1099-K and the new rules
So I buy stamps and sell stamps. I sell my leftovers as I upgrade my collection. When there is meat on the bone I buy stamps just to sell to make a little profit to sustain my collection without having to spend out of my regular income. This has made my wife much happier as I don't hear the complaints any longer about how much I spend on stamps or coins. I understand with the new 1099-K rules that stamps and coin sales will be taxed at 28% and you can't take any deductions as it is considered a hobby. Is the 28% on the net profit if you keep close enough track to know what that is and can prove your numbers? Or do they just tax the gross? I keep every receipt and envelopes with stamps (postal history someday). This is going to be a lot of work to figure out what I paid for some stamps. I assume if I bought a stamp 2 years ago and I have the receipt I can use that value on 2022 taxes. I don't know, I may just throw in the towel. So much for trying to be a little entreprenurial in life.