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Old 01-27-2013, 03:22 PM   #1 (permalink)
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Default COMC Tax Questions.. EW.

I have a few tax questions.. First off. Living in michigan. Don't know if thats important or not for tax laws.

first question: Do I need to keep track of how much profit I make on COMC for taxes, or do I just fill out my official job information on my taxes?

Second: If I buy a pack of 6 cards for $1. and send 1 card to comc. And sell it for less than how much I buy the pack for thats a profit loss, so do I fill this out?

third: The government won't come after me for not filling out taxes on my comc sales correct? It's nearly impossible to figure out profit. I buy and flip, and make some money. but I also send cards in, and sometimes loose money. they also take 20% of your money when you cash out. So it's nearly impossible to keep track of profit.

What do you guys do? big or small sellers, any advice will help me. I'm feeling a little hopeless lol, i'm making some money, but I don't want it to screw me in the end cause I'm not sure how to handle keeping track of profit. All I know is i'm making some money.
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Old 01-27-2013, 05:31 PM   #2 (permalink)
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First, wrong section--you'll get more answers for this in Off-Topic

Second, check out the link in my sig. It has a ton of good tax info. In short, yes, you need to report the income you have on your return. You can deduct certain expenses against that income and there are certain restrictions on that which include how you classify the income. Just read the thread.
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Old 01-27-2013, 07:06 PM   #3 (permalink)
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Quote:
Originally Posted by monkeymcgee View Post
First, wrong section--you'll get more answers for this in Off-Topic

Second, check out the link in my sig. It has a ton of good tax info. In short, yes, you need to report the income you have on your return. You can deduct certain expenses against that income and there are certain restrictions on that which include how you classify the income. Just read the thread.
Thank you for your help. I'll view it in a few. I wasn't sure exactly were to put this.
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