Tax law change for Jan 1 2011

[the blob]

A 1099 is self employed income,so can you also claim comic book losses then? So how does the hobby tax come into effect? as in being better,or obsolete? I see nothing but swiss cheese.

 

well, it's not a hobby tax, it's just if you claim a loss on your side business (is it 2 out of 3 years?) they consider it a hobby, not a business, and you can't claim a loss.

 

at the very least, selling your Spidey 1 for $10K less than you paid for it slabbed at the peak of the market would offset the $10K profit you made selling the Hulk 1 you bought off the newstand. it's just ahuge PITA documenting all of this and this is where the IRS hopes to nail you. who the heck has a receipt for something they bought at a convention in 1994? but paypal goes back pretty far, so you ought to be able to figure out what you paid for a slab in 2002 you paid for with paypal. it's one thing i like about them, but i'd hate for the IRS to get that info.