 | | Re: Brickshops and Taxes???
|
|
(...) 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)
|
| |
| | Re: Brickshops and Taxes???
|
|
(...) 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)
|
| |
| | Re: Brickshops and Taxes???
|
|
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)
|
| |
| | Re: Brickshops and Taxes???
|
|
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)
|
| |
| | Re: Brickshops and Taxes???
|
|
(...) 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)
|
