Yes, my wife's hobby is decorating. Any idea what % of that money spent can be liquified? Sure you can sell a rug or piece of antique furniture, but what will you get, 20 cents on the dollar?
Everything I buy is "worth" more than I've paid for it ( well, unless I'm wrong )
The answer to this question is not quite as simple as you would have it. You have to keep in mind those IRS rules relative to deducting losses for a Hobby (not allowed - but if you make a profit it's taxable - the worst of all worlds) versus being able to expense your "investment" acquisition costs, and deducting any "losses" that you sustain when you're investment is sold for less than you bought it as well as long term versus short term gains - all matters to be discussed with your accountant or tax advisor.
Collecting eye-appealing Proof and MS Indian Head Cents, 1858 Flying Eagle and IHC patterns and beautiful toned coins.
“It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so.” Mark Twain Newmismatist
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Yes, my wife's hobby is decorating. Any idea what % of that money spent can be liquified? Sure you can sell a rug or piece of antique furniture, but what will you get, 20 cents on the dollar?
The answer to this question is not quite as simple as you would have it. You have to keep in mind those IRS rules relative to deducting losses for a Hobby (not allowed - but if you make a profit it's taxable - the worst of all worlds) versus being able to expense your "investment" acquisition costs, and deducting any "losses" that you sustain when you're investment is sold for less than you bought it as well as long term versus short term gains - all matters to be discussed with your accountant or tax advisor.
“It ain't what you don't know that gets you into trouble. It's what you know for sure that just ain't so.” Mark Twain
Newmismatist