OT - Tax Return Question

[Jason19th]

1st You should talk to a tax professional
2nd I don’t believe that inventory should be used in the manner you are. In many business inventory is what’s called fungible which means that basically every item of inventory is the same as the others. For example if you sell paper each box of paper is the same. In these business you often calculate gross income by examining beginning and ending inventory. Sports cards are different however because each card or set is unique in you inventory. Once you sell a card you don’t have another just like it that is still in your inventory. For most sports card seller therefore there income has little to do with inventory. The relevant measure is what items did you sell and what is your cost of an item. For example you sold a 1935 Goudey for 10 dollars. If you paid 5 dollars for that specific card your net sale is 5.00 on that item

[robertsmithnocure]

Interesting question.

Calling BobC!

[Jewish-collector]

When it comes to tax questions, sometimes you just gotta ask, "Where the hell are you BobC ?"

[Michael B]

Originally Posted by Jewish-collector

When it comes to tax questions, sometimes you just gotta ask, "Where the hell are you BobC ?"

Alan is correct. However, consult the tax professional that you use and that is not Turbotax.

[BobC]

Originally Posted by Michael B

Alan is correct. However, consult the tax professional that you use and that is not Turbotax.

Don't forget Turbotax actually hires tax professionals to offer online assistance to people that want it. I know someone who was doing that a couple years ago. Good, knowledgeable guy was the Controller for Greats Lakes Brewing at one time. Just trying to follow the Turbotax instructions yourself, now that's a different story. LOL

[Michael B]

Originally Posted by BobC

Don't forget Turbotax actually hires tax professionals to offer online assistance to people that want it. I know someone who was doing that a couple years ago. Good, knowledgeable guy was the Controller for Greats Lakes Brewing at one time. Just trying to follow the Turbotax instructions yourself, now that's a different story. LOL

Yes, I fully understand that they hire very qualified professionals. I respect that approach. I saw his question, and the ones that many on this site ask, and felt that he needed to sit in front of a qualified accountant/CPA who would answer his questions and walk him through the scenarios. Just went over the taxes with my accountant last night - ouch!!

[BobC]

Originally Posted by Michael B

Yes, I fully understand that they hire very qualified professionals. I respect that approach. I saw his question, and the ones that many on this site ask, and felt that he needed to sit in front of a qualified accountant/CPA who would answer his questions and walk him through the scenarios. Just went over the taxes with my accountant last night - ouch!!

Fun stuff, isn't it? LOL

And it is just going to keep getting worse over the next several years. Ugh!

[Peter_Spaeth]

Originally Posted by Jewish-collector

When it comes to tax questions, sometimes you just gotta ask, "Where the hell are you BobC ?"

Over under on the length of the response when Bob posts?

[Eric72]

Originally Posted by Peter_Spaeth

Over under on the length of the response when Bob posts?

Characters, words, sentences, or paragraphs?

(in all seriousness, I am looking forward to a detailed response.)

[BobC]

Originally Posted by Peter_Spaeth

Over under on the length of the response when Bob posts?

Am I going to have to start with the attorney jokes!

[frankbmd]

Originally Posted by BobC

Am I going to have to start with the attorney jokes!

I believe Peter charges Leon for his posts.

[Lorewalker]

Originally Posted by Peter_Spaeth

Over under on the length of the response when Bob posts?

Over under on how many people try to give tax advice who are not CPA's?

[Peter_Spaeth]

Originally Posted by Lorewalker

Over under on how many people try to give tax advice who are not CPA's?

Lower I will wager than the number of nonlawyers who will pontificate about the law.

[Michael B]

Originally Posted by Peter_Spaeth

Lower I will wager than the number of nonlawyers who will pontificate about the law.

Peter,

That depends on the field of law. Every day I tell lawyers what to do or the deal will not work. Not a lawyer, though I have been married to two. I got the second one, my current wife, through property law. She wanted me to attend her class and tell the professor he did not know what he was talking about. I told her I did not want her to fail the class. Parrot what he said, then ingore it. I've never done any research on Blackacre.