@DaveF1006 You certainly have given me food for thought. My belief was that it was considered a business because of my intent. This is a summary of what I was doing...
- Go to retail store (Target, Walmart, etc).
- At it's peak, I was going to stores multiple times per week, sometimes waiting in a line for hours. It was not uncommon for these to be out of stock, and for me to leave a line empty handed.
- My intent when purchasing the sports and/or Pokemon cards was to resell most of it, but keep some for my personal collection (both of which I did).
- Actual transactions might average 3-5 per week (very rough estimate), but it really varied with what I was able to get. I might purchase some items on a Monday, and sell what I had in a number of transactions over the following few days, but then not have anything again for a week. The buying/selling was not consistent as the items were difficult to find, stores were getting limited shipments, and most stores had people waiting in line for them to be stocked on the shelves.
- To sell them, I'd post on sites like Offerup and Facebook Marketplace, sometimes selling items within hours of purchasing them.
- I do not have a formal website or b&m store
- I still have some of the items
What is the actual determiner of this being a biz or investment? I've read elsewhere that my intent to resell makes it a biz, but what you are saying about personal investments also fits, so call me confused. I just want to do it right, so thanks for your assistance.
