Mike273

Do the sellers send you 1099’s? If so then the IRS is aware of the income. If they are not aware of the income you are on the honor system and either a) violating IRS laws out of ignorance or b) intentionally violating them - either way it’s a risk you’re taking. PayPal GoodsServices also issues a 1099 and in sometime all payment processors will be required to.

Am I over thinking this? If I consigned a few comics and got a large check for a silver age key how would the IRS know? I don't have proper records from collecting over the years TBH. (waiting for people to lecture me about the IRS :-) )

Hi Everyone - I'm really new to this group but have been collecting for most of my life. I've been thinking about setting up a LLC - I'd be able to deduct mileage to local cons, hosting charges, postage, bags/boards etc. I've run a s-corp before around IT consulting so I'm not adverse to tracking expenses getting a CPA etc. My question is - how do you handle transferring your personal assets (big comic collection worth a lot of money) into a corporate structure? My PC is insured at $150K - with the recent run up in prices it's probably worth more. I'm older now and none of my kids are interested in inheriting it except a few copies for sentimental reasons (my daughter loves Hawkeye, my son wants a Garfield strip!). Has anyone done this before? What was involved in doing it? I'm afraid of opening up a tax nightmare here - over all these years I have never bothered to keep receipts and ever even thought about selling comics. Am I overthinking it? Can I just incorporate, start selling, subtract my expenses and declare the rest as profit? Or do I need to have my current collection somehow "transferred" into the corporation - the way people will do with real estate into LLC's? Michael