Quote:
Originally Posted by swarmee
It's funny how often I see this question on forums: "Do you get a 1099 from PayPal with 200 transactions *and* $20,000 in sales *or* either 200 sales or $20K?"
I'm mainly talking about all the modern basketball flippers on blowout. But whoever reports these guys to the IRS and takes the referral money will probably out-earn all of them... ;-)
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Back around 1990 I was setting up at local shows selling mostly vintage baseball. Doing OK most weekends and having fun. One weekend I was at a show in North Hollywood CA and the guy next to me was doing crazy business on 1989 Upper Deck cards, which he had stacks of. Between customers he started telling me what a gold mine modern was, how he'd opened cases of 1989 UD and was selling thousands and thousands in Griffey, Sheffield and the other hot RCs and error cards (remember the Dale Murphy reversed neg?). Anyhow, he went on for a while about how it was all cash, no taxes, etc. He asked me what I do. I told him I am an attorney. He asked for who. I said that I was an assistant US attorney in the tax fraud division at the Justice Department. He turned so white I thought he was going to have a heart attack. I quickly let him know that I was a construction attorney so he wouldn't stroke out.
The moral of the story is that if you are gonna cheat the tax man, STFU about it...