suncactus9
Verified Trader
Hey Group,
I am wondering if there are any American members that do not own a store, but sell enough hockey cards through Ebay that they are forced to pay taxes. I seem to recall when I signed up for Paypal, that they said if I were to sell over $20,000 in product, they would send me a 1099 and I would have to report it as miscellaneous income. For year end, I will be nowhere near that figure (I probably sold a couple thousand or so), but I just wonder if I were ever audited by the IRS, if they would start asking questions regarding this income, even though it probably represents less than one-third of the actual cost basis. Like many members on here, I sell a lot of the dupes or things I don't need and use the proceeds to offset the cost of future card releases. Just looking for some feedback and to possibly generate an interesting discussion. I would imagine for the members that break a lot of high-end products (esp. Cup, Dominion), these sales could add up quite quickly!
I realize the whole "you should always contact your tax advisor" angle, and I do plan on posing this question to him early next year just since I really just got into this hobby this year. I didn't really keep receipts of purchases (which I will begin doing in 2012). But I just wonder...do any American members claim this great hobby on Schedule E of their personal tax returns?
To the mods: if this topic is too sensitive, I would understand if it needed to be removed for privacy purposes. But to any potential respondents... remember, never share personal information through open forums! And of course, Canadians, feel free to openly talk about Canadian tax implications too...I am sure many of you might share the same concern considering that the year has ended and tax season will be soon upon us.
I am wondering if there are any American members that do not own a store, but sell enough hockey cards through Ebay that they are forced to pay taxes. I seem to recall when I signed up for Paypal, that they said if I were to sell over $20,000 in product, they would send me a 1099 and I would have to report it as miscellaneous income. For year end, I will be nowhere near that figure (I probably sold a couple thousand or so), but I just wonder if I were ever audited by the IRS, if they would start asking questions regarding this income, even though it probably represents less than one-third of the actual cost basis. Like many members on here, I sell a lot of the dupes or things I don't need and use the proceeds to offset the cost of future card releases. Just looking for some feedback and to possibly generate an interesting discussion. I would imagine for the members that break a lot of high-end products (esp. Cup, Dominion), these sales could add up quite quickly!
I realize the whole "you should always contact your tax advisor" angle, and I do plan on posing this question to him early next year just since I really just got into this hobby this year. I didn't really keep receipts of purchases (which I will begin doing in 2012). But I just wonder...do any American members claim this great hobby on Schedule E of their personal tax returns?
To the mods: if this topic is too sensitive, I would understand if it needed to be removed for privacy purposes. But to any potential respondents... remember, never share personal information through open forums! And of course, Canadians, feel free to openly talk about Canadian tax implications too...I am sure many of you might share the same concern considering that the year has ended and tax season will be soon upon us.
