Questions before Purchasing Expensive Cards

[SCTV]

Hi,

I have plans to purchase multiple expensive cards, each over $10k.

How should I prepare for my future tax document?

If I purchase it on ebay, is the receipt enough to report gain/loss tax? I think ebay has a limited period that you could export the receipt. I want to keep a copy on my computer.

What about in a card show, if I purchase the card with 5k cash and 5k paypal, how should I report it when selling it 2 years later on ebay?

Thanks a lot!

[GuacamoleCards]

I would do a few things:

1) Keep a detailed spreadsheet detailing each card you want to keep track of the basis for
2) Definitely download receipts from eBay (or take screenshots) as a backup.
3) For the card show, can you have them write up a hand-written receipt? I’d even suggest bringing your own pad with you, one that you can get from Office Depot, for writing receipts and ask the seller to fill it out. For a big transaction like that, I’d think they’d be willing to do this.

[jcardstore]

Originally Posted by SCTV

Hi,

I have plans to purchase multiple expensive cards, each over $10k.

How should I prepare for my future tax document?

If I purchase it on ebay, is the receipt enough to report gain/loss tax? I think ebay has a limited period that you could export the receipt. I want to keep a copy on my computer.

What about in a card show, if I purchase the card with 5k cash and 5k paypal, how should I report it when selling it 2 years later on ebay?

Thanks a lot!

1st and most importantly don’t listen to anyone on here.

Their situation probably doesn’t apply to you and most people have no clue what they’re even talking about.

Go talk to a professional tax accountant for tax advice

[GOATcards]

Originally Posted by jcardstore

1st and most importantly don’t listen to anyone on here.

I was gonna say in response to subject header, to do one's homework

what's wrong with that Mr cardstore

[sethc1020]

If purchasing on Ebay you would also have a receipt through your credit card, paypal or bank account depending on what form of payment you use. But like others always make a spread sheet to keep track of cost, taxes paid, shipping costs, ect for your records. As for cash purchases ask the seller for a dated written receipt or bill of sale to cover your bases. When it comes time to sell and claim a gain or loss always consult a tax professional. Don't play games with the IRS

[kobemagee29]

Originally Posted by SCTV

Hi,

I have plans to purchase multiple expensive cards, each over $10k.

How should I prepare for my future tax document?

If I purchase it on ebay, is the receipt enough to report gain/loss tax? I think ebay has a limited period that you could export the receipt. I want to keep a copy on my computer.

What about in a card show, if I purchase the card with 5k cash and 5k paypal, how should I report it when selling it 2 years later on ebay?

Thanks a lot!

find a local card show and buy them.

[Spacemanspif]

I agree with creating a spreadsheet to track everything. Makes tracking of totals and profit margins etc much easier than… I don’t know how else you’d do it… pencil and paper?

All eBay purchases should be easy to track since you get an order confirmation email. Just create a folder and stick all those emails in there for backup.

I assume you use an accountant, because if you filed your own Schedule C before you probably wouldn’t be asking. Run it by them (or get an accountant) to make sure you’re on the same page with how you’re going to track and file everything