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Hokebury

Joined: 05/20/2003 Posts: 12332
Likes: 2450

What's this?

If you are an active trader, storage would probably be deductible, but if


this is just a one off sale, then no, only your cost in the card and the cost of the sale can offset the gain. You actually have to pay the gain regardless if you properly receive a 1099 or not. But since you received a 1099, you're screwed...sorry.

(In response to this post by jjhokie2)

Posted: 03/24/2022 at 3:56PM


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Current Thread:
 
  Any accountants out there? -- jjhokie2 03/24/2022 1:53PM
  If you got a 1099- then YES- and should if didn't -- bigbadbird 03/24/2022 2:16PM
  Didn't you pay $25K for it? Guess you'll have to take a $5K loss...lol ** -- EDGEMAN 03/24/2022 2:49PM
  Not through inheritance ** -- jjhokie2 03/24/2022 2:23PM
  Then your looking at a large chunk of the amount going to tax -- bigbadbird 03/24/2022 2:24PM
  Great ** -- jjhokie2 03/24/2022 2:44PM
  Super ** -- bigbadbird 03/24/2022 2:47PM
  1st time selling and probably won’t sell again. -- jjhokie2 03/24/2022 2:21PM
  Too many to count! ;-) -- vthokieq 03/24/2022 1:58PM
  Sold for more than paid for sure. ** -- jjhokie2 03/24/2022 2:00PM
  And if you really don't feel like paying the taxes... -- Chris Coleman  03/24/2022 2:00PM
  "I can't believe what a bunch of nerds we are. We're looking up 'money -- NokieHokie 03/24/2022 2:04PM
  Well…….That’s because…… -- CrystalCoveHokie 03/24/2022 4:33PM
  Didn’t go too well in Ozark ** -- jjhokie2 03/24/2022 2:01PM
  No idea. But which card? ** -- Chris Coleman  03/24/2022 1:53PM
  MJ rookie ** -- jjhokie2 03/24/2022 1:56PM
  Did they pay in CryptoRubles? ** -- bigbadbird 03/24/2022 2:20PM
  Mick Jagger? ** -- OXVT 03/24/2022 2:10PM
  Michael Jackson of course ** -- jjhokie2 03/24/2022 2:12PM
  Beat It, dude ** -- Brown Water 03/24/2022 2:35PM
  Sounds like you wanna be startin' somethin'. ** -- Spud 03/24/2022 2:43PM

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