The IRS has specific guidelines for determining if an activity is a hobby or business. This is an article that discusses when your hobby is a business or vice versa: When the IRS Classifies Your Business as a Hobby If your sale of comic books would be classified as a business by the IRS, then income tax and self-employment taxes may be due on the net profit of that business. However, if your sale of comic books would be classified as a hobby by the IRS, then the income is not subject to self-employment taxes.
Collectibles are discussed in Internal Revenue Code Section 408(m). This code section lists items determined by law to be collectibles. Unfortunately, comic books are not specifically listed in this code section. Also, the IRS does not provide criteria about how to determine if an item you hold (comic books in this case) would be considered a collectible by the IRS and therefore, includable as a long-term gain or loss.
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