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


emazers

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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.

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Guest brickcrazyhouse

Can i see your warehouse?  :sweat:

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.  

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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.

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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?

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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.

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Guest brickcrazyhouse

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

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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.

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