Cost basis - Warning tax related topic

[Stupe the Second Sacker]

Originally Posted by steve B

The really really abbreviated version of the last couple pages

Wah! The bad gummint is going to take "our" money!
Yeah, it's called taxes.
Wah, I don't wants to pay them evil gummint men anything!
Yeah, but you really should.
Well then you're a jerk.

It doesn't take a lot of intelligence to collect baseball cards and that fact really shines through in some of the responses. Learn to read Steve.

[steve B]

Originally Posted by Stupe the Second Sacker

It doesn't take a lot of intelligence to collect baseball cards and that fact really shines through in some of the responses. Learn to read Steve.

I did, a long time ago. I even understand what I read...

[ALR-bishop]

Had never considered the relationship between intelligence and baseball card collecting. Maybe a good separate topic

[toppcat]

Originally Posted by ALR-bishop

Had never considered the relationship between intelligence and baseball card collecting. Maybe a good separate topic

Turds and punchbowls might be a better topic.

[ALR-bishop]

Had never considered that either Dave.

[SAllen2556]

This thread is the reason I married an accountant instead of becoming one.

I do wonder, though, about card shows. They're largely all cash transactions and no receipts are ever given. In fact, if you want to have fun, ask a stodgy old card dealer for a receipt next time you buy at a card show. Every dealer at every card show is a tax cheat, right? They're not issuing receipts, and most aren't even keeping track of sales.

For the cost of a $40 table you can liquidate your cards with absolutely no paper trail. And in metro Detroit, the number of card shows per month has quadrupled, at least, over the last few years. I know for a fact that more than one dealer at the last show I attended gave up selling on eBay and now just travel from show to show on weekends instead. No records. No paper trail. All cash.

This statement from Bob C. typifies the stupidity and overreach of the tax laws:
"...I've explained to people how when they just trade cards, that is still technically deemed a sales transaction by the IRS, and is supposed to be reported as a taxable sale by both parties to the trade on their tax returns."

No offense to Bob C., he's obviously very good at what he does and quite bright, but if you need a CPA to sell baseball cards, there's something wrong with the system. And people will always find ways around paying higher taxes. It's the American way.

[Stupe the Second Sacker]

Originally Posted by SAllen2556

This thread is the reason I married an accountant instead of becoming one.

I do wonder, though, about card shows. They're largely all cash transactions and no receipts are ever given. In fact, if you want to have fun, ask a stodgy old card dealer for a receipt next time you buy at a card show. Every dealer at every card show is a tax cheat, right? They're not issuing receipts, and most aren't even keeping track of sales.

For the cost of a $40 table you can liquidate your cards with absolutely no paper trail. And in metro Detroit, the number of card shows per month has quadrupled, at least, over the last few years. I know for a fact that more than one dealer at the last show I attended gave up selling on eBay and now just travel from show to show on weekends instead. No records. No paper trail. All cash.

This statement from Bob C. typifies the stupidity and overreach of the tax laws:
"...I've explained to people how when they just trade cards, that is still technically deemed a sales transaction by the IRS, and is supposed to be reported as a taxable sale by both parties to the trade on their tax returns."

No offense to Bob C., he's obviously very good at what he does and quite bright, but if you need a CPA to sell baseball cards, there's something wrong with the system. And people will always find ways around paying higher taxes. It's the American way.

Scotts gets it. Hope others here are paying attention.

[obcbobd]

Originally Posted by SAllen2556

This thread is the reason I married an accountant instead of becoming one.

I do wonder, though, about card shows. They're largely all cash transactions and no receipts are ever given. In fact, if you want to have fun, ask a stodgy old card dealer for a receipt next time you buy at a card show. Every dealer at every card show is a tax cheat, right? They're not issuing receipts, and most aren't even keeping track of sales.

In the early 1990s I worked for the Massachusetts Department of Revenue. I also went to the occasional card show. I noticed that with the exception of Hall's Nostalgia, who had a physical store, no one charged state sales tax. I thought of asking one of my managers why they didn't crack down on this, of course I never did. Thirty years later I still never see anyone charging sales tax at shows.

[edhans]

Originally Posted by SAllen2556

In fact, if you want to have fun, ask a stodgy old card dealer for a receipt next time you buy at a card show. Every dealer at every card show is a tax cheat, right? They're not issuing receipts, and most aren't even keeping track of sales.
.

Scott,
I am one of those stodgy old dealers and I will happily write you out a receipt when you purchase cards from me. Contrary to your assumption, I track my sales and purchases, report them on schedule C and pay self employment tax on my earnings. Many (probably most dealers) do the same. Your blanket accusation is, quite frankly, offensive.