Lets say as a kid you accumulated a pretty big pile of baseball cards or comic books, or anything else, for that matter. So now youve decided to sell them. Do you have to report the money you make as income? Say youre selling $300-$400 worth of them a month on average. Is this taxable income?

Just get paid in cash. SSS

Did you write a receipt for the transaction? No receipt, never happened.

This. Even if you are paid by check or etc, just deposit it into your personal account and go on with life. Plenty of people do yard sales or flea marketing every weekend and they never get audited.


Also, If someone is selling 3-400 worth of baseball cards per week, they have a hell of a collection.

Yep

Cash is best but if the buyer isn't sending you a 1099 or asks for your Social # , take a good check. If he's not in a business where he has to count them it doesn't matter for you or him. Folks get all bent out of shape not taking checks, if you don't have my SS # or gonna send me a 1099 I'll take one , but it better be a good one!

Of course its income.

Venmo has become the new way to avoid taxes. Know lots doing it.

Get paid in cash and he is a kid screw the irs

It would actually be a capital gain.

Cash is not an option. According to what I read about capitol gains taxes, for a married person filing jointly, up to $80000/year is 0% taxable. 15%-20% after that.

The answer to your actual questions is yes, it is taxable income and you are required to report it, regardless of whether it is cash, venmo, etc.

https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates

Heres the article, if yall want to argue with it. Im satisfied with what it says. Thanks Doekiller, I didnt know about capitol gains.

I wouldn’t count on that. Anything electronic that’s conducted in any volume, the government will figure out a way to know about it, or force the electronic entity to tell them about it. Eventually.

Not if you own it less than a year. Then it’s ordinary income.

If collected as a kid and sold when older, would not be short term. Collectibles like cards are taxed at a maximum of 28% I believe. Whether you report it on your income tax return or not depends upon your ethics and character.

Just make sure you are aware of the exceptions they list at the bottom of the article. Pretty sure baseball cards would be collectibles:

"1. Rule exceptions. The capital gains tax rates in the tables above apply to most assets, but there are some noteworthy exceptions. Long-term capital gains on so-called “collectible assets” are generally taxed at 28%; these are things like coins, precious metals, antiques and fine art. Short-term gains on such assets are taxed at the ordinary income tax rate."

Not actually baseball cards but I guess it would all fall in the same category. Well that sux then.

Good points.

If you are selling to individuals, then unlikely there would ever be a problem thought technically it should be reported. If you are selling to business and they send you a 1099, then you better be filing it.