Taxes and Auction Site Question

[D. Bergin]

Let me first say I an NOT an accountant.

.......but if you are a collector, dealer, or both, who buys and sells out of their collection on a regular basis, it might be worthwhile to declare/register yourself as a business (doesn't matter if it's considered a really small business), get a sales and use tax number from your state, keep track of all your sales, expenses and purchases, and file a Schedule C with your taxes, while taking all legitimate business deductions available to you.

Sounds like a lot of work, but will probably save you a lot of money over the standard hobby income calculations.