|
#1
|
|||
|
|||
Card collecting and the IRS
Posted By: Cy
Does anyone on the board know when card collecting is a hobby and when it is a business in the eyes of the IRS? |
#2
|
|||
|
|||
Card collecting and the IRS
Posted By: Bruce Moreland
It becomes a business when they audit you. |
#3
|
|||
|
|||
Card collecting and the IRS
Posted By: warshawlaw
Card collecting is always a hobby. Assuming you meant to ask when dealing becomes a business, the answer is that it is a business whenever you decide it is a business. There are some VERY hairy rules involving regulation on local, state and Federal levels, including the dreaded IRS "hobby" rules which require a profitable enterprise for at least 3 of 5 years. If you have a specific question, you will need to buy the time of a CPA or tax attorney. Treating your collection as dealer inventory also can void any personal articles coverage you have unless it expressly covers business inventory. |
|
|