Ebay tax reporting drops from $20,000 to $600

[Dandor]

Originally Posted by parkplace33

Lots of talk about this subject.

Might I suggest that if you are worried about paying taxes on selling cards, the easiest thing is to not sell cards?

I wish more people would trade! That is what I have been doing for the past six months. I buy or trade, nothing to worry about.

[BobC]

Originally Posted by Dandor

I wish more people would trade! That is what I have been doing for the past six months. I buy or trade, nothing to worry about.

Unfortunately, even if you just trade cards, you're still considered to have engaged in a reportable, taxable transaction per the Internal Revenue Code (IRC) and IRS rules. The IRS just hasn't figured out how to catch people doing and not reporting it yet.

And if you were thinking a trade isn't taxable under the old Like-Kind Exchange rules of IRC Section 1031, those only currently apply to real estate transactions, not cards.