Tax Implications On High Pokemon Card Price

Legally, if you make a substantial profit selling Pokemon cards, you must pay capital gains tax on the pokemon card price difference. The IRS views cards as collectibles. Legally reporting this keeps you out of trouble. Illegally, many high-volume sellers operate purely in cash and under-report their pokemon card price profits to avoid taxes. This is tax evasion, a federal crime. If you are moving thousands of dollars in pokemon card price, consult a tax professional to ensure your side hustle remains strictly legal.