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#10
04-06-2022, 06:38 PM
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"Anyhow, I learned that I can deduct state taxes as part of acquisition cost"..... "just got a little excited about the possibility of saving a few bucks and mad at myself for not recognizing their deductibility sooner."
To clarify, the state sales tax on items you buy at auction is NOT deductible. Rather, you may add to your cost, thus "tax basis", in the card and it may reduce the amount of gain (or increase the amount of loss) you recognize if/when you sell the card. Last edited by Rhotchkiss; 04-06-2022 at 06:40 PM. 
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