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 12:15:22 GMT
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Viewed:
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1524 times
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In lugnet.market.brickshops, Larry Pieniazek writes:
> 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.
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 LEGO last year and made $1,200 selling extra bricks
during the same period, you would only be required to pay taxes on the extra
$200. (I hope you saved your receipts!)
Again, I am not a lawyer or CPA, so I probably don't know what I'm talking
about. I also have never tried to use this deduction, personally.
Does anyone know how this really works?
- Chris.
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Message has 1 Reply:
 | | Re: Brickshops and Taxes???
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| (...) Of course, the laws for Tax in the UK are quite different. I'm certainly not an accoutant either, but I can comment on a few things. If fact, a great many people in the UK don't even have to do their tax return, but it's required if your tax (...) (22 years ago, 23-Apr-03, to lugnet.market.brickshops)
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Message is in Reply To:
| | 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 (...) (22 years ago, 9-Apr-03, to lugnet.market.brickshops)
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