Disclaimer: Links on this page pointing to Amazon, eBay and other sites may include affiliate code. If you click them and make a purchase, we may earn a small commission.

Page 1 of 2 12 LastLast
Results 1 to 10 of 12

Thread: Card Sales and the IRS

  
  1. #1




    Join Date
    Feb 2021
    Posts
    2
    SCF Rewards
    2
    Country

    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.

  2. #2
    Assistant General Manager





    Join Date
    Mar 2005
    Age
    54
    Posts
    70,600
    SCF Rewards
    590,685
    Blog Entries
    19
    Country

    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.

    DON

  3. #3




    Join Date
    Feb 2021
    Posts
    2
    SCF Rewards
    2
    Country

    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.

  4. #4







    Join Date
    Mar 2003
    Posts
    51,056
    SCF Rewards
    7,122
    Country

    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.
    Selling All My Cards Here------>Hidden Content

    Baseball Autograph and Game Used Only Trade Page: pwaldo.webs.com/
    //s123.photobucket.com/albums/o299/pwaldo/

  5. #5
    Assistant General Manager





    Join Date
    Mar 2005
    Age
    54
    Posts
    70,600
    SCF Rewards
    590,685
    Blog Entries
    19
    Country

    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

  6. #6




    Join Date
    Jul 2007
    Age
    58
    Posts
    2,381
    SCF Rewards
    15,087
    Country

    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
    Please visit my sports card website with over 5,000 cards listed.
    Hidden Content

  7. #7





    Join Date
    Feb 2008
    Age
    71
    Posts
    13,209
    SCF Rewards
    130,944
    Transferred Feedback
    Freaks (12)
    Country
    Air Force
    Dallas Cowboys New York Yankees Boston Celtics
    See bakemeister52's Items on eBay My traders on Flickr

    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!

    Bake
    Football: Emmitt Smith and CeeDee Lamb!
    Baseball: Aaron Judge/Adley Rutschman/Derek Jeter/Anthony Volpe!
    Only collect Football/Baseball cards, but I have lots of Basketball/Hockey cards and set to trade for BB and FB!
    Hidden Content

  8. #8




    Join Date
    Sep 2011
    Posts
    2,558
    SCF Rewards
    14,460
    Country
    Army
    Dallas Cowboys
    See krunchtyme's Items on eBay COMC Cards For Sale

    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

  9. #9





    Join Date
    Feb 2008
    Age
    71
    Posts
    13,209
    SCF Rewards
    130,944
    Transferred Feedback
    Freaks (12)
    Country
    Air Force
    Dallas Cowboys New York Yankees Boston Celtics
    See bakemeister52's Items on eBay My traders on Flickr

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

    Bake

  10. #10
    Dispute Assistant Manager





    Join Date
    Mar 2004
    Posts
    2,367
    SCF Rewards
    57,336
    Country
    See JSOKOL1626's Items on eBay

    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.


    Hidden Content

Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
SCF Sponsors


About SCF

    Sports Card Forum provides sports and non-sports card collectors a safe place to discuss, buy, sell and trade.

    SCF maintains tools that will allow collectors to manage their collections online, information about what is happening with the hobby, as well as providing robust data to send out for Autographs through the mail.

Follow SCF on