Subject:
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Re: Taxes from Lego auctions?
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Newsgroups:
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lugnet.market.theory
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Date:
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Wed, 5 Apr 2000 17:03:20 GMT
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Viewed:
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2128 times
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> > Should a Lego collector claim sets s/he sells on ebay or serious collector or
> > anywhere else on their taxes? I don't see a point in doing that if let's say
> > I buy some lego sets for 1,000 bucks, build a couple creations with them, then
> > sell them for 1,000 bucks and use the money to buy other lego sets? There is
> > no income here and the hours of labor put into disassembling, sorting,
> > building and packaging the sets would come up to a loss, not profit.
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).
--
Frank Filz
-----------------------------
Work: mailto:ffilz@us.ibm.com (business only please)
Home: mailto:ffilz@mindspring.com
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Message has 1 Reply:
 | | 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 (...) (24 years ago, 6-Apr-00, to lugnet.market.theory)
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Message is in Reply To:
| | 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, (...) (24 years ago, 5-Apr-00, to lugnet.market.theory)
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