Quote:
Originally Posted by maximus35
So if you do over 200 transactions and spend over $20k (buying cards not selling) you do not have anything to worry about, correct? It's only if you're selling cards?
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Correct. The 1099 series is used to report money paid to you by others. When you're buying your only tax responsibility is to keep track of your costs, so that when you do eventually sell you'll be able to substantiate your basis.
Your cost is everything you paid to acquire the card--buyer's premium, shipping, etc. If you bought a card raw, I'd even include any grading fee as part of the cost. The cost basis
does not include storage, insurance, etc.
Bill