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So I have noticed some changes to BrickLink.

1. I have to keep logging in despite selecting "stay logged in"

2. When updating inventory each "submit" takes between 20 and 50 seconds to complete

3. Brickstock is struggling, particularly loading images.

4. Attempting to access forum results in the same lag as updating inventory.

all the while searching catalog and making purchases are super quick.

I can only wonder why? Same for anyone else?

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5 minutes ago, thebrickdad said:

You need to get in touch with a quality UK based seller who ships globally. I've even got clients in the USA - go figure! emoji16.png

If you can ship 75262 to Australia , PM away. ?

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If you can ship 75262 to Australia , PM away.

PM me your price if you’re still shopping For more than one.

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I apologize if this has been answered before but how do bricklink store owners handle taxes?  I plan on eventually opening a bricklink store and prefer to to my own taxes.  How does one handle parts?  Lets say I buy a bulk lot of lego or part out a new set.  How would that be recorded? Deductions? etc.

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21 minutes ago, stackables said:

I apologize if this has been answered before but how do bricklink store owners handle taxes?  I plan on eventually opening a bricklink store and prefer to to my own taxes.  How does one handle parts?  Lets say I buy a bulk lot of lego or part out a new set.  How would that be recorded? Deductions? etc.

Its all up to you and your accountant to work out.  BrickLink doesn't report anything or give you a 1099.  

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5 minutes ago, DadsAFOL said:

Its all up to you and your accountant to work out.  BrickLink doesn't report anything or give you a 1099.  

How did you do yours?  I do my own taxes.

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3 hours ago, stackables said:

I apologize if this has been answered before but how do bricklink store owners handle taxes?  I plan on eventually opening a bricklink store and prefer to to my own taxes.  How does one handle parts?  Lets say I buy a bulk lot of lego or part out a new set.  How would that be recorded? Deductions? etc.

Bricklink doesnt, but PayPal will 1099 you if you sell enough.  Just keep good records of all expenses that you incur to deduct from the proceeds on your 1099.  That's the basic of it, all depends on how serious you get though. 

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11 hours ago, stackables said:

I apologize if this has been answered before but how do bricklink store owners handle taxes?  I plan on eventually opening a bricklink store and prefer to to my own taxes.  How does one handle parts?  Lets say I buy a bulk lot of lego or part out a new set.  How would that be recorded? Deductions? etc.

I went through a nightmare a few years back, due to a mistake made by a professional tax preparer (missed a “0”) turning a 5 figure gross income into a 4 figure sum. 
Accountants don’t seem to comprehend this type of business, however the one that guided me through the mess did, and converted my inventory into what they call “FIFO” (first in first out) basically all your stock purchases are subtracted from your gross sales each year. It is the easiest method by far, as you don’t have to assign a cost to each piece (and minifigure).

Paypal will issue a 1099 for receipts totaling $20,000 or more AND more than 200 transactions. They don’t send it to you, you have to go find it and print it.

Now bare in mind you are considered a business if you buy a good or goods with the intention of selling for a profit. Regardless of how much you make.

I would strongly advise against “it’s only a hobby” and ignore your $12,000 unreported income. It’ll bite you sooner or later.

Register your business with the state, you can then make tax exempt purchases from some sources, such as Amazon and Walmart. Means you have to charge in-state sales tax, but the benefits far outweigh the extra work reporting. 

You may find free tax prep in your area, it’s called VITA (volunteer income tax assistance) we use this. It’s basically graduating accountants supervised by a senior accountant, who where we go used to work for the IRS and he knows every single creative deduction.

This is based on the assumption you are in the USA 

 

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6 minutes ago, Al Legorical said:

I went through a nightmare a few years back, due to a mistake made by a professional tax preparer (missed a “0”) turning a 5 figure gross income into a 4 figure sum. 
Accountants don’t seem to comprehend this type of business, however the one that guided me through the mess did, and converted my inventory into what they call “FIFO” (first in first out) basically all your stock purchases are subtracted from your gross sales each year. It is the easiest method by far, as you don’t have to assign a cost to each piece (and minifigure).

Paypal will issue a 1099 for receipts totaling $20,000 or more AND more than 200 transactions. They don’t send it to you, you have to go find it and print it.

Now bare in mind you are considered a business if you buy a good or goods with the intention of selling for a profit. Regardless of how much you make.

I would strongly advise against “it’s only a hobby” and ignore your $12,000 unreported income. It’ll bite you sooner or later.

Register your business with the state, you can then make tax exempt purchases from some sources, such as Amazon and Walmart. Means you have to charge in-state sales tax, but the benefits far outweigh the extra work reporting. 

You may find free tax prep in your area, it’s called VITA (volunteer income tax assistance) we use this. It’s basically graduating accountants supervised by a senior accountant, who where we go used to work for the IRS and he knows every single creative deduction.

This is based on the assumption you are in the USA 

 

I will look into the FIFO method.  This is definitely still a hobby to me but I want to thin my inventory a little.  I don't plan on doing a lot of sales but want to generate another revenue stream to help support my collecting.  I know the basics of selling online just not the weird instances like if I buy a bulk minifig collection and sell each one or part out a set.  There is basically no reason to declare your selling a hobby now since you can't deduct your expenses.  I believe that is a new tax rule.  I have to figure out a method to not get high off my own supply too.  Determining what I want to add to my collection and what I plan to sell for a profit in the future. 

8 hours ago, NIevo said:

Bricklink doesnt, but PayPal will 1099 you if you sell enough.  Just keep good records of all expenses that you incur to deduct from the proceeds on your 1099.  That's the basic of it, all depends on how serious you get though. 

My main question is how do you do that with sets you part out.  It is easy to keep track of a set you buy then sell.  You know the price you paid and the price you sold it at.  Now what do you do if you part the set out and sell the pieces and minfigs separate?

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My main question is how do you do that with sets you part out.  It is easy to keep track of a set you buy then sell.  You know the price you paid and the price you sold it at.  Now what do you do if you part the set out and sell the pieces and minfigs separate?
I simply report all my purchases in a given year as my cost of doing business, and all my sales for that year as revenue. First few years I ran a loss, now I am reporting profits which get taxed. My accountant sanctioned this method and it is super simple.

I did develop a complex database system that parted sets out and assigned a buy-in value based on weight of the piece vs weight of the total set, but I abandonded that pretty quickly as it was just too cumbersome to use when the above method is equally usable.
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On 2/8/2020 at 8:32 AM, Phil B said:

I simply report all my purchases in a given year as my cost of doing business, and all my sales for that year as revenue. First few years I ran a loss, now I am reporting profits which get taxed. My accountant sanctioned this method and it is super simple.

You actually cannot expense all your purchases unless you sell all your purchases in a given year.

(Beginning inventory + purchases) less remaining inventory = what you can expense.  Meaning, what you can deduct from your total revenue.  The inventory you have left at the end of a year is considered an asset, not an expense.  And you don't have to make valuing your inventory overly complicated.  Just determine a reasonable value.

To me, the easiest thing to do is use an accounting program.  Enter every purchase as you go while assigning the individual items to inventory.  For bulk lots and loose brick, just create one inventory item (or more as you prefer).  Enter the sales information from all your 1099's, etc.  The accounting program will have a report showing your total inventory (beginning + purchases) where you can enter your year end inventory as an adjustment.  Then when you run a P&L, your program will show the difference as your expenses.  An accounting program may sound daunting if you are not familiar with basic accounting principles but its really simple math and balancing numbers.  Most every program has tons of tutorial info and Google is your friend.

If you are just starting out, or keeping things small, you could use speadsheets as well.  Once setup however, an accounting program is far more efficient to use.

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On ‎2‎/‎7‎/‎2020 at 9:28 PM, stackables said:

I apologize if this has been answered before but how do bricklink store owners handle taxes?  I plan on eventually opening a bricklink store and prefer to to my own taxes.  How does one handle parts?  Lets say I buy a bulk lot of lego or part out a new set.  How would that be recorded? Deductions? etc.

Sets I part out and bulk lot purchases I count as a materials & supplies expense.  Because my finished product is whatever combination and quantity of loose pieces comprise the customer's order.

Plus, with the bulk lot purchases, some of the pieces might have been used to complete a used set I sell on eBay, and other pieces go into a drawer for sale on Bricklink. Easier than trying to come up with a scheme to keep track of all the different directions a piece might go.

Edited by hockeyweasel
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