Quote:
Originally Posted by Johnny630
It didn't get swept under a rug, it's filed as a business.
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Schedule C. This is a red flag for the IRS when people use this and declare losses in consecutive years. My advice to people using a Schedule C for card collecting is to always have some type of profit each year, even if you can take more deductions at a loss.
IMO there needs to be a straightforward way to deal with this without a collector needing to be a business or treating cards as a stock with a Schedule D. They need to rework the hobby tax deduction rules and allow card collecting to fall under this umbrella.
Many people will yell and scream that if you sell something online that you should always declare this as income on taxes. Those same people will sell cards at a card show for cash and not declare it as income. They will also purchase items without paying sales tax. The fact is the IRS has made participating in a hobby as a complete nightmare.
01-27-2022, 11:33 AM
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