Does anyone here pay taxes on their Lego income? I see a lot of talk about great returns, but they always seem to leave out or ignore the taxes that will be owed on those earnings.

I would assume that most don't have the knowledge and historical experience to be able to carry an estimate of their tax on their earnings in their head. Even if you know your tax bracket and your marginal tax, I would assume most are taking a "wait until the accountant figures it out in April next year" attitude.

I pay quarterly taxes and also have to pay more in the spring since sales increase every year.

Does anyone here pay taxes on their Lego income?  I see a lot of talk about great returns, but they always seem to leave out or ignore the taxes that will be owed on those earnings.

 

I thought that was kind of a given, no? The only thing in life that are certain are EOL and taxes.

 

Usually the tax talk is in full swing by March.

Does anyone here pay taxes on their Lego income? I see a lot of talk about great returns, but they always seem to leave out or ignore the taxes that will be owed on those earnings.

there is huge thread on this

Does anyone here pay taxes on their Lego income?  I see a lot of talk about great returns, but they always seem to leave out or ignore the taxes that will be owed on those earnings.

 

I was an accountant (in a former life) - so I always end up enjoying crunching the numbers at tax time.

taxes thread: 

http://community.brickpicker.com/topic/7690-tax-implications-of-selling-lego-split-thread/?hl=tax

there is huge thread on this

 

Yeah, I know, but this question was specific to the folks on this thread.

 

I thought that was kind of a given, no? The only thing in life that are certain are EOL and taxes.

 

Usually the tax talk is in full swing by March.

 

One would think that it is a given (I certainly do), but I'm not so sure when I see people trumpeting their return percentage after shipping and fees, but completely ignoring taxes. 

This is my first Xmas season, and all things considered I am happy, but I am a small timer.  I moved a bunch of stock from the last two Target clearances, and had a few surprise sales for good money.  I didn't go in deep on Princess or Friends, so I can hold a bit.

 

Still have a bunch of Frozen stuff to move though...

Yeah, I know, but this question was specific to the folks on this thread.

One would think that it is a given (I certainly do), but I'm not so sure when I see people trumpeting their return percentage after shipping and fees, but completely ignoring taxes.

folks are intoxicted with sales, reality comes after

17hrs and almost 200 packages later, I'm going to bed for 4hrs.

 

In retrospect, one package every 5min is not very efficient.

Edited December 16, 201411 yr by imirish11

Thought people would want the downtown bakery and pet salon. I can't move them at 5 over msrp.

Thought people would want the downtown bakery and pet salon. I can't move them at 5 over msrp.

 

I (surprisingly) sold a bakery for $49 including shipping yesterday, netting about $11 profit (50% based on my cost basis). I figured they'd go this year, too, but alas. I don't mind holding the rest. I'm not much for flipping, but I like having items at different price points to keep the sales and customers coming (i.e., I have plenty of exclusives, but all my eggs are not in those very big baskets).

Returns come after.

 

And this is why I'm much more comfortable selling retired product.

Thought people would want the downtown bakery and pet salon. I can't move them at 5 over msrp.

Pet Salon will do well next year, it's a very safe hold.  I have a lot of people asking me for last year's friends sets to give as Christmas gifts this year and am clearing 100% profit.

Thought people would want the downtown bakery and pet salon. I can't move them at 5 over msrp.

Sounds like you're not having much joy selling this season. Maybe people heard that you're the Brickpicker stooge and are shopping elsewhere. You could try spinning a more positive approach.

Edited December 16, 201411 yr by Bold-Arrow

Sounds like you're not having much joy selling this season. Maybe people heard that you're the Brickpicker stooge and are shopping elsewhere. You could try spinning a more positive approach.

The best way to spread Christmas Cheer, is singing loud for all to hear.

 

-Buddy the Elf

Thought people would want the downtown bakery and pet salon. I can't move them at 5 over msrp.

 

Yep, hold these for next Christmas.  They should do just fine.  

Sounds like you're not having much joy selling this season. Maybe people heard that you're the Brickpicker stooge and are shopping elsewhere. You could try spinning a more positive approach.

 

I'm doing just fine, just not with all the pink crap. Thanks for your concern though.

I'm doing just fine, just not with all the pink crap. Thanks for your concern though.

 

I have to admit, my larger Friends sets have sold very well this year.  My smaller sets have been harder to sell and I haven't been playing with the prices much.  I'll probably just let them ride until Summer and see where they stand then.  I'll be watching their current price points and trends.

I've had good sales (especially Star Wars) except for the pink sets.  It looks like Friends and Princesses will be going back into storage until retirement. 

Today is a rough day on Amazon. A lot of prices have plummeted, always a tough call when deciding what to do with any left over inventory. I hate following the hype of everyone dumping sets. At the same time you don't want to get stuck with a bunch of crap for a year. Part of what makes it a challenge I suppose. 

Today is a rough day on Amazon. A lot of prices have plummeted, always a tough call when deciding what to do with any left over inventory. I hate following the hype of everyone dumping sets. At the same time you don't want to get stuck with a bunch of crap for a year. Part of what makes it a challenge I suppose.

true fact. Of note the collapse was caused by the big players . Found that to be interesting .' Some prices were slashed by 20% or more. I'm curious how the weekend will unfold

 At the same time you don't want to get stuck with a bunch of crap for a year. Part of what makes it a challenge I suppose. 

 

Some people make a living selling this "crap" all year long - The world is by no means ending on 12/25.

true fact. Of note the collapse was caused by the big players . Found that to be interesting .' Some prices were slashed by 20% or more. I'm curious how the weekend will unfold

Curious as well. I'm attempting to hedge my bet. This weekend should be better than it was last year as its a day further from Christmas. Just depends how much inventory is left.

Some people make a living selling this "crap" all year long - The world is by no means ending on 12/25.

I sell year round but I don't want aNY at-ats or any of those new sets after Jan 1ish. Any old sets I don't mind haVing post new year