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Will I report the profit of my TCG hobby? Example Purchases - $19,000 (Cards, paper, printer, and ink) Total sales - $20,000 Profit - $1,000
The new law is confusing me a bit. In some ways, I read it as I have to pay income taxes on all $20,000 even though I only profit $1,000. If I can deduct the purchases, would it only be the product sold or can I also deduct the printer, ink, and paper I purchased solely for it.
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‎October 28, 2023
9:09 AM