Two other things to bear in mind:

eBay also charge a 10% final value fee on postage along with PayPal also taking their cut.

You HAVE to declare LEGO sales on your tax return if profit is being made. You can get away with selling ONLY one of each set as you can state that yu are selling your collection. If you sell mutilples of each set, eBay will be notifying HMRC some time within the current tax year so please make sure you tell them first! I know because I was grassed up by a jealous colleague (I was making a lot of money) back in 2008 and ended up losing all profit and then some due to fines and costs.

Once you account for postage, fees and the dreaded income tax, you need to sell a set for approx. triple buy-in to double your money. I know this isn't the correct thread but, new "investors" need to be aware of declaring income BEFORE they start selling regularly.

11 minutes ago, TabbyBoy said:

Two other things to bear in mind:

eBay also charge a 10% final value fee on postage along with PayPal also taking their cut.

You HAVE to declare LEGO sales on your tax return if profit is being made. You can get away with selling ONLY one of each set as you can state that yu are selling your collection. If you sell mutilples of each set, eBay will be notifying HMRC some time within the current tax year so please make sure you tell them first! I know because I was grassed up by a jealous colleague (I was making a lot of money) back in 2008 and ended up losing all profit and then some due to fines and costs.

Once you account for postage, fees and the dreaded income tax, you need to sell a set for approx. triple buy-in to double your money. I know this isn't the correct thread but, new "investors" need to be aware of declaring income BEFORE they start selling regularly.

If you sell over $20,000 in merch, AND over 200 transactions, then yes, you have to declare on taxes. I gotta believe that is a very small portion of sellers here...but who knows.

6 minutes ago, Yinchuan said:

If you sell over $20,000 in merch, AND over 200 transactions, then yes, you have to declare on taxes. I gotta believe that is a very small portion of sellers here...but who knows.

UK tax law != US tax law

 

Plus... I believe you always need to declare, even if you sell 2 sets, it's just not actively enforced by platforms like EBay...

8 minutes ago, Yinchuan said:

If you sell over $20,000 in merch, AND over 200 transactions, then yes, you have to declare on taxes. I gotta believe that is a very small portion of sellers here...but who knows.

UK Tax law is somewhat stricter, to say the least.  £1000+ profit and you have to declare and that was only introduced this tax year, prior it was any profit.  Also you have 3 months to register or face a fine.  

Sorry for the off topic.

5 minutes ago, Yinchuan said:

If you sell over $20,000 in merch, AND over 200 transactions, then yes, you have to declare on taxes. I gotta believe that is a very small portion of sellers here...but who knows.

That is false. Those are the limits to receive a 1099-K in the USA. You have to declare on your taxes even if you don't meet those limits and don;t receive a 1099-K from your payment processor. I would not advise attempting to dodge those limits to avoid getting a 1099-K. I do advise everybody talk to a tax accountant and operate within the law.

In an attempt to try to bring this back on topic. 

Sold a couple more Ant-Mans (Ant-Men?)  and just now a Dolphin Cruiser.  I have way too many of both of these and the 2.5% eBay fees are pleasing.  
 

1 hour ago, Yinchuan said:

If you sell over $20,000 in merch, AND over 200 transactions, then yes, you have to declare on taxes. I gotta believe that is a very small portion of sellers here...but who knows.

Legally, you must declare all earnings (or profit). It's just that eBay(or Paypal?)/Amazon/etc. file paperwork with the IRS if your sales exceed $20K/200 transactions on that platform. If the tax man comes knocking (an audit), it won't be pretty if you've fudged. 

I am not a tax accountant, so I'd recommend speaking with one before taking any advice on an internet forum. 

(Sorry for more off-topicness...)

 

45 minutes ago, asharerin said:

That is false. Those are the limits to receive a 1099-K in the USA. You have to declare on your taxes even if you don't meet those limits and don;t receive a 1099-K from your payment processor. I would not advise attempting to dodge those limits to avoid getting a 1099-K. I do advise everybody talk to a tax accountant and operate within the law.

In other words, what he said. 

 

Edited July 1, 20169 yr by biking_tiger

Folks - please stay on topic, follow the law, and consult a professional not an Internet forum for your income tax law requirements.

Folks - please stay on topic, follow the law, and consult a professional not an Internet forum for your income tax law requirements.

I like to be told what to buy and how much tax to pay from complete strangers...[emoji23]

I sold a captain phasma for $20

And a Darth Vader from DS final duel for $22 =)

I sold $12000 worth.

Wink wink

https://springfield.craigslist.org/tag/5647062599.html

 

16 hours ago, Rodeogeorge said:

Meditation. Zone theory. In order to know what Lil' Timmy will want come christmas 2018 one must become lil' Timmy.

And lil' Timmy's gramama. 

And what @dcdfansaid.

 

LMAO

If one does what the veteran reseller does enough times, one will become as the veteran reseller is.

18 hours ago, Rodeogeorge said:

Meditation. Zone theory. In order to know what Lil' Timmy will want come christmas 2018 one must become lil' Timmy.

And lil' Timmy's gramama. 

And what @dcdfansaid.

 

Possibly the funniest thing I've read on here

atat $230 FBM

EBay 6860 Batcave for $99 shipped

I sold my one and only Maersk Triple E ship for $240 via CL. 

2 random series 2 Mixels for €27.00 shipped. Already sold the full sets, so just clearing the leftovers.

2 DFB German football minifigures for €29.50 shipped. I love these guys 

2 random series 2 Mixels for €27.00 shipped. Already sold the full sets, so just clearing the leftovers.

2 DFB German football minifigures for €29.50 shipped. I love these guys 

Super Heroes Spiderman lot 6873 76003 76004 76015 on Ebay for $150 shipped. Just trying to get rid of some SH...

Yesterday I sold my son's old Legos collection to a guy on Craigslist for $800! My son just went off to college, so these old toys were just sitting around collecting dust. I initially just listed the Star Wars space base thing. The guy called me asking about it and asked if I had anymore and how much. I threw a crazy high number ($1200) so see if he would bite. He offered $1000 and I couldn't agree fast enough. We actually settled on $800 because he had some lame excuse about an atm limit or something. I didn't care because he gave me $800 for a bunch of old dusty plastic bricks! What a schmuck! Included in the sale was a hotel, a Star Wars space ship, the Star Wars base, an old car, and a few other odds and ends. $800!!!!

My very last 9515 Malevolence for £120 cash locally. I honestly thought that I'd be stuck with them all! Phew!

40 minutes ago, terrymc4677 said:

Yesterday I sold my son's old Legos collection to a guy on Craigslist for $800! My son just went off to college, so these old toys were just sitting around collecting dust. I initially just listed the Star Wars space base thing. The guy called me asking about it and asked if I had anymore and how much. I threw a crazy high number ($1200) so see if he would bite. He offered $1000 and I couldn't agree fast enough. We actually settled on $800 because he had some lame excuse about an atm limit or something. I didn't care because he gave me $800 for a bunch of old dusty plastic bricks! What a schmuck! Included in the sale was a hotel, a Star Wars space ship, the Star Wars base, an old car, and a few other odds and ends. $800!!!!

I think i related the sale buyer here ... 800$ you could have done 3000$ on it

 

Edited July 3, 20169 yr by TargetZero

20 minutes ago, terrymc4677 said:

Yesterday I sold my son's old Legos collection to a guy on Craigslist for $800! My son just went off to college, so these old toys were just sitting around collecting dust. I initially just listed the Star Wars space base thing. The guy called me asking about it and asked if I had anymore and how much. I threw a crazy high number ($1200) so see if he would bite. He offered $1000 and I couldn't agree fast enough. We actually settled on $800 because he had some lame excuse about an atm limit or something. I didn't care because he gave me $800 for a bunch of old dusty plastic bricks! What a schmuck! Included in the sale was a hotel, a Star Wars space ship, the Star Wars base, an old car, and a few other odds and ends. $800!!!!

A bigger congrats on your son going off to college.  

Feeding him a supplemental diet of legos throughout his life, more than likely played a small part in shaping him into a sharp lad, and a future protege of whatever field he chooses!

8 minutes ago, TargetZero said:

HAHAHAHA

You are the schmuck here.

 

I think you're sarcasm detector may need some new batteries.

- 9398 Technic 4x4 Crawler 225 euro cash.

- 75054 Star Wars AT-AT 160 euro cash.

- 10233 Horizon Express 155 euro cash.

- 4204 the Mine 110 euro cash.