selling pay 500 sell a couple years later for 6000. It is a capital asset producing LTCG. I used to be an acct
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