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 11:12:59 GMT
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Viewed:
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1459 times
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In lugnet.market.brickshops, Sun Yun writes:
> In lugnet.market.brickshops, Ray Silva writes:
> > 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 drive the car to get you to the store to buy
> > the item, etc. the computer you bought to browse the internet and sell your
> > items over the internet MAY be deductible too.
>
> 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 don't
> do anything, that's a valid response as far as I'm concerned.
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 and you should consult an attorney or tax
professional for advice about your particular situation. :-)
Hope that helps.
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Message has 1 Reply:
 | | Re: Brickshops and Taxes???
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| (...) I'm not sure if this is applicable, but in my tax software, I am prompted for "hobby income" which can apparently be written off up to the level at which you invested in said hobby. So for example, if LEGO is your hobby and you spent $1,000 on (...) (21 years ago, 9-Apr-03, to lugnet.market.brickshops)
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Message is in Reply To:
| | 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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