My friend has a card he got in a pack as a kid, and it now would sell for $20k, so his cost basis is zero. If he sends it to auction, what is the tax implication there? Does the AH send him a 1099? Does he just self-report? He’s willing to pay the taxes on it, he just doesn’t know how it goes down.
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Items for sale or trade here UPDATED 3-16-18
Last edited by conor912; 02-14-2021 at 10:43 PM.
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