Tax question

[Archive]

Posted By: Bob S

I appreciate all the great replies.

It seems that there is an illogical penalty for collectors who can't deduct losses but must report gains. But, I guess logic is an oxymoron in relation to the tax code.

I manage to live these days on ~15-18K a year, and I never had >5k in sales or purchases in a given year, much less profits or losses.

I don't want to sound like a sap, but I do like to do the right thing legally and morally. In this case there seems to be little connection between those two concepts. LOL

I just hope that I will have some profits, meaning really, enough positive cash flow, in my aging years, to make the issue relevant.

Thanks, again, folks,

Bob