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  #1  
Old 03-06-2024, 11:32 AM
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theshowandme theshowandme is offline
Don
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Join Date: Oct 2021
Location: Northern Virginia
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Just looked, I paid $196 for a CPA at H&R Block to review my taxes.

My situation is not all that uncommon but I wanted the extra set of eyes.

It helps me sleep better.

1. W2 employee
2. 1099-K from PayPal
3. 1099-K from eBay
4. Brokerage account sales, dividends, interest, etc.

They found a few extra hundred bucks to deduct once I sent it to them for their review.

It was beautiful!

Pay the CPA!
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  #2  
Old 03-06-2024, 12:09 PM
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bobbyw8469 bobbyw8469 is offline
Robert Williams
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Location: North Carolina
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Quote:
Originally Posted by theshowandme View Post
Just looked, I paid $196 for a CPA at H&R Block to review my taxes.

My situation is not all that uncommon but I wanted the extra set of eyes.

It helps me sleep better.

1. W2 employee
2. 1099-K from PayPal
3. 1099-K from eBay
4. Brokerage account sales, dividends, interest, etc.

They found a few extra hundred bucks to deduct once I sent it to them for their review.

It was beautiful!

Pay the CPA!
Thank you! I used to pay the CPA. I forget what made me stop going to him. I felt like he didn't understand the nuances behind it. You can deduct a portion of your house, your electric bill, etc.
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  #3  
Old 03-06-2024, 12:22 PM
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rhettyeakley rhettyeakley is offline
Rhett Yeakley
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Hopefully you didn’t try to report a “loss” and tried to take a ton of deductions to offset your regular income. I am not a CPA but that is always a bad idea.

I do use a CPA but they have been very upfront with me about what I am supposed to be doing and what is and isn’t allowed.
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  #4  
Old 03-06-2024, 12:27 PM
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bobbyw8469 bobbyw8469 is offline
Robert Williams
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Originally Posted by rhettyeakley View Post
Hopefully you didn’t try to report a “loss” and tried to take a ton of deductions to offset your regular income. I am not a CPA but that is always a bad idea.

I do use a CPA but they have been very upfront with me about what I am supposed to be doing and what is and isn’t allowed.
I did lose money on some cards. I took no deductions that weren't allowed. Bubble Mailers, PO Box, VCP subscription, Ebay fees, Paypal fees, etc.
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  #5  
Old 03-06-2024, 12:43 PM
Snowman Snowman is offline
Travis
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In my experience, most of the work is actually in being able to track down and produce all the records you need, regardless of whether you hire a CPA or not. I was audited several years back for poker winnings, and I handled everything myself. I would do the same again if I am ever audited for selling sports cards. But I also keep meticulous records and I don't try to write off shady shit.
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  #6  
Old 03-06-2024, 12:46 PM
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bobbyw8469 bobbyw8469 is offline
Robert Williams
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Originally Posted by Snowman View Post
In my experience, most of the work is actually in being able to track down and produce all the records you need, regardless of whether you hire a CPA or not. I was audited several years back for poker winnings, and I handled everything myself. I would do the same again if I am ever audited for selling sports cards. But I also keep meticulous records and I don't try to write off shady shit.
I don't write off shady shit, but my record keeping skills suck big time. About the only things I'm good at is saving old invoices. And even that is hit or miss.
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  #7  
Old 03-06-2024, 01:13 PM
Snowman Snowman is offline
Travis
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Originally Posted by bobbyw8469 View Post
I don't write off shady shit, but my record keeping skills suck big time. About the only things I'm good at is saving old invoices. And even that is hit or miss.
You should be OK then. You just need to download all your eBay activity and get your bank records for any accounts you use and all your receipts. You can request data from ebay. It takes a few days for them to create a downloadable report for you. But it will have everything you need, buying and selling, with all the fees itemized.
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  #8  
Old 03-06-2024, 01:17 PM
Keith H. Thompson Keith H. Thompson is offline
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Default I used to do my taxes with pencil and paper, Turbo Tax was
too expensive. Then a couple of years ago. I got a 1099-K from eBay reflecting 50K in sales. I immediately went to a CPA firm. There are many ways to deal with this, but we decided to go with Schedule C. As Calvindog points out, there is a ton of legwork, but there are also so many legitimate "expenses" including cost of inventory. And it gets easier and more routine every year.
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  #9  
Old 03-06-2024, 01:35 PM
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bobbyw8469 bobbyw8469 is offline
Robert Williams
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Originally Posted by Keith H. Thompson View Post
too expensive. Then a couple of years ago. I got a 1099-K from eBay reflecting 50K in sales. I immediately went to a CPA firm. There are many ways to deal with this, but we decided to go with Schedule C. As Calvindog points out, there is a ton of legwork, but there are also so many legitimate "expenses" including cost of inventory. And it gets easier and more routine every year.
I did schedule C as well....and that is what they didn't like....maybe they can't fathom selling 10 or so cards on Ebay and immediately being over their threshold.
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