I report all income as well, even if some 3rd party didn’t report it. The day I get audited they’ll nitpick and find if I tried hiding anything regardless. I don’t want to come up with excuses that just tells the IRS I’m blowing smoke up their asses and then I’m in more trouble.
Yep. Keep receipts. Keep a detailed log of everything you buy and sell. You’ll be ok. It’s a lot of work, unless you are a data lunatic like me and keep all of that information just because you enjoy it for some stupid reason.
For example, I’m not a big time seller by any stretch, but I can tell you that so far in 2022 my sales have helped me recover 72.15% of what I’ve spent. I love stats.
Ok, I know you can’t give tax advice. I barely sell over the $600.
Do you have to prove the stuff you sold, was the exact same stuff you have receipts for?
For examples, I save all my comic books receipts, invoices from TFAW, etc, etc…I bet I have 5k worth of receipts that are specifically for comic books. Now, I don’t know that the stuff I sold was exactly from those receipts (some maybe, some may be older books).
Is that what I have to prove? The book I sold this year, has to have a receipt saying I bought it this year. The problem there is that at many comic ships/cons, even if I have a receipt, they generally just say “comic book” --not the exact title? Hope that question made sense.
Make sure all those cash sales are accounted for too! 
Good boy. Good boy. I went off Ebay 12/31/21. I’m never looking back
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And never deposit into any type of bank account. Must keep cash under the mattress or it’s traceable. 
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I would never ever ever do that. Unthinkable
It’s in my dresser drawer
I keep all my receipts but have the same problem. Unless I buy them online my receipts are not itemized, much less even say “comic book.”
But it has the store name which is obviously a comic shop or sells collectibles, so that along with my own records of purchase/sales will have to do should I get audited.
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My wife’s uncle is that old school. He bought his truck some years back in mattress cash lol.
I still feel bad for the millions and millions of weekend warriors who are going to be in for a surprise come January.
We, in this forum; and mostly in the entire comic community are pretty well informed and keep ourselves up-to-date on every little tiny detail. So we know and have all hopefully planned accordingly for January (if one hasn’t before ).
But in these times of costs skyrocketing, and the likely sting of heating fuel (Jan/Feb/Mar); the last thing an unknowledgeable Ebay weekend warrior needs is a 1099-K they weren’t expecting early next year.
Yea yea yea - I know they always should have been reporting. Yea yea - it’s on them to know. But not everyone is in the know like our community is and this is going to just further hurt regular joe.
Meh - just another day.
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I’m feeling happy I talked with a tax professional and she walked me through making the big spreadsheet template I’ve used for comic purchases and sales. I’ve got my big list for when tax time comes and I gotta prove where my profits went (back into buying more comics, basically).
Some people just have to learn the hard way in life.
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Are you sure you can deduct purchases of more comics that were not part of your sales?
You can deduct purchases in that given year (you might be able to do later as well but I’m not sure on the rules, I deduct the year I purchase myself) but only once. So if you buy $100 worth of books today and deduct them on your 2022 taxes, you can’t deduct them in 2023 (or any year after) when you sell them. As long as the intent when you bought them was to sell them, then you can deduct to my knowledge. Check a tax professional though.
Yeah, what @agentpoyo said, if I bought them this year and they aren’t sold yet they can be deducted. I can’t deduct them in 2023 though or deduct the cost to buy them from the profit, etc. The tax person and I discussed all this and I would recommend talking to a tax pro.
But don’t deduct things you don’t plan on selling.
Basically, any comic I own besides my Moon Knight comics eventually ends up sold.
If you can deduct all product bought in a year I shouldn’t even have to do taxes just staple my Tfaw and other online comic purchases together.
If only it were that easy…