 | | 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 (...) (21 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 (...) (21 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 (...) (21 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. (...) (21 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 (...) (21 years ago, 8-Apr-03, to lugnet.market.brickshops)
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