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Question about filling out tax forms on collectibles.

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Situation: I sold some comics...
Question about filling out tax forms on collectibles. Situation: I sold some comics on ebay. Overall, about 600 different sales/transactions. Most transactions were paid through Paypal so they sent a 1099-K to the IRS. So it seems like I have to fill out a Schedule D as sales of collectibles are considered capital gains. Unfortunately, I don't know the exact dates some of the comics were purchased.Question: Can I just report the total proceeds and cost for the year on Schedule D if I'm not claiming a loss? I'm fine considering them as short term gains and paying the max 28% on the net profit.Or do I have to fill out Form 8949 and list each transaction separately? As mentioned, it's about 600 transactions, so can I at least just attach a spreadsheet or something with the same info?Thank you for any advice!
Submitted: 8 months ago.Category: Capital Gains and Losses
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Answered in 1 minute by:
10/6/2017
Tax Expert: Mark Taylor, Certified Public Accountant replied 8 months ago
Mark Taylor
Mark Taylor, Certified Public Accountant
Category: Capital Gains and Losses
Satisfied Customers: 2,408
Experience: Certified Public Accountant
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Hi, my name is Mark. I will be happy to help you with your questions. Was this your collection or is this going to be a regular activity?

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Customer reply replied 8 months ago
A regular thing.
Tax Expert: Mark Taylor, Certified Public Accountant replied 8 months ago

If it is a regular activity the transactions should be reported on Schedule C. You would be able to deduct the ordinary and expenses associated with this income.

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Customer reply replied 8 months ago
Wouldn't I still have the same issue with having to report each transaction and having to prove the date purchased and cost of each book?
Tax Expert: Mark Taylor, Certified Public Accountant replied 8 months ago

If you were just selling a group of comic books (collection) then you would report the transactions on Schedule D. If this is a regular activity then it would be reported on schedule C. Yes, you would need to know the costs associated with the items that you sell. You would also be able to deduct other expenses related to the sales (internet, mileage, home office etc.). You would be able to deduct any ordinary and necessary expenses.

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