Subject:
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Re: When a hobby becomes a business, cost basis, income taxes, etc.
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Newsgroups:
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lugnet.market.theory
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Date:
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Fri, 29 Sep 2000 21:23:38 GMT
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Viewed:
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605 times
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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 on where you live. If you are going to be a
busniess, yuou need to file business tax forms, including state and federal
forms as well. Think well before you start dong this, there is a ton of
paperwork, legalities, etc. It is a pain, let me assure you.
Scott S.
--
Want LEGO Elements at Great Prices?
Visit The Sanburn Systems Company
www.sanburnsystems.com
Scott E. Sanburn, Owner
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Message is in Reply To:
 | | When a hobby becomes a business, cost basis, income taxes, etc.
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| 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)
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