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Nevermind!!!

thedutymonthedutymon Posts: 4,323 ✭
in Buy, Sell & Trade - Cards & Memorabilia
Morning,

Found about $1000 worth of auctions to bid on ending tonight, so I'm all set.

Thanks

Neil
Actually Collect Non Sport, but am just so full of myself I post all over the place !!!!!!!

Comments

  • DboneesqDboneesq Posts: 18,219 ✭✭
    Edited to reflect the fact that I was still sleeping when I made my comment! I WAS WRONG!!!!! Although there are certain sections of the IRS Code, publications, etc... that conflict with one another, it seems that in 2001 the IRS came out with a Ruling that states you can take the deduction in the year of purchase if certain conditions are met.
    STAY HEALTHY!

    Doug

    Liquidating my collection for the 3rd and final time. Time for others to enjoy what I have enjoyed over the last several decades. Money could be put to better use.
  • mrmint23mrmint23 Posts: 2,249 ✭✭✭
    However, you can sell them to your son or neighbor. (or friend in Alabama)
  • DCanfieldDCanfield Posts: 548 ✭
    Concensus is to spend away and take the deduction unless you have a million dollar plus business. WHERE IS CPAMIKE???????
    Life is not a journey to the grave with the intention of arriving safely in a pretty and well preserved body, but rather to skid in broadside, thoroughly used up, totally worn out, and loudly proclaiming 'WOW What a Ride!' Mark Frost
  • mrmint23mrmint23 Posts: 2,249 ✭✭✭
    IRS Guidelines for Business Expenses
    Guidelines
  • JHS5120JHS5120 Posts: 1,968 ✭✭✭
    You're looking for PSA graded card at 25% retail?

    If anyone has any let me know too! image
    My eBay Store =)

    "Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind." Dr. Seuss
  • thedutymonthedutymon Posts: 4,323 ✭


    << <i>Concensus is to spend away and take the deduction unless you have a million dollar plus business. WHERE IS CPAMIKE??????? >>



    Morning,

    Did my research last year and this is the Correct and most agreed upon answer!

    Neil
    Actually Collect Non Sport, but am just so full of myself I post all over the place !!!!!!!
  • DboneesqDboneesq Posts: 18,219 ✭✭


    << <i>

    << <i>Concensus is to spend away and take the deduction unless you have a million dollar plus business. WHERE IS CPAMIKE??????? >>


    Morning,
    Did my research last year and this is the Correct and most agreed upon answer!
    Neil >>


    Yup, I agree Neil. I was wrong.
    STAY HEALTHY!

    Doug

    Liquidating my collection for the 3rd and final time. Time for others to enjoy what I have enjoyed over the last several decades. Money could be put to better use.
  • BlackieBlackie Posts: 1,719 ✭✭✭
    image plus several SGC 88's and SGC 92's to start a set
    1964 Topps Football
  • JaktJakt Posts: 573 ✭
    PM sent.
    I'm building a 1968 and a 1970 Topps set. I have lots of 1970s and 1960s to offer in trade.
  • cards651cards651 Posts: 665 ✭✭
    I missed the original thread. Can you give me a quick rundown on this? From this thread it sounds like purchases added to inventory are a business expense in the current year, offsetting revenue? This would certainly be a simpler, more reasonable approach. It's just that simple and reasonable usually do not apply to the IRS... Thanks. - Kevin M.
  • orioles93orioles93 Posts: 3,477 ✭✭✭✭✭


    << <i>I missed the original thread. Can you give me a quick rundown on this? From this thread it sounds like purchases added to inventory are a business expense in the current year, offsetting revenue? This would certainly be a simpler, more reasonable approach. It's just that simple and reasonable usually do not apply to the IRS... Thanks. - Kevin M. >>



    Eww. This sounds like my accounting class that i just finished last semester. Stop it. I never want to hear this crap again lol.
    What I Collect:

    PSA HOF Baseball Postwar Rookies Set Registry- (Currently 80.51% Complete)


    PSA Pro Football HOF Rookie Players Set Registry- (Currently 19.80% Complete)


    PSA Basketball HOF Players Rookies Set Registry- (Currently 6.02% Complete)
  • thedutymonthedutymon Posts: 4,323 ✭


    << <i>I missed the original thread. Can you give me a quick rundown on this? From this thread it sounds like purchases added to inventory are a business expense in the current year, offsetting revenue? This would certainly be a simpler, more reasonable approach. It's just that simple and reasonable usually do not apply to the IRS... Thanks. - Kevin M. >>



    Turn your PM on.

    Neil
    Actually Collect Non Sport, but am just so full of myself I post all over the place !!!!!!!
  • thedutymonthedutymon Posts: 4,323 ✭


    << <i>image plus several SGC 88's and SGC 92's to start a set >>



    Morning,

    Beautifull card just to OC for my tastes and no way to cross and flip.

    Thanks

    Neil
    Actually Collect Non Sport, but am just so full of myself I post all over the place !!!!!!!
  • cards651cards651 Posts: 665 ✭✭
    Neil - I am a neophyte (as Walt Frazier would say) when it comes to this computer stuff. Just spent 10 minutes trying to figure out how to turn the PM on. No worries. This topic just caught my eye but I'm not looking to cause a big ruckus on the board. Sounds like it's a hot topic. Glad to see you have been reinstated. Either that or you've hacked the board? - Kevin
  • thedutymonthedutymon Posts: 4,323 ✭


    << <i>Neil - I am a neophyte (as Walt Frazier would say) when it comes to this computer stuff. Just spent 10 minutes trying to figure out how to turn the PM on. No worries. This topic just caught my eye but I'm not looking to cause a big ruckus on the board. Sounds like it's a hot topic. Glad to see you have been reinstated. Either that or you've hacked the board? - Kevin >>



    Afternoon,

    No been back for a small while. I think you just go into your profile and turn on your PM's.

    Neil
    Actually Collect Non Sport, but am just so full of myself I post all over the place !!!!!!!
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