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Major Sales

robr1967robr1967 Posts: 264
in PSA Set Registry Forum
Hey Gang:

I wanted to get some personal opinions on this.

If you were to sell a vintage set for a large chunk of money. Would you claim the profits on your taxes?

Recently, I sold a set I was working on.

I have had some people tell me, why bother, and then other naturally have been saying how will they know. Well, I am afraid they will know when they see a large check deposited in my accounts.

Everyones thoughts?

Thanks
Rob

Comments

  • toppsguntoppsgun Posts: 787 ✭
    Why would you give the IRS access to your bank account?
  • VarghaVargha Posts: 2,392 ✭✭
    Having lost money on every card transaction that I have ever made, I fell ill-equipped to advise you on this issue.
  • robr1967robr1967 Posts: 264
    I would NEVER give my bank account numbers to anyone.

    But isn't it true that when you deposit checks in the amount over $10,000 that they raise red flags all over the place?

    Also, my thinking is that I would much rather pay the taxes now, then in the future along with a penalty tacked on top of everything else.

    David, let me ask this of you then. If you have losses, do you then subtract them from your taxes as business losses?

    I seriously hope I am not asking too personal of questions here. I just wanted to know what others have done in the past.

    If anything.

    Thanks
    Rob Ruth
  • mikeschmidtmikeschmidt Posts: 5,756 ✭✭✭
    Rob:

    Keep the checks under $10,000 each - and if it is a large chunk of money - try and get the checks made out to various family members.

    Of course - I am only stating the above if you were given a GIFT of a large chunk of money from someone, and I would *never* advise anyone to go around the IRS....

    MS
    I am actively buying MIKE SCHMIDT gem mint baseball cards. Also looking for any 19th century cabinets of Philadephia Nationals. Please PM with additional details.
  • mikeschmidtmikeschmidt Posts: 5,756 ✭✭✭
    Your decision probably changes a little bit depending on where/how you sold the set. E.G. a major auction house might be much much more dicey than a private transaction. Even Ebay would concern me, especially if Paypal were involved over $2,000 per month....
    I am actively buying MIKE SCHMIDT gem mint baseball cards. Also looking for any 19th century cabinets of Philadephia Nationals. Please PM with additional details.
  • VarghaVargha Posts: 2,392 ✭✭
    Losses count as "hobby" losses. Make sure that you can document purchase prices to show the money you have invested to get to the pint of having a profit or the IRS may want to tax the entire amount of the sale.
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