Quote:
Originally Posted by Stupe the Second Sacker
Makes sense guys...Thank you for the advice. It does raise the next question. How can you prove what else came in the lot?
And can you use reasonable value (average of recent sales) as a cost basis cards you don't have receipts for? Do you have translate those values to market value in the year you bought the card?
PS...What a nightmare for the casual seller.
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When I was selling a lot on ebay, most of my stuff was inexpensive. And even my better items had cost me very little.
What we did was report it as a hobby business, and simply made our cost 0 paying tax on the full gross.
That was actually close enough to reality that the time spent on documenting the cost and profit for everything would have "cost" more than we paid.
And hobby businesses as far as I know can't claim losses.
Did I overpay on taxes? Yes, I sure did. Did I save hours of paperwork? Yes.