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  #1  
Old 12-15-2023, 03:33 PM
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GrayGhost GrayGhost is offline
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File a schedule c as a business. If not, the sale of collectibles at a profit is capital gains
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Old 12-15-2023, 04:07 PM
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Calling BobC...
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Old 12-15-2023, 04:53 PM
MikeGarcia MikeGarcia is offline
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Calling BobC...

..Calling Diogenes,

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Old 12-15-2023, 06:02 PM
NiceDocter NiceDocter is offline
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Just sell for less than you paid and no tax problems! Im an expert on doing that with stocks LOL
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Old 12-15-2023, 06:11 PM
Republicaninmass Republicaninmass is offline
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Lol!
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Old 12-15-2023, 08:08 PM
raulus raulus is offline
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File a schedule c as a business. If not, the sale of collectibles at a profit is capital gains
Not sure that I follow this strategy.

Obviously if you are a dealer, then this would make sense. But Sch C income is ordinary, and taxed at ordinary rates.
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Old 12-15-2023, 11:23 PM
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Not sure that I follow this strategy.

Obviously if you are a dealer, then this would make sense. But Sch C income is ordinary, and taxed at ordinary rates.

Yes, but using cash basis for that year , it would all go in as sales and purchases

A hobbyist shows it as ordinary income and dch as deductions up to income only

Someone who randomly holds an item long term can have a CG or loss. Eg I buy a comic, which I'm not in business of selling pay 500 sell a couple years later for 6000. It is a capital asset producing LTCG. I used to be an acct
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