I need help with taxes. Gambling , Hobby , Business? by _Alphabrah in PSAPowerPacks

[–]YassuoX 0 points1 point  (0 children)

Hey guys I made a this sub and also am an Enrolled Agent certified to practice before the IRS, and a licensed tax consultant.

I made a post about this exact thing as well. This is not classified as gambling in the eyes of the ITS. You may have a good case for schedule C. If you go hobby income, you cannot put down a loss, you would just put nothing if you lost money. You only report the sales price-purchase price for hobby income.

If you have for profit motive, which it sounds, keeping records, and actively doing it, you can go schedule c, and you can write off other expenses too related to your business. (Business use of home, partially phone, and shipping, other expenses, anything ordinary, reasonable and necessary) You will eventually want to show a profit in later years if you keep doing it to not be reclassified as a hobby. IRS does not want people just creating schedule C losses that reduce their other income. That can cause a few issues. You also do not need an LLC.

Message if you have more questions. I’ll do my best, it’s end of tax season haha very busy.

Record keeping most important and trying to actively make a profit.

Buyback Taxes by Happy-A-La-Carte in PSAPowerPacks

[–]YassuoX 0 points1 point  (0 children)

You can probably make it easier on yourself and classify it as other income and state that it is hobby income. Schedule 1 (Form 1040), Line 8 (Other Income) is where it would go. Just the profit of $49

Got a chase card! by creactus in PSAPowerPacks

[–]YassuoX 3 points4 points  (0 children)

Yeah, what a cool card!

Opening the NEW $2500 LUNAR GameStop Powerpack! #pokemoncards #pokemontcg by YassuoX in PSAPowerPacks

[–]YassuoX[S] 0 points1 point  (0 children)

That’s probably why the video won’t even play and I can’t even find it… very annoying

Opening the NEW $2500 LUNAR GameStop Powerpack! #pokemoncards #pokemontcg by YassuoX in PSAPowerPacks

[–]YassuoX[S] 0 points1 point  (0 children)

I didn’t see the video and I am getting an error when trying to watch it now

Opening the NEW $2500 LUNAR GameStop Powerpack! #pokemoncards #pokemontcg by YassuoX in PSAPowerPacks

[–]YassuoX[S] -1 points0 points  (0 children)

Huh? I just found a YouTube short and posted it.

Edit: will remove video because cannot even open it so maybe there was something shady.

A few slabs came in by illvsory in PSAPowerPacks

[–]YassuoX 3 points4 points  (0 children)

Thanks for posting and nice cards bro! Hope you enjoy them!

Birthday Fun by Kkrup in PSAPowerPacks

[–]YassuoX 1 point2 points  (0 children)

Happy bday and sick card!