Uncle Sam and the benefits of being a dealer
Would like to hear pros and cons from coin dealers (or others professions)
I sold nearly $15K in my ebay store just blowing out collectibles in 2020 on a PT basis. Could hit $40K this year in baseball cards alone.
File with the state etc... so technically suppose I am a dealer.
Diving into the David Lisot videos in the Newman Numismatic Portal, I came across a 1990's video on taxation and coins.
Essentially it covered... dealer vs collector vs investor.
He theorized only making a few transactions a year could change your status from collector to investor. He outlined some benefits of being a dealer.
Granted it was more than two decades old, but given the current technology and ease of online sales (ebay) it seems most of us could be classified as dealers.
For many reasons, he stressed record keeping (cost basis/fraud)
It got me thinking... might as well jump in with both feet.
What other benefits of classifying myself as a dealer in the 21st Century?
One right off the top, writing off travel expenses to shows to small and major shows? How about travel if I vest pocket for a few years?
Any guidance much appreciated (free... I know what that is worth).
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