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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Sat, 30 Sep 2000 19:16:44 GMT
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Reply-To:
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icestorm@inwave.comAVOIDSPAM
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Viewed:
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993 times
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Ben Gatrelle wrote:
>
> Posted to .buy-sell-trade and .auctions, FU set to market.theory • snip...
> I guess what it comes down to is does anyone know how much money you
> can "make" at a hobby before the IRS requires you to claim it as income? Or
> conversely if you say this is a business and you are trying to make a profit,
> what do you do about the pieces and/or sets you keep? Do you include this as a
> Research and development cost? I guess I need to talk to a CPA or bookkeeper
> about what I can and cannot do if I want to jump into this selling thing with
> both feet, or just one foot.
>
> This is too long already so...
> Any comments would be appreciated
>
> BEN GATRELLE
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 a home office, include items needed to
support your sales, such as a scanner, computer, ISP and phone costs, and
how much time you spend on this business. I'm sure I'm missing points. Not
to encourage you down a criminal track, but way the expenses of doing these
auctions legit vs. trying to stay under the radar. Unless your going to make
your living off this, I wouldn't rush to work with the IRS. JMO.
Ice
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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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