Subject:
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Re: Brickshops and Taxes???
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Newsgroups:
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lugnet.market.brickshops
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Date:
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Wed, 9 Apr 2003 00:20:46 GMT
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Viewed:
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1384 times
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In lugnet.market.brickshops, Sun Yun writes:
> 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 right.
>
> Any help or advice would be greatly appreciated.
>
> sun
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.
Paul Sinasohn
Former CPA staff person
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Message has 1 Reply:
 | | 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 (...) (22 years ago, 9-Apr-03, to lugnet.market.brickshops)
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Message is in Reply To:
| | 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 (...) (22 years ago, 8-Apr-03, to lugnet.market.brickshops)
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