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<p>[QUOTE=&quot;Owle, post: 1267695, member: 22004&quot;]You could be taxed for self-employment business if they want to prove their case, I have not known of a case where either the state or federal tax people have done this.&nbsp; The difference between self-employment income and investment or hobby income is significant.&nbsp; Once upon a time they probably made cases out of this, but less and less these days.&nbsp; I have heard of a couple dealers being audited, but this too is infrequent.&nbsp; I once spoke to JJ Van Grover about his having been audited by the NYC tax department and he was accurate down to the farthing he said.&nbsp; </p><p><br /></p><p>Tax non-compliance is fairly substantial these days, and of course, there are huge ranges of violations, from a few hundred here and there to six and seven figures.&nbsp; If people had really accurate auditors to get all their deductions, etc., the tax quickly gets minimized.&nbsp; It is more the value of seeing the numbers and the gross and net profits that gives those buying and selling a good idea of whether it is profitable or not.&nbsp; </p><p><br /></p><p>Theoretically book-keeping and accounting are supposed to be done a certain way.&nbsp; Accountants know that if their customers pay more than they expect to, they may lose customers to other CPAs with different methods.&nbsp; Accountants told me how customers had eluded taxes with separate bank accounts, cashing checks at the payee&#039;s bank, etc..&nbsp;&nbsp; They know all the tricks, and unfortunately, an honest filer may have to work to get the accountant to do it honestly.&nbsp; That has been my experience.[/QUOTE]</p><p><br /></p>

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