stephen_rockefeller Posted October 28, 2013 Posted October 28, 2013 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? Home one calamari. Quote
DoNotInsertIntoMouth Posted October 28, 2013 Posted October 28, 2013 Home one calamari Lego exclusive - not TRU exclsive. Like 10XXX. Good one though. Quote
stephen_rockefeller Posted October 28, 2013 Posted October 28, 2013 Dang man I thought I was gonna get a prize or something ;) Quote
DoNotInsertIntoMouth Posted October 28, 2013 Posted October 28, 2013 Dang man I thought I was gonna get a prize or something Yes. You get a free air guitar. Ill send it by mail. 1 Quote
Alcarin Posted October 28, 2013 Posted October 28, 2013 Why does Emazers buy 40-50 sets or more of one set!!!!!!! Because he can!!!! This Quote
TheDarkness Posted October 28, 2013 Posted October 28, 2013 Can i see your warehouse? 10880 Malibu Point Quote
Guest TabbyBoy Posted October 28, 2013 Posted October 28, 2013 Can I have the address of the warehouse and a key please? Quote
comicblast Posted October 28, 2013 Posted October 28, 2013 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. Quote
TheDarkness Posted October 28, 2013 Posted October 28, 2013 UCS Obi-Wan's Starfighter. Space Skulls Quote
DoNotInsertIntoMouth Posted October 28, 2013 Posted October 28, 2013 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. Quote
redcell Posted October 28, 2013 Posted October 28, 2013 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. 1 Quote
stephen_rockefeller Posted October 28, 2013 Posted October 28, 2013 Yeah I'm curious as well.......how much in taxes are you gonna end up paying? Quote
willy431 Posted October 28, 2013 Posted October 28, 2013 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. Quote
stephen_rockefeller Posted October 28, 2013 Posted October 28, 2013 Just thought he would share......He shares all his other personal info so what's the difference? Quote
Guest brickcrazyhouse Posted October 28, 2013 Posted October 28, 2013 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. Quote
willy431 Posted October 28, 2013 Posted October 28, 2013 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. 4 Quote
stephen_rockefeller Posted October 28, 2013 Posted October 28, 2013 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? Quote
DoNotInsertIntoMouth Posted October 28, 2013 Posted October 28, 2013 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. 1 Quote
stephen_rockefeller Posted October 28, 2013 Posted October 28, 2013 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) Quote
DoNotInsertIntoMouth Posted October 28, 2013 Posted October 28, 2013 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. Quote
Guest brickcrazyhouse Posted October 28, 2013 Posted October 28, 2013 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 Quote
boxofcorey Posted October 28, 2013 Posted October 28, 2013 Seriously, back to lurking for me... Quote
redcell Posted October 28, 2013 Posted October 28, 2013 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. 1 Quote
redcell Posted October 28, 2013 Posted October 28, 2013 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. Quote
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