 | | Re: Taxes from Lego auctions?
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(...) I gave the IRS a call about this since (as I'm sure most of you are aware) it's tax time and I wanted to know what to do with Lego income. The basic answer is that profits from selling sets (or parts) should be counted as capital gains, (...) (25 years ago, 5-Apr-00, to lugnet.market.theory)
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| | Re: Taxes from Lego auctions?
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(...) One point on the above - (in the US [and remember, IANAL]) you don't get to deduct the hours you spend (though if you paid some kid to dissassemble and sort the parts, then you could deduct that expense). (25 years ago, 5-Apr-00, to lugnet.market.theory)
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| | Re: Taxes from Lego auctions?
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(...) So get togehter with a local lugnetter, and pay each other to sort sets. Make up any time differential by altering the hourly wage, so you each pay the other the same amount as you receive. Course, you then have to pay taxes related to being (...) (25 years ago, 6-Apr-00, to lugnet.market.theory)
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| | Re: Taxes from Lego auctions?
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(...) But wouldn't you have to pay taxes only if you show a profit? There would be withholding and SS taxes that would have to be paid in if you made a business out of lego trading, and the SS could not be recovered. However, the deductions may (...) (25 years ago, 8-Apr-00, to lugnet.market.theory)
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