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Old 01-09-2013, 01:26 PM   #37 (permalink)
Join Date: Mar 2011
Location: Redmond, WA
Posts: 147

Originally Posted by HoustonCPA View Post
Do sales that I conduct on Blowout and COMC count as taxable income?

Yes; any amounts, both monetary and other tangible property, that you receive in exchange for cards should be disclosed on your tax return.
Hi, HoustonCPA. Appreciate you posting this. I'd like to add that due to consignment tax complexities, items you sell on COMC only count as potentially taxable income if you cash out your earnings. Until then you have exchanged cards for the right to future items / services from the site; that right may be converted into a cash amount, but isn't income until you cash out.

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