Quote:
Originally Posted by Leon
Hey John
I think the only thing that matters when you sell, in so far as taxes are concerned, is what you bought it for and what you sold it for. I have been audited once and my few card sales that year made it through with flying colors. A 1099 that I never saw nor reported, didn't fly through. 
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Blech, 1099. 
I was audited 5 years later for a stupid 1099 I had completely forgotten about. The worst. Nothing like paying taxes and a penalty for absolutely no financial gain.
(I was on my deathbed and did not pay a credit card due to disability income. They added a s**t-ton of fees and interest to it and I settled for the original amount sans fees. The IRS calls this a 10K profit and nails me for the taxes and 5 years of interest. That law is direct from the depths of hades. Not that I hold a grudge, lol)
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- Justin D.
Player collecting - Lance Parrish, Jim Davenport, John Norlander.
Successful B/S/T with - Highstep74, Northviewcats, pencil1974, T2069bk, tjenkins, wilkiebaby11, baez578, Bocabirdman, maddux31, Leon, Just-Collect, bigfish, quinnsryche...and a whole bunch more, I stopped keeping track, lol.
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06-18-2021, 01:08 PM
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