Subject:
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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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Fri, 17 Dec 1999 05:41:24 GMT
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Viewed:
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525 times
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I have been thinking about this issue for a long time and the recent
discussions about states going after auctioneers and fining them made me
wonder...
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.
My biggest concern here is Ebay. They track the transactions people did
there. Another thing would be RTL where noone gives a rat's what anybody does
and is just like making a deal with someone on the street.
Any thoughts on this? If you would not feel comfortable replying here since
the messages here are being logged then let's take it to e-mail. I'm
interested to hear what other more experienced people have to say.
--Dan
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Message has 2 Replies:
 | | Re: Taxes from Lego auctions?
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| (...) You can not claim the value of your own time against the transaction, but in the case listed above, you made no money so you have no income to claim. You simply sold something for the same amount that you bought it for, realizing no gain or (...) (25 years ago, 17-Dec-99, to lugnet.market.theory)
| | | 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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