Thank you! So, your reply is similar to what I've seen, but I'm just not understanding :( Let's assume that this IS a hobby, not business.
I'm not looking to show a loss on my taxes. I'm just trying to understand whether I have to (unreasonably in my mind) show just the profits. For example:
1. I bought two coins for $100 each
2. I sold one at $50; the other at $200
3. Paid $20 in fees; and another $20 in supplies and shipping
Do I report only $250 "profit" (doesn't make sense to me). Or, $250 (received)-$200 (cost of coins) = $50 (makes a little more sense) Or, subtract the $40 in other costs from the $50 "profit" and report a total of $10 in income (makes the most sense to me). I understand that if I have a loss, I have only $0 to report.
I hope that's a better/clearer way of asking what I'm trying to understand.
