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Levels Tought:
Elementary,Middle School,High School,College,University,PHD
| Teaching Since: | May 2017 |
| Last Sign in: | 401 Weeks Ago, 1 Day Ago |
| Questions Answered: | 66690 |
| Tutorials Posted: | 66688 |
MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
I like to collect coins (gold and silver mostly) as well as stamps and some other items. Some of these I was given a long time ago, some are new and some I still buy. I'm now the proud owner of a mortgage and it seems like selling off my hobby items and putting the proceeds into my mortgage is a good idea. I already work full time and am earning over 80k a year. Do I need to pay tax on the money I get for selling my collectables or can I just continue to buy and sell them putting the proceeds towards my mortgage? Perhaps there is a dollar limit per year that I can't cross? (kind of like how you can only sell so many cars per year before being considered a professional used car dealer).
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