Haven’t sold anything major in my collection yet but if you sell a bigger item you must claim it right?
Like if you sold a 2k charizard for 1k and made 1k profit over a year or soemthing.
You just claim the 1k profit?
idk how many people actually put things on their taxes but I’m curious because I don’t want to get in shit 
I only do taxes if PayPal sends me the tax form.
You must meet both requirements:
Sell 200+ items & over $20k in sales.
Yeah that seems reasonable, thanks for the response.
I would like to see other people’s view on this topic because I think everyone is a lil different.
Most of the time I want to sell something I honestly just want to trade cards but if I turn it into cash, I suddenly owe the government?
I dont know how it works lmao
Where do you live?
In most cases, you don’t have to worry about the odd sale here or there. If you,re talking tens of thousands then it,s a different story…
Hate to be a buzzkill, but…
IRS taxes all “gross income.” Gross income = “all income from whatever source derived.” linkSo basically, the IRS taxes all income, unless an exemption applies.
This is an issue in all collectible markets where there might not be much of a paper trail.
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edit:
Just for transparency, I am not a tax professional. Nor do I sell cards. I am just aware of that definition. 
For the average collector, that dosent work to much with sales, If they buy a psa 9 1st edition zard for X amount, then sell it 8 months later for X amount and make a profit, that is not income and does not meet any of those 15 requirements.
I like the amount of conversion going on with this topic, some more things are starting to feel a little more clear.
So If I held an item for personal collecting for 1 year and say accidentally made 500$ in the process, should I claim it?
Does time make a difference or plans for the item make a difference? I’m not a business by any means
I would only be worried about taxes if you are profiting 10k+
Any “small” amount wouldn’t be enough for the irs to even notice (or care about)
I have a CPA do my taxes
Ebay/paypal aren’t going to report anything unless you’ve got more than $20k in sales.
I would be more inclined to look down the avenue of avoiding to pay taxes at all costs rather than questioning how much you need to declare.
But for conversations sake, if its through a business, yes (unless you profited below the threshold. Tax forms will weed that out for you)
otherwise, if you get paid cash, no
if you have a paypal account the limits are described above. I would even try to avoid it anyway you can and failing to provide a SSN helps.
If it was a personal check I also wouldnt worry considerably unless it hits five figures.
Not a fan of the tax man, they get enough out of everyone. Protect your hard earned money!
Technically the Internal Revenue Code requires all income be reported. Typically, if you meet the threshold from Ebay/Paypal the IRS will send you and the IRS a 1099. That means they will be expecting you to report it on your business/individual tax return and they will demand proper payment.
Important to note that the IRS taxes collectibles differently than your ordinary rate. They want works of art, metals, stamps, coins and Pokémon Cards to be taxed at a special 28% rate. Their basis for this is that you aren’t really providing capital or services when holding collectibles (unlike bonds or stock, where a business is using the money you gave them for the financial instrument) but rather simply holding on to items of the past for sentimental reasons. I strongly disagree with their reasoning but that’s what they say. The special 28% rate may be higher or lower than your ordinary rate. Technically, if your taxable income is above $220,000 it is a slightly lower rate than your ordinary rate. Unfortunately, one cannot simply claim it as inventory for a business to avoid the surtax unless you have REPORTED TO THE IRS profit from your business of about $300 for the past 3 years.
This is generally speaking I don’t have the figures right in front of me.
For Australia you wouldn’t have to worry unless your sale of product constitutes a business aiming to make a profit and is not classified as a hobby. As long as you were doing it on the side I think it would be very difficult to argue it is not a hobby.
Quite different to American rules of course.