- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
are you in the business of buying and selling sports cards?
if you're not in the business you are selling collectibles which get reported on schedule D
When selling sports cards, whether they are reported on Schedule D or Schedule C depends on how you treat them for tax purposes. Here’s the breakdown:
-
Schedule D (Capital Gains and Losses):
- If you treat your sports cards as an investment, you’ll report the sales on Schedule D (Form 1040). This form is used for “the sale or exchange of a capital asset not reported on another form or schedule.”
- Capital gains tax rates apply to these sales. You’ll pay lower tax rates on long-term investments (held for over a year) than on cards sold within...1.
-
Schedule C (Profit or Loss from Business):
- If you consider your sports card activity as a business (e.g., buying and selling regularly), you should file a Schedule C.
- Treating your cards as a business allows you to deduct business-related expenses but also subjects you to self-employment taxes.
May 18, 2024
7:10 PM