How Sports Card Sellers Can Avoid Big Tax Mistakes in 2025

How to Avoid IRS Trouble When You Hit a Big Sports Card Win

When you pull a huge sports card hit, maybe even that 1 of 1 worth thousands, the last thing on your mind is taxes. But what happens when the IRS comes calling about that $500,000 bank deposit? This episode dives deep into what every sports card investor, collector, and breaker must know about taxes, bookkeeping, and turning your passion into a legit business. Learn how to structure your finances, protect your income, and keep more of your profits from every sale, break, and flip.

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🔹 What happens when you sell a high-value card and how the IRS tracks your income
🔹 The difference between hobby and business taxes for collectors and resellers
🔹 How to avoid the 28% collectibles tax and qualify for better deductions
🔹 When and why to form an LLC or S Corporation for your card-selling business
🔹 Common mistakes breakers and resellers make when it comes to 1099s and write-offs
🔹 The importance of keeping business and personal funds separate
🔹 Smart bookkeeping practices and tax-saving strategies every card seller should know
🔹 How to manage self-employment taxes when reselling on Whatnot, Fanatics, or eBay
🔹 Why tracking your expenses and documenting purchases protects you during an audit

🚀 Want more tax-saving strategies for your sports card business?
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📞 Need help with your taxes or bookkeeping?
Schedule a FREE consultation here: https://sportscardtaxguy.com/contact-us

📧 Email: [email protected]
📞 Call: 954-882-7522
🏢 Office: Gainesville, FL (Servicing All 50 States)

🔗 Follow for daily tax and business tips:
🌐 Website: https://sportscardtaxguy.com/
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Chapters:
00:00 Introduction & The Tax Shock
01:01 Meet Jonny, The Sports Card Tax Guy
02:03 Jonny's Background & Credentials
04:35 Starting a Business in the Hobby
07:17 Breaking & Financial Mistakes
09:48 Business vs. Hobby & When to Form an LLC
12:45 The Biggest Mistake: Self-Employment Taxes
17:25 How Top Performers Structure Their Businesses
19:34 The Implications of a Big Hit
21:43 What Collectors Aren't Asking
23:49 Advice for New Sellers & Side Hustles
25:50 Business Banking, Credit Cards & Travel
29:02 The "Tax Pack" Cards & Services
31:24 Rapid Fire Tax Questions
33:33 Closing Thoughts & Where to Find Jonny

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