Lost Card for Tax Purposes?

asymmetricalbet · 07-30-2024, 01:56 AM

Hey all...

I have a basketball card I lost. No, I'm not asking you to be my accountant. Just curious if anyone has dealt with this before. Were you able to write off the whole amount as a loss? What happens if I find it later?

Thanks

BTW, if this is the wrong forum section, please feel free to move it.

jmsc · 07-30-2024, 08:46 AM

If you file IRS Schedule C, Yes, you can write it off as a business loss.

I did this year in a similar situation (a non-payment),

If you are just a hobbyist, you could have written it off on Schedule A Casualty and Theft several years ago. No longer allowed unless:

"You can only deduct personal casualty and theft losses attributable to a federally declared disaster..."

Hope this helps.

jcardstore · 07-30-2024, 09:40 AM

I too "lose" my most expensive cards so I can write them off on taxes.

jcardstore · 07-30-2024, 09:47 AM

Seems like OP is consistently trying to find creative ways to cheat on his taxes

https://www.blowoutforums.com/showthread.php?t=1574191

Bosoxfan5990 · 07-30-2024, 10:10 AM

Quote:

Originally Posted by jcardstore

Seems like OP is consistently trying to find creative ways to cheat on his taxes

https://www.blowoutforums.com/showthread.php?t=1574191

OMG

JustinVerlander07 · 07-30-2024, 10:13 AM

Quote:

Originally Posted by jcardstore

Seems like OP is consistently trying to find creative ways to cheat on his taxes

https://www.blowoutforums.com/showthread.php?t=1574191

Nice find!! LMAO

Boo · 07-30-2024, 10:21 AM

So I can lose my most expensive cards, write them off and then sell them for cash at a show? Nice!

oldgoldy97 · 07-30-2024, 10:37 AM

You could also get lost.

asujbl · 07-30-2024, 10:43 AM

Gold Jerry. Gold

jhssketchcards · 07-30-2024, 10:02 PM

Funny story. I was doing some tax prep for this next year and cane across an article about claiming losses etc. What was interesting is if you (or I) pay $30 for anything, and sell at a loss, the sell price is not taxable as income. If you can show receipts and purchase dates and then bill of sale at a lower price, you can write that off as a loss.

Sent from my iPhone using Tapatalk

nbahobbyaddict · 07-31-2024, 08:03 AM

Quote:

Originally Posted by jcardstore

Seems like OP is consistently trying to find creative ways to cheat on his taxes

https://www.blowoutforums.com/showthread.php?t=1574191

Lmaooooooo

asujbl · 07-31-2024, 09:00 AM

Quote:

Originally Posted by jhssketchcards

Funny story. I was doing some tax prep for this next year and cane across an article about claiming losses etc. What was interesting is if you (or I) pay $30 for anything, and sell at a loss, the sell price is not taxable as income. If you can show receipts and purchase dates and then bill of sale at a lower price, you can write that off as a loss.

Sent from my iPhone using Tapatalk

Is this a funny story? We have different definitions of humor

Are you a business in this story? You better be

auctionjmm · 08-01-2024, 06:59 AM

Quote:

Originally Posted by jhssketchcards

Funny story. I was doing some tax prep for this next year and cane across an article about claiming losses etc. What was interesting is if you (or I) pay $30 for anything, and sell at a loss, the sell price is not taxable as income. If you can show receipts and purchase dates and then bill of sale at a lower price, you can write that off as a loss.

Sent from my iPhone using Tapatalk

How is this funny or even interesting? The entire retail world wouldn't exist if all revenue was taxed!

Of course the cost basis is tax exempt!

07-30-2024, 01:56 AM	#1
asymmetricalbet Member Join Date: Nov 2023 Posts: 137	Lost Card for Tax Purposes? Hey all... I have a basketball card I lost. No, I'm not asking you to be my accountant. Just curious if anyone has dealt with this before. Were you able to write off the whole amount as a loss? What happens if I find it later? Thanks BTW, if this is the wrong forum section, please feel free to move it.

07-30-2024, 09:40 AM	#3
jcardstore Member Join Date: Mar 2014 Posts: 21,724 Jcardstore	I too "lose" my most expensive cards so I can write them off on taxes. __________________ Just moonwalking through hell on my last brain cell

07-30-2024, 09:47 AM	#4
jcardstore Member Join Date: Mar 2014 Posts: 21,724 Jcardstore	Seems like OP is consistently trying to find creative ways to cheat on his taxes https://www.blowoutforums.com/showthread.php?t=1574191 __________________ Just moonwalking through hell on my last brain cell

07-30-2024, 10:21 AM	#7
Boo Member Join Date: Jul 2007 Location: PA Posts: 55,104 klay22	So I can lose my most expensive cards, write them off and then sell them for cash at a show? Nice! __________________ I have found that flicking through a few threads on my smartphone is a great way to pass some time while "stocking the pond."Hairy 6/7/12 “ I feel you, brother. Welcome to East Berlin, circa 1963.” Hairy 5/9/20

07-30-2024, 10:43 AM	#9
asujbl Member Join Date: Jun 2010 Posts: 62,314 ohiosundevils	Gold Jerry. Gold __________________ https://ohiosundevils.smugmug.com/ Browns/Cavs/Tribe/Buckeyes/Jackets/Devils TheFrenzy - “Blowout ain't a place for normies”

07-30-2024, 08:46 AM	#2
jmsc Member Join Date: Jul 2018 Posts: 50	If you file IRS Schedule C, Yes, you can write it off as a business loss. I did this year in a similar situation (a non-payment), If you are just a hobbyist, you could have written it off on Schedule A Casualty and Theft several years ago. No longer allowed unless: "You can only deduct personal casualty and theft losses attributable to a federally declared disaster..." Hope this helps.

07-30-2024, 10:37 AM	#8
oldgoldy97 Member Join Date: Jan 2009 Posts: 49,808	You could also get lost.

07-30-2024, 10:02 PM	#10
jhssketchcards Member Join Date: Jul 2014 Location: Louisiana Posts: 11,340 jhssketchcards2012	Funny story. I was doing some tax prep for this next year and cane across an article about claiming losses etc. What was interesting is if you (or I) pay $30 for anything, and sell at a loss, the sell price is not taxable as income. If you can show receipts and purchase dates and then bill of sale at a lower price, you can write that off as a loss. Sent from my iPhone using Tapatalk