Tax question

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Posted By: Bob

You can take the total gross income and subtract what you paid for the cards plus shipping, handling, ebay fees, paypal fees, cardholders, etc. from the total to get your net profit and pay capital gains taxes on that amount.
Caveat- I am neither an accountant nor tax lawyer, but that's the way I have done it.
The only problem would be that most of us do not keep great records of every card we ever bought which we later sold, so price guides, etc. are helpful in determining values. Who would have ever thought it would come to this? I remember reading an article about 2 years ago that the IRS had turned a blind eye toward ebay and online transactions but was going to gear up in the future, so I would strongly advise being cautious and paying the devil his due in the future.