I am needing to amend my '20 and '21 returns. In those years, I was buying unopened boxes/packs of sports cards from places like Walmart and Target, then reselling them via offerup, facebook marketplace, etc for a profit. I was unaware at the time that I needed to report the profits from these. But, I know now, so I'm gonna do it. My question, is what type of income it is?
My intention with buying them was to resell some and keep some for my son and I as a collector/hobbyist. Because I was actively buying at least some of them with the intent to resell for profit, it's my understanding that it would be considered business income rather than hobby income. Is this right?
(Although it sounds related to a recent question I posted titled "Figuring out hobby income amounts", this is unrelated, so if any one happens to read that one, don't conflate them)
