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Thread: Card Sales and the IRS

  
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    Card Sales and the IRS

    I am new to this forum so forgive me if this question has been answered before:

    Have never sold anything via Auction before but am thinking of listing a Jordan rookie (BGS 9) to help with family finances. Question is... If I were to net a large dollar amount, am I required to report to IRS? I have had this card since I was a kid so this would not be a business transaction - rather a one-time sale. Any feedback would be appreciated.

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    I would make a guess if you sell a big ticket item you will have to pay taxes on it. As ebay sales are now all collecting sales tax I am sure if you net a big dollar amount and do not declare it might raise a red flag with the IRS. I am not a expert so if someone else can chine in that would be appreciated.

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    Thanks Don. I suspected that might be the case. Hate to lose thousands on taxes. It might be a good excuse to tell the wife so I can keep the card. If anyone knows a way around taxes but still get top dollar for the card, please chime in.

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    If anyone knows a way around taxes but still get top dollar for the card, please chime in.

    If you don't want to pay income tax then support a political party that wants to lower your taxes until that point you report all your income. Even if you took the card to a card show or card shop and sold it you would have to report that on your income taxes. Just because they would not know what you sold the card for at the card show or card shop does not and I repeat does not mean you cannot just forget to report that on your income taxes.
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    If you don't want to pay income tax then support a political party that wants to lower your taxes until that point you report all your income. Even if you took the card to a card show or card shop and sold it you would have to report that on your income taxes. Just because they would not know what you sold the card for at the card show or card shop does not and I repeat does not mean you cannot just forget to report that on your income taxes.

    All the hobbyist I know that set up at card shows never claim their sales on their IRS filings. I seen the state come in handing out forms for taxes. Everyone I seen just takes them then drops them in the trash and never pay taxes on their sales.

    No matter the political party they still come asking for taxes as the shows been ongoing since the 80’s.


    Don

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    If you sell the card on Ebay, you will get paid by Paypal. Depending on the state you live in, Paypal will generate a 1099K for you and that also gets sent to the IRS. I just found out in Virginia, any electronic payments that total over $600 a year gets one.
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    That is crazy Chilly! We don't even card shows close to where I live. I did great when I was selling at the card shows and how can they track sells unless you report it?

    At least on EBay you can drop PayPal and have it go direct to your bank account (but I wonder if they will start sending big price sales notices to the IRS)!

    It is getting crazier and crazier!

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    So I checked with a friend at the IRS. They say, any money any of us make selling cards should be claimed as income. That being said I am a few thousand in the hoe this year, so I guess I never made an income, just debt. Wonder if they would share that with me? LOL

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    I would thing most of us would have a loss for selling at shows over the year! Thanks for the inputs!

    Bake

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    If you sell the card on Ebay, you will get paid by Paypal. Depending on the state you live in, Paypal will generate a 1099K for you and that also gets sent to the IRS. I just found out in Virginia, any electronic payments that total over $600 a year gets one.
    Thanks Ralph Northam.

    Bill

    That's not unique to VA, it's in the federal tax code.
    I trade by BV so please don't reference EBAY.


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