Hi, so... definitely a hobby... but if I'm seeing this right, it looks like I'm not allowed to deduct ANY expenses AT ALL? So, I cannot even include the cost basis... as in, what I paid for the watch first before I sold it?
In some cases, I might have paid $55 for a watch, and sold for $275... but now I'm required to claim all $275 as income even though I spent $55?
Thanks... just want to double-check.
