 | | Re: Brickshops and Taxes???
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(...) I use Schedule C to calculate and report profit and (loss). If you use something like TurboTax, you'll also be led to stuff like calculating depreciation on items that are used in your business, as appropriate. This is not qualified tax advice (...) (23 years ago, 9-Apr-03, to lugnet.market.brickshops)
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| | Re: Brickshops and Taxes???
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(...) Sure, I mean I can write off all kinds of stuff. But what does money earned from something like this qualify as? Capital gains? Wages and tips? Other income on Schedule SE? I guess, I'd like to hear how other people are handling this. If you (...) (23 years ago, 9-Apr-03, to lugnet.market.brickshops)
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| | Re: Brickshops and Taxes???
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they key word there is "profits" and that does not mean that if you buy something for $1 and sell it for $2, you made $1 in profit....the rules of accounting allow you to deduct a lot of stuff if you are running a business....such as the gas to (...) (23 years ago, 9-Apr-03, to lugnet.market.brickshops)
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| | Re: Brickshops and Taxes???
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I'm no tax expert, so take my advice with a grain of salt, but I believe Lego profits are taxable as capital gains if you don't treat your brickshop as a business (and I called the IRS to confirm this when I had the exact same question a few years (...) (23 years ago, 9-Apr-03, to lugnet.market.brickshops)
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| | Re: Brickshops and Taxes???
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(...) Are you treating your Lego sales like a business? You would do that on Schedule C, listing all your expenses and revenues. Otherwise, it's non-taxable money, just as the profit from a garage sale would be. In other words, don't tell Uncle Sam. (...) (23 years ago, 9-Apr-03, to lugnet.market.brickshops)
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| | Brickshops and Taxes???
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So I've been working on my taxes to Uncle Sam at the last minute and I'm a bit puzzled on what to do with Bricklink and Ebay profits. How is everyone fililng these funds? As what? Under what category? I am completely lost but I'd like to do this (...) (23 years ago, 8-Apr-03, to lugnet.market.brickshops)
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| | Insectoid theme sale this week 10% off at Lasting Toys on BrickLink
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The second in our theme based weekly sales. Have fun with your LEGO! (URL) (23 years ago, 7-Apr-03, to lugnet.market.brickshops)
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| | 'Spring Cleaning' Sale...
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Hi. I have had recent success in sales in my shop, and have done pretty well overall. Not everything in my shop has sold, and there are a couple of items that I would like to be gone. Clearance Sets are: 6713 Grip N Go Challenge, was selling at my (...) (23 years ago, 6-Apr-03, to lugnet.market.brickshops)
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| | 1x1s for a penny! Other parts added soon
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I have been trying to shrink my collection in preparation for a move. Almost 30,000 1x1s tend to take up a lot of space ;-) I have added 1x1s of various colors in bulk lots of 1000 at $.01/pc. Watch my store over the next week or 2, I will be adding (...) (23 years ago, 6-Apr-03, to lugnet.market.buy-sell-trade, lugnet.market.brickshops)
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| | Yet More Train Stuff / Sopwith Camels
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Hello Train Afficionados! I've just added the following from set #4534 to my inventory: * Blue passenger wagons ($25 each, 2 in stock) - each of these has 14 of the 2 x 3 train windows in blue (with glass!). * Black steam locomotive w/tender kit (...) (23 years ago, 5-Apr-03, to lugnet.market.buy-sell-trade, lugnet.market.brickshops)
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