gmpirate Posted August 17, 2021 Share Posted August 17, 2021 I'm actually a big advocate of the social media thing. My son has a little business selling t-shirts, hats, sweatshirts, etc. He made up his own brand and then markets it on Tik Tok, Instagram, etc. Sells stuff all over the world. Again, its not a big business but not bad for a high school kid. He can now take that system he's developed and use it with any other business he gets involved in. Easy to switch gears once you know what to do. I wish I had the inclination to get into it. With its constantly changing landscape, its definitely a young person's game. 2 Quote Link to comment Share on other sites More sharing options...
gmpirate Posted August 17, 2021 Share Posted August 17, 2021 8 minutes ago, legorookie34 said: folks still buying tree house? Yep. It actually retired last year. So if you see it pop up again grab it! Quote Link to comment Share on other sites More sharing options...
legorookie34 Posted August 18, 2021 Share Posted August 18, 2021 1 minute ago, gmpirate said: Yep. It actually retired last year. So if you see it pop up again grab it! just cause I don't post does not mean I don't know what is going on. 4 Quote Link to comment Share on other sites More sharing options...
jaylay Posted August 18, 2021 Share Posted August 18, 2021 2 hours ago, gmpirate said: Yep. It actually retired last year. So if you see it pop up again grab it! Did it really? Well looks like Amazon found a bunch. Debating on stocking up some more. How many y’all storing? Quote Link to comment Share on other sites More sharing options...
redcell Posted August 18, 2021 Share Posted August 18, 2021 2 hours ago, gmpirate said: I come to that dilemma every year end. Hard to swallow forking out those taxes right after December. Still have to talk to my accountant about writing off inventory . . . I would bet that's going to be a dead end. Allowing businesses to write off inventory in the year it is purchased would be horrible fiscal policy that would incentivize businesses to increase their debt each year in order to purchase enough inventory to reduce their tax liability to zero. That opinion or whatever it was that was posted recently was ridiculous...as soon as they got to the point of saying "it's not actually written in the rule," I stopped reading...if it's not written in the rule, you should assume that whatever clever analysis they used to reach that conclusion is unlikely to be accepted by the IRS. And paying a stupid amount of taxes on Lego sales is the best kind of problem to have because it means your profits were high enough to justify a stupid tax bill. If you've planned for it throughout the year, it's not painful at all. 1 Quote Link to comment Share on other sites More sharing options...
Gonkalin Posted August 18, 2021 Share Posted August 18, 2021 (edited) 3 hours ago, gmpirate said: I come to that dilemma every year end. Hard to swallow forking out those taxes right after December. Still have to talk to my accountant about writing off inventory . . . You don’t write off inventory until you sell. Buy a LEGO set for $50. Sell for $100. Let’s pretend fees and shipping are $20. You just made $30. You claim a capital gain of $30 and pay taxes on the $30 (about 30% tax on average = about $10 in taxes). Take home profit after taxes is $20. I’m no accountant. But that’s about how it works. And yes, paying taxes is a great problem to have. People that complain about taxes don’t get it. Paying taxes is a great thing. It means you’re fortunate enough to have income…as Redcell stated above. Edited August 18, 2021 by Gonkalin 2 Quote Link to comment Share on other sites More sharing options...
gmpirate Posted August 18, 2021 Share Posted August 18, 2021 6 minutes ago, Gonkalin said: You don’t write off inventory until you sell. Buy a LEGO set for $50. Sell for $100. Let’s pretend fees and shipping are $20. You just made $30. You claim a capital gain of $30 and pay taxes on the $30 (about 30% tax on average = about $10 in taxes). Take home profit after taxes is $20. I’m no accountant. But that’s about how it works. Amazing . . . Quote Link to comment Share on other sites More sharing options...
Gonkalin Posted August 18, 2021 Share Posted August 18, 2021 I answered what I thought was an honest question. I was not rude or condescending in my answer. For all I know you’re a young Brickpicker that really doesn’t know how taxes work. Sorry for trying to be helpful. Quote Link to comment Share on other sites More sharing options...
gmpirate Posted August 18, 2021 Share Posted August 18, 2021 42 minutes ago, Gonkalin said: I answered what I thought was an honest question. I was not rude or condescending in my answer. For all I know you’re a young Brickpicker that really doesn’t know how taxes work. Sorry for trying to be helpful. no worries. my post relates to another discussion that had been going on here. "dilemma" was probably a poor choice of words. Quote Link to comment Share on other sites More sharing options...
$20 on joe vs dan Posted August 18, 2021 Share Posted August 18, 2021 1 hour ago, Gonkalin said: You don’t write off inventory until you sell. Buy a LEGO set for $50. Sell for $100. Let’s pretend fees and shipping are $20. You just made $30. You claim a capital gain of $30 and pay taxes on the $30 (about 30% tax on average = about $10 in taxes). Take home profit after taxes is $20. I’m no accountant. But that’s about how it works. And yes, paying taxes is a great problem to have. People that complain about taxes don’t get it. Paying taxes is a great thing. It means you’re fortunate enough to have income…as Redcell stated above. you forgot all the extras write-offs that are legit travel and storage are obvious...home office can cause a red flag unless done carefully...there's also losses. Probably a ton more that are more on the creative side but potentially legit as well. how the heck are we talkin taxes on THIS thread? Quote Link to comment Share on other sites More sharing options...
Goblin Posted August 18, 2021 Share Posted August 18, 2021 Back on topic: Brick Fanatics have 42107 Ducati as retiring, but Stone Wars don't. Same for 42116 Skid Steer Loader. Quote Link to comment Share on other sites More sharing options...
gmpirate Posted August 18, 2021 Share Posted August 18, 2021 2 hours ago, Goblin said: Back on topic: Brick Fanatics have 42107 Ducati as retiring, but Stone Wars don't. Same for 42116 Skid Steer Loader. Wow, was not expecting Ducati that soon. Too many sets to choose from. Quote Link to comment Share on other sites More sharing options...
Goblin Posted August 18, 2021 Share Posted August 18, 2021 2 hours ago, gmpirate said: Wow, was not expecting Ducati that soon. Too many sets to choose from. It is too soon. Brick Fanatics are likely wrong on this one. Quote Link to comment Share on other sites More sharing options...
redcell Posted August 18, 2021 Share Posted August 18, 2021 6 hours ago, Goblin said: Back on topic: Brick Fanatics have 42107 Ducati as retiring, but Stone Wars don't. Same for 42116 Skid Steer Loader. I would trust Stone Wars on these two...Brick Fanatics is wrong. 2 Quote Link to comment Share on other sites More sharing options...
brickohaulic Posted August 18, 2021 Share Posted August 18, 2021 One site's view of Lego's to invest in. Anyone use StockX to buy/sell? https://www.one37pm.com/grind/money/top-lego-sets-on-stockx Quote Link to comment Share on other sites More sharing options...
cladner Posted August 18, 2021 Share Posted August 18, 2021 6 minutes ago, brickohaulic said: One site's view of Lego's to invest in. Anyone use StockX to buy/sell? https://www.one37pm.com/grind/money/top-lego-sets-on-stockx 1 Quote Link to comment Share on other sites More sharing options...
Sozial Posted August 19, 2021 Share Posted August 19, 2021 any thoughts about Minecraft Panda (21158)? is it really going? Quote Link to comment Share on other sites More sharing options...
$20 on joe vs dan Posted August 19, 2021 Share Posted August 19, 2021 On 8/17/2021 at 1:48 PM, Shortbus311 said: Btw, I know that this is probably the wrong thread, but I do have a new favorite Lego YouTuber, I love this persons energy and her quirkiness. I would much rather watch her videos than MandR or Jang... https://youtube.com/c/Emmasaurus Sent from my SM-G960U1 using Tapatalk saw a couple vids...but I don't see what useful info she provides? 1 Quote Link to comment Share on other sites More sharing options...
$20 on joe vs dan Posted August 19, 2021 Share Posted August 19, 2021 this definitely falls into the "grain of salt" category, but of the handful of sets on sale at my local LEGO store; HP Burrows set was actually discounted (10%🙄)....Hmmm. The clerk said it was because it's retiring...but but Stonewars AND Brickfanatics clearly have it retiring late 2022. Obviously if it actually goes it will catch a lot of folks by surprise. That and it's a pretty special set to have as a HP LEGO fan...the prior version went for $250+; it's special because of the MFs, but also iconic house which is buoyed by not being connected to other HP Building systems...the "system" is turning into more of a liability as HP modulars keep getting updated. It's a stand alone and will fit any past, current or future iterations of HP buildings. Doing current scarcity research is challenging as it's a Target "exclusive". Anyway, I have my doubts (but in for 2...the sole one I got last year was one of the few quick flips that was a success for me which is another reason this set sticks on my mind)...but wanted to throw that out there. 1 Quote Link to comment Share on other sites More sharing options...
joneyyy1981 Posted August 23, 2021 Share Posted August 23, 2021 tossing a coin on what to do with these tree houses. if it is indeed 2023 thats a long time to be soaking up space & funds. do not like taking any type of loss but might take my medicne on this lot... Quote Link to comment Share on other sites More sharing options...
iahawks550 Posted August 23, 2021 Share Posted August 23, 2021 7 minutes ago, joneyyy1981 said: tossing a coin on what to do with these tree houses. if it is indeed 2023 thats a long time to be soaking up space & funds. do not like taking any type of loss but might take my medicne on this lot... If purchased here at the often seen 20% off, it shouldn't be too hard to offload some locally at minimal gains. Quote Link to comment Share on other sites More sharing options...
Bricklectic Posted August 23, 2021 Share Posted August 23, 2021 10 minutes ago, joneyyy1981 said: tossing a coin on what to do with these tree houses. if it is indeed 2023 thats a long time to be soaking up space & funds. do not like taking any type of loss but might take my medicne on this lot... bought 30 last year regretted it so much when retirment got delayed but turned out had plenty o ftime to flip q4 last year for a profit. as it consistently goes in and out of stock, i anticipate similair opportunity this year. Quote Link to comment Share on other sites More sharing options...
brickohaulic Posted August 23, 2021 Share Posted August 23, 2021 There are expected to be toy shortages for the holidays this year, so demand may drive prices up. Quote Link to comment Share on other sites More sharing options...
gmpirate Posted August 23, 2021 Share Posted August 23, 2021 1 hour ago, Bricklectic said: bought 30 last year regretted it so much when retirment got delayed but turned out had plenty o ftime to flip q4 last year for a profit. as it consistently goes in and out of stock, i anticipate similair opportunity this year. This. Unloaded all my during the holidays. I only bought a few this year and will likely just unload them again. In any case, its better to sell at a loss than tie up your money. Quote Link to comment Share on other sites More sharing options...
Voltron Posted August 23, 2021 Share Posted August 23, 2021 8 minutes ago, joneyyy1981 said: tossing a coin on what to do with these tree houses. if it is indeed 2023 thats a long time to be soaking up space & funds. do not like taking any type of loss but might take my medicne on this lot... You have two options: 1 - Unload now locally for breakeven (assuming you bought at RRP), as unlikely these will sell for above RRP on eBay UK after you take into account fees / taxes. This isn't the US where sets are sold out for ages. You really only have 2 occasions in UK to sell current sets, at release or Xmas sold out period, but it really is a case of hot potato, and you don't want to be left holding them... 2 - Wait until end of the year to see if it retires (low probability). I've personally dumped all sets above the £200+ mark due to box size and just focusing on smaller sets, as alot easier to store / pack etc. 4 Quote Link to comment Share on other sites More sharing options...
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