Well since my name is poping up alot about why I buy 40 - 60 sets of one item. Now I am not a Collector, and never stated that i had more sets than most of you guys, but when I started buy lego it was always for investment, and once I got a Wholesale account well buying 20-30 and even 50 cases of the 6210 Orginal Jabba Sail barge, 3 to a case thats 150 Sets, 25 cases of the 6211 Star Destroyer, and in 2010 and 2011 the 6210 was selling for $300-400 and since wholesale was about $50 a piece  i made tons a money, I had plenty cases of all the Harry Potter Castles, Trains, etc. What about the First batman, well with the Batcave and batmobile, More big money, Indiana Jones sets, Plenty cases of the Snow Speeder, Cloud City cases, and the 7676 GunshipThere are plenty more, as for the Exclusives, I had about 8-10 Big falcons 10179, still have Statue of Liberty's, 10 Carousels, 12 Eiffer Towers, 10134 Y-wings, 10143 Death Stars and many other, take the Imperial Flagship & Remote At At, Why everybody did load up on these, plus many of the other Exclusives, If I would of not sold any of these sure I would have many more sets, but with about the 1100 or 1200 sets I have, plus the older big buck Exclusives I have are at my sons house, and thats about 200 pure gold sets, and how many of you wish you had 50 Imperial shuttles, 50 each of the Black Pearl and Queen Revenge, and 40 Potter 4842 Castles, 50 Potter Diagon Alley's I wish I would have gotten100 of all these sets. Plus I still have 20 AT AT 8129 sets, 15 Dropships 10195,  15 -10198 sets. Now you guys look at all your sets now how many of you say to yourself why did I buy all those cheap sets that will never be worth much, Now I have had about 20 guys Email me and say they wish they didn't buy half the cheap sets that they did, and I am sure there are plenty more that wish they didn't buy half the stuff. Now if its for your Collection thats great. And on the haunted Houses, well I had 40 last week, since then I got 11 more. Now take 98% of Exclusives from the last 7 Years they are pulling in the big money. So anybody thinks the HH,TB,R2-D2,Ewok Village, And the Death Star and SSD, and other ones that you can buy now are going to regret not having as many as you can afford, Most say I will wait til they are retiring, well thats OK if you are only buying 1-5 sets say, but if you want alot waiting is a bad idea, say the Death Star or SSD were retiring Dec, how many of you could afford to buy 10 or more, and Like I said before these 2 are going to rise fast in price once they do retiring. So I have made plenty of money and always will on the sets I have and will keep buying. So I don't care about that some of you guys like to make comments about what I buy, and when I get the sets I box them up, but I still have a few hundred still not boxed up yet. So my advice you want to make big money and can afford to buy and wait, Watch on what you buy. "And Pay Cash, or if you charge it be sure you can pay the whole bill off when it comes, or you will loose money big time with finace charges.''      Ed

Home one calamari

 

Lego exclusive - not TRU exclsive. Like 10XXX.

 

Good one though.

Dang man I thought I was gonna get a prize or something ;)

Dang man I thought I was gonna get a prize or something

 

Yes. You get a free air guitar. Ill send it by mail.

Why does Emazers buy 40-50 sets or more of one set!!!!!!!

 

Because he can!!!!

 

 

 

This

Can i see your warehouse? 

Can i see your warehouse? 

 

10880 Malibu Point

Can I have the address of the warehouse and a key please?

Only reason I stay away from some smaller sets is the risk factor. I think its much harder to know these are going to do well. While i know that the HH or TB will. Someone name an exclusive item that didn't do well?

UCS Obi-Wan's Starfighter.

UCS Obi-Wan's Starfighter.

 

Space Skulls 

UCS Obi-Wan's Starfighter.

 

Misleading - A lot of people got these at less than $60 when they got super discounted. While it didn't do great, if you got it at $55, you still make money.

Don't worry, made over $80,000 but only have about 144 Paypal Transactions, Don't worry I keep track

 

So are you not reporting the income that you're generating from your Lego sales or paying taxes on that income?  The $20k/200 transaction reporting limit is only a relevant consideration if you're trying to avoid paying taxes.

Yeah I'm curious as well.......how much in taxes are you gonna end up paying?

This is a lego investing forum, not a PERSONAL income tax help forum.  There is already a blog, and a number of topics covering possible tax liability.  How anybody handles their own personal income taxes is between them, and their taxing authorities.

Just thought he would share......He shares all his other personal info so what's the difference?

Can i see your warehouse? 

I've wanted to ask the same but we're in the same state.  A little to close for some weirdo (me) to joke about stopping on by a house with such an inventory.  But man I am curious.  I'm no where near to even E's buying habits, but at some point my strategy will resemble his.  

This is felonious tax evasion...and he uses a moniker of his real name =which is easily cross referenced with his ebay user name and paypal xactions.  Who cares what he does with his personal taxes---I certainly don't.  He paid taxes on the money he used to buy the sets, he probably paid sales tax when he bought, them, now he is taxed again when he sells them if there is a profit?

 

Smart people already know how to handle this, and I know Ed does too.  Keep your receipts, your packaging supply receipts, postal receipts, mileage from driving all over the state to pick up/drop off and chase deals.  Then add up all the hours you pack, ship, receive, search, research, read and post here, and all the hours you spend on ebay listing and tracking auctions--and pay yourself minimum wage.  You won't end up with much of a profit--in fact--you will probably realize you are taking a loss and give up on lego investing.

 

With all the jelous/envious/hateful/spiteful people here--I wouldn't be surprised if someone tries to report him. Perhaps another great contributing member will stop posting, and just read.

I doubt any member here would dime anyone out for not paying their due taxes. Some people don't need any help digging their own graves. I agree it's inappropriate to ask about personal info but aren't people setting themselves up for that when they repeat over and and over and over how many sets they have and how much they make selling them?

So are you not reporting the income that you're generating from your Lego sales or paying taxes on that income?  The $20k/200 transaction reporting limit is only a relevant consideration if you're trying to avoid paying taxes.

 

Yeah I'm curious as well.......how much in taxes are you gonna end up paying?

 

Did he say that? There are other reasons to not want a 1099. I don't want one! And I am gonna pay taxes. You know why? Because its easier to get audited that way.

 

Also, just because someone shares something doesn't mean you get to just rip his life apart otherwise. Its ridiculous. Really its no wonder why people leave this site. So you don't get anything out of what he posts? Leave his threads alone then because a lot of us do.

 

This is felonious tax evasion...and he uses a moniker of his real name =which is easily cross referenced with his ebay user name and paypal xactions.  With all the jelous/envious/hateful/spiteful people here--I wouldn't be surprised if someone tries to report him. Perhaps another great contributing member will stop posting, and just read.

 

Exactly. Everyone is so high and freaking mighty. I love it because all these people do the same crap.

 

Hey have any of you all ever reported getting paid to mow someone's lawn? How about all the gifts you receive during the year? How about bets you have placed amongst friends? Just get over yourselves.

Ehhhhhh it is what it is no need for anyone to get all worked up about it. If someone under 18 cuts grass are they exempt from paying uncle sam? (unrelated curiosity)

Ehhhhhh it is what it is no need for anyone to get all worked up about it. If someone under 18 cuts grass are they exempt from paying uncle sam? (unrelated curiosity)

 

No, but obviously they have tons of ways to write it off.

The kid who cuts the yards in our neighborhood said he was furloughed, but he would cut the grass in a couple weeks, and just not to forget to pay him for the weeks he had off.   I kid I kid

 

Seriously, back to lurking for me...

This is felonious tax evasion...and he uses a moniker of his real name =which is easily cross referenced with his ebay user name and paypal xactions.  Who cares what he does with his personal taxes---I certainly don't.  He paid taxes on the money he used to buy the sets, he probably paid sales tax when he bought, them, now he is taxed again when he sells them if there is a profit?

 

Smart people already know how to handle this, and I know Ed does too.  Keep your receipts, your packaging supply receipts, postal receipts, mileage from driving all over the state to pick up/drop off and chase deals.  Then add up all the hours you pack, ship, receive, search, research, read and post here, and all the hours you spend on ebay listing and tracking auctions--and pay yourself minimum wage.  You won't end up with much of a profit--in fact--you will probably realize you are taking a loss and give up on lego investing.

 

With all the jelous/envious/hateful/spiteful people here--I wouldn't be surprised if someone tries to report him. Perhaps another great contributing member will stop posting, and just read.

 

If he bought an item for one price and then sold it for a higher price, he has to pay tax on that sale.  Although he can use expenses to reduce his taxes, if he's conducting business as a sole proprietor (which it sounds like he is), he cannot create a fictional salary based on the amount of time he devoted to the business and then deduct that as an expense.

 

The reason that I focused on the tax issue is because of the number of common misconceptions that float around on discussions like this.  Like...if you stay under $20k in sales & 200 transactions per year, you don't have to report the income you made on your sales and don't have to pay taxes on those sales.  If you stay under those thresholds, you may not have your transactions reported by a third party (i.e., paypal) to the IRS, but you still have a legal obligation to report the transactions and pay the taxes.

Did he say that? There are other reasons to not want a 1099. I don't want one! And I am gonna pay taxes. You know why? Because its easier to get audited that way.

 

No, but he implied it and that's why I asked the question.

If he bought an item for one price and then sold it for a higher price, he has to pay tax on that sale.  Although he can use expenses to reduce his taxes, if he's conducting business as a sole proprietor (which it sounds like he is), he cannot create a fictional salary based on the amount of time he devoted to the business and then deduct that as an expense.

 

The reason that I focused on the tax issue is because of the number of common misconceptions that float around on discussions like this.  Like...if you stay under $20k in sales & 200 transactions per year, you don't have to report the income you made on your sales and don't have to pay taxes on those sales.  If you stay under those thresholds, you may not have your transactions reported by a third party (i.e., paypal) to the IRS, but you still have a legal obligation to report the transactions and pay the taxes.

 

 

 

I am just shooting in the dark Pacific493, but I guess you should have way more important things to do, other than pointing fingers or giving lesson to already educated people, in a HOBBY forum........pay your taxes and leave the man alone......