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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Sat, 8 Apr 2000 20:57:07 GMT
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Reply-To:
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icestorm@STOPSPAMMERSinwave.com
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Viewed:
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894 times
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Steve Bliss wrote:
>
> In lugnet.market.theory, Frank Filz wrote:
>
> > > > 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).
>
> 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 an employer, so it's
> a net loss.
>
> Stupid gubmint.
>
> Steve
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 offset any wage or capital gains. Deductions if you're
doing this as a business may include travel/car depreciation, cost of legos,
computer and internet connection if needed to sell the legos, scanner or
digital camera, and I'm sure more.
Aren't there some people that make a business selling on Ebay with other
items? Does Ebay offer any info for those interested in turning
professional? Just a thought.
Mark
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Message is in Reply To:
 | | 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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