Posted By:
Eric BrehmI'm not an accountant, but I believe unless buying and selling baseball cards is a business for you, you need to report gains and losses from selling your baseball cards on Schedule D (Capital Gains and Losses). You will need to report what your cost basis in each card is (basically, how much you paid for it) and the net sales price (sales proceeds less cost of sales including commissions, etc.) in figuring your gains and losses. My understanding is that the IRS considers baseball cards and other sports memorabilia to be 'collectibles' (along with coins, stamps, art work, etc.) that are subject to a 28% tax rate on net long term gains (for assets held more than one year).