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Consigning and tax returns
Last year I sold some collectables on consignment. The total sale was around $800 and I received $530 from the consignor. What amount do I report and how do I subtract the commission so I don’t pay tax on it?
Expert Reviewed
Collectibles are considered investments and subject to capital gains. Your income is your net proceeds less your cost basis and tax depends on how long you have had the asset.
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