Thanks. All the doc I find on this repeatedly says you can't deduct a loss on Collectibles but I guess they must be saying that after all details are listed, netted at the short and long levels and at the final total of all level, if you end up with a loss, you can't deduct that. Perhaps you can carryover some of that but just no deduction, correct? Possible carryover is not that important to me. Just trying to judge how this works and compare it as an alternative to operating as a business.
