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Originally Posted by premium1981
PS....This advise is coming from an accountant who specializes in taxes. Not from some random person wanting
to hear themselves talk.
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You may be an accountant but that doesn't mean you are following along. A 1031 exchange, great. How does that help the OP asking about cards? How does it help wcjohnson who wants to use it on cards the same way he did for real estate?
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Originally Posted by wcjohnson
What if you reinvest the money you earn do they still charge you income tax. Thats crooked because its rarely all profit.
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Everyone was initially responding to this.
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That is exactly the issue. Offsetting gains to keep from paying taxes.
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"Not at issue." Meaning it was never debated. Everyone agrees here that you can offset gains with expenses.
Look, I'll yield to your expertise in the field but stay with the topic here. Practical advice for amateurs and hobbyists. I would hope anyone doing this as a business would already be accessing professional advice.
Anyone in it as a hobby or as a way to pay for the habit should probably avoid complicated tax strategies that can end up doing more harm than good.