Yes it will.
" I’ve considered getting back into the hobby but unfortunately I’ve been priced out & feel as if moving on is my best option…"
There is a Way, unless you want the Top 0,1% Stuff. Take the rough, unsexy Way with many Sacrifices → worth it!
The US is really good at taxing the little guy.
Also US taxes are forever. Even if you live outside the US and make money outside the US, Uncle Sam wants a cut.
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There are a lot of vested interests in keeping the tax system convoluted unfortunately.
The well informed pay accountants to legally avoid (not evade) taxes through loopholes or some “fancy footwork” that many are not privy to or have access to. Evasion leads to jail, while legal avoidance is just good business. If you can’t beat 'em, join 'em. Saving a few hundred bucks avoiding a CPA costs a lot more than that through tax inefficiency in almost all circumstances.
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Anything you profit from the US wants a share. As a collectible investor your profits are taxed higher than most taxable income. The US would rather have you invest in the stock market than collectibles therefor taxing collectibles higher than stock market profits.
I’m sure you can count losses but better talk to a tax lawyer and or accountant.
Yep, companies like Intuit and HR Block spend millions a year fighting sensible simple tax filing systems. The US has by far the most convoluted tax filing system in the world and fixes are shot down by the people making money from it being overly-complicated.