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Old 01-04-2013, 12:26 AM   #23 (permalink)
Adamchuk
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Join Date: Feb 2011
Location: Boston, MA
Posts: 2,456
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Quote:
Originally Posted by Coug46n2 View Post
Great post.

I have always wondered if the IRS would ever look at the cards I have as "assets" and try to tax them as such? If I didn't word this appropriately please let me know. I understand all the cost, expenses, profit, net loss/gain aspects of this post. But what I am wondering is if the cards themselves, the ones I'm keeping for my own personal collection, would ever be considered assets and therefore taxable in any way?
I believe there is another way to do this and count your cards as assets. I wanted to expense all my box / wax busting expenses against my income (this is an avoidance technique not evasion), so in talking with my tax professional, I essentially estimated the inventory I had remaining from the box breaks (was actually pretty easy using current market value..hint ebay) and deducting my inventory (ie "assets") against those expenses to come up with a net loss or gain.
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