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Old 01-27-2011, 07:17 PM   #28 (permalink)
Join Date: Nov 2009
Location: California
Posts: 4,421

Originally Posted by raiderguy10 View Post
No you can't just ignore it. You have to report it. Plus because of the 2 limitations most people can't deduct hobby expenses (at least in full to offset income). Again with a hobby you also cannot generate a loss.
See, that's what I'm confused about. The average guy who spends $2000 in a year on wax and sells his non-PC stuff on ebay for $1000 has to report additional income of $1,000 when it was actually a $1,000 loss?

If I bought a TV for $1000, decided 6 months later I didn't want it, and I sold it on ebay for $800, how would I report that on my taxes? And why would cards be any different?
kajshack is offline   Reply With Quote