quote:

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Originally posted by sdematt:
I think all these prices increases are giving me an ulcer.

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quote:

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Originally posted by bigbob585:
goyf is now $100 at fireball... FS hasn't been under $85 a box since goyf hit 50.. Now there's nowhere that's selling them for less than $100... I would know because I just bought all of the ones online that were

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and you're welcome pox.

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Originally posted by bigbob585:
the gathering ground and DAcardworld were all above 100 at that point. I had a chance to buy 86 boxes at 85ea 2 months ago when goyf jumped to 50 but only bought 12. I just picked up the last 26 though.

and you're welcome pox.

You can also thank me for the massive increase of the DCI lightning bolts from it's 15-20 up to $35 just before reprinting. I had been hoarding them for years

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They've been worthless for 15 years now, time to create a new buzz around them!

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Originally posted by -PoX-:
Just start buying all the leftover Fallen Empires packs.

They've been worthless for 15 years now, time to create a new buzz around them!

If anyone here is about to go to a big tournament, make a thrull / homarid deck and watch the cash roll in.

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The result in a year or so: the number of active players will drop, a lot of dealers will be stuck with their massive stacks of cards that cannot sell and will not want to drop their prices in fear of losing what they invested.

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Originally posted by Jonnyjonski:
you will be happy to know that you can write off your spending on Magic Cards as a hobby. Yes!! You can write off your hobbies on your taxes. My hobby is Magic the Gathering. As long as you aren't claiming it as income.

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quote:

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Originally posted by Jonnyjonski:
When you do your taxes and you itemize your deductions you can add your yearly spendings on your hobby. I claim Magic the Gathering as a hobby, this is my second year doing so. As long as Magic isn't a source of income for you...claimed on your returns, you can use it as a hobby. That's essentially what it is right? You don't get paid to play Magic...as a whole.

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What can you claim? Card purchases, tournament entry fees, hotel?

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Originally posted by Jonnyjonski:
Gentlemen please. When you become a little older and are paying for a house and a car and a student loan and you find yourself itemizing your deductions on your tax returns, you will be happy to know that you can write off your spending on Magic Cards as a hobby. Yes!! You can write off your hobbies on your taxes. My hobby is Magic the Gathering. As long as you aren't claiming it as income.

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Actually, that is really tricky. More likely than not, most of the people on these boards can not write off magic for several reasons. These are some of the reasons it might not be considered a hobby:

- Whether the taxpayer conducts the activity in a businesslike manner

- Time and effort expended by taxpayer with activity

- Whether the assets used in the activity are expected to appreciate in value

- The amounts of occasional profits, if any

- Taxpayers history of income or losses with respect to activity

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Originally posted by stu55:

Actually, that is really tricky. More likely than not, most of the people on these boards can not write off magic for several reasons. These are some of the reasons it might not be considered a hobby:

- Whether the taxpayer conducts the activity in a businesslike manner

- Time and effort expended by taxpayer with activity

- Whether the assets used in the activity are expected to appreciate in value

- The amounts of occasional profits, if any

- Taxpayers history of income or losses with respect to activity

Reg.Sec 1.183-2(b) lists the other factors...

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If the code can't determine you if it is business or hobby, there is a test. If for the previous 4 years plus the current year there is a profit shown then the IRS has the burden of proof to show that it is for profit.

Another point is, if you have losses in a year, you must show that it IS business related for you to write them off.

If the collection shows a decent enough increase in value, I am pretty sure that needs to be reported...whether people do it or not is a whole other thing.

quote:

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Originally posted by Jonnyjonski:
Gentlemen please. When you become a little older and are paying for a house and a car and a student loan and you find yourself itemizing your deductions on your tax returns, you will be happy to know that you can write off your spending on Magic Cards as a hobby. Yes!! You can write off your hobbies on your taxes. My hobby is Magic the Gathering. As long as you aren't claiming it as income.

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Uhhh...I don't think you quite understand the applicable tax laws. You actually can only claim those expenses as a write-off if you DO claim income from said hobby.

From http://www.irs.gov/publications/p529/ar02.html

These other expenses include the following items.

<snip>

* Hobby expenses, but generally not more than hobby income.

__________________
There's no need to fear, UNDERDOG is here!

All your Gruul Nodorogs are belong to me. Trade them to me, please!

Report rules violations.

quote:

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Originally posted by Zakman86:
Is Karakas hopping in price because of the deck that's using Loyal Retainers or am I missing something? Just out of curiosity

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@ Jonnyjonski: Who does your taxes for you? Are they self prepared or do you hire a professional?

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Originally posted by Montague:

I told nder that I would come back in and explain my opinion later, but people who are deducting Magic the Gathering Expenses on their Schedule A in excess of any income that might have been produced from this hobby, are commiting fraud. Why on earth do you think the government would give you a deduction for playing a game?
@ Jonnyjonski: Who does your taxes for you? Are they self prepared or do you hire a professional?

This is a pretty funny and interesting topic. Hobby losses are pretty complicated but I will come back tonight and address the posts above mine and any after so that we are all a little more clear on the subject. I advise people to not follow Jonny's advice on this subject.

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