Hobby - Is it a Business, Hobby or Investment?

[dcrules01]

Hobby for me most definately. Items come into my collection and die I've never bought anything for the express purpose of resale...most every item in my collection brings a smile to my face. I collect for my enjoyment...and the players that I enjoyed watching.

wade

I'm with Wade I collect Joel Youngblood,Doug Flynn, Bill Pulsipher ,Jason Isringhausen ,Paul Wilson and have a Wally Backman gamer on the way. By far none will ever smell the hall of fame but they are players I liked growing up and scarce at that. My collection is small but irreplaceable in my eyes. It took a lot of leg work and help amongst friends in the hobby to track down these pieces and I am very thankful. I have resold many items but it goes back into my collection made very little money but I have been lucky a few times.

[camarokids]

I have resold many items but it goes back into my collection made very little money but I have been lucky a few times.

That is why I would NOT pay taxes on sales.

The once in awhile profit will not make up for the losses.

I don't think that I will lose any sleep either!

[legaleagle92481]

That is why I would NOT pay taxes on sales.

The once in awhile profit will not make up for the losses.

I don't think that I will lose any sleep either!

The losses offset the gains on your tax return. You only have to pay taxes if there is a NET gain.

[camarokids]

The losses offset the gains on your tax return. You only have to pay taxes if there is a NET gain.

Thanks for the info. I don't think a NET gain will ever happen.

[legaleagle92481]

Thanks for the info. I don't think a NET gain will ever happen.

Yeah if the government relied on taxes on hobby gains to stay afloat the country would be doomed.