 | | When a hobby becomes a business, cost basis, income taxes, etc. —Ben Gatrelle
| | | | Posted to .buy-sell-trade and .auctions, FU set to market.theory I notice that the trend is definitely toward selling parts rather than sets. In the past I have sold, mostly on eBay, mostly complete sets. I have purchased a selection of sets on (...) (24 years ago, 29-Sep-00, to lugnet.market.buy-sell-trade, lugnet.market.auction, lugnet.market.theory)
| | | | | | | | | | Re: When a hobby becomes a business, cost basis, income taxes, etc. —Scott Edward Sanburn
| | | | | | Ben, If you have a job already, and you earn more than x (I think it is 500.00),any and all income is considered income, if i ti s not a business, including E-Bay, Brickbay, etc. You have to pay both state, national, and maybe local tax, depending (...) (24 years ago, 29-Sep-00, to lugnet.market.theory)
| | | | | | | | | | | | Re: When a hobby becomes a business, cost basis, income taxes, etc. —Bruce Schlickbernd
| | | | | | (...) In California at least, you can go to the State Board of Equalization (offices all over the place) and become a licensed reseller. If there is a fee, it is a paltry one. You have to keep track of expenses and sales and pay taxes (special state (...) (24 years ago, 29-Sep-00, to lugnet.market.theory)
| | | | | | | | | | | | Re: When a hobby becomes a business, cost basis, income taxes, etc. —Geoffrey Hyde
| | | | | | Actually, the first thing to do is to see if what you're doing qualifies itself as income. If it is regular, if you regularly get money from doing this, if you consider this work, etc. Basically, are you going into this with the intent of being a (...) (24 years ago, 30-Sep-00, to lugnet.market.theory)
| | | | | | | | | | | | Re: When a hobby becomes a business, cost basis, income taxes, etc. —Clifton D. Chambers
| | | | | | Ben, You raised some good points and I knew I remembered some details from the classes I took back in the high school (don't ask). Publication 17 from the IRS details that you are allowed to deduct your hobby expenses up to the amount of hobby (...) (24 years ago, 30-Sep-00, to lugnet.market.theory)
| | | | | | | | | | | | Re: When a hobby becomes a business, cost basis, income taxes, etc. —Alan Demlow
| | | | | | In lugnet.market.buy-sell-trade, Ben Gatrelle writes: After having thought about this awhile and calling the IRS (but I'm not an account and YMMV), my understanding is the following. If you aren't a business, then any individual sets you sell and (...) (24 years ago, 30-Sep-00, to lugnet.market.theory)
| | | | | | | | | | | | Re: When a hobby becomes a business, cost basis, income taxes, etc. —Mark Koeberl
| | | | | (...) snip... (...) I don't have the answers, but I'd like to know them. If you're going to shoot for a full-blown business, keep track of your expenses. Include not only the cost of the sets, but travel expense(keep track of mileage), try to set up (...) (24 years ago, 30-Sep-00, to lugnet.market.theory)
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