Happy New Year - Update from Scott about new role

[scottkoz20]

Happy belated New Year to you all!!

When I was at Expo in November, it was a fantastic weekend for a number of reasons

* Return to some normalcy
* Got to see some of my good friends in the hobby (@blueknight91, @30ranfordfan, @ravens_creed, @flemingc04, @mq13 and many more)

But another reason is I made a contact with a start-up called Magpie. From that initial meeting and further discussions, I have started to work for part-time for Magpie (because working full time was not enough! )

So, what is Magpie - MAGPIE is the only fintech platform that empowers collectors to actively manage their collectibles and alternative assets and integrate them into their personal finances. Users can track real time pricing, follow market trends, access liquidity and connect to other enthusiasts in trustworthy communities.

Currently, the platform is in Beta; however, I would love for you to be able to provide feedback about Magpie, constructive, whether it be positive and/or negative, whats good, what needs to be improved, etc.

Thank you all in advance for reading - I did text @doniceage before I posted this up.

Link to Magpie --> https://bit.ly/3HE2Wvs

[mooneyes]

Interesting.
If one was to integrate their collectables into their personal finance and there is a substantial profit, would taxes have to be paid?

[scottkoz20]

Interesting.
If one was to integrate their collectables into their personal finance and there is a substantial profit, would taxes have to be paid?

short Answer is legally yes, at least in the US - I don't know about Canada or other countries - especially on high dollar items like a Gretzky PSA 10 OPC Rookie (and especially if there are public reports on the sale).

[Cunnuc]

You would have to pay Taxes in USA and Canada if you sell anything for a profit. Just like how you can get your collection insured.

The argument for eBayers and other collectors is that they do not make a profit and it's just a hobby. I mean... you paid taxes on all the boxes you bought !

For higher valued items and if you sold at a loss you would still have to report the sale (legally) but it is up to IRS or CRA to determine if you actually owe the taxes you paid n the sale.

[scottkoz20]

or discuss this with a tax professional to be 100% sure

[mooneyes]

Yeah just interesting how hobbies get so big it can become a business, in this case an investing business. Than cards simply become assets like stocks and you than have to keep track of all expenses, possibly incorporate to save on taxes, do lots of paper work, lock your investments away in a safe, etc. Basically like a job.
Still fun I suppose...