Dealer License

[dudesim]

How do you go about getting one?

I hope this is not a taboo Question..My lcs owner gave me a very stern look when I ask him...An said he wouldn't tell me

[rob_react]

What sort of license are you referring to? To set up a retail store? To sell at conventions?

[dudesim]

I think more of a internet thing basically

I retire in about 4 to 5 yrs.

An I would like to do something I like to do... Be around comic's.

An to help other people enjoy them too

[sborock]

You don't need a license to buy and sell comic books. I would suggest you get a tax id or resale #.

[FlyingDonut]

You don't even really need a tax ID number. As long as you are upfront and are paying taxes on your profits, you can file as a small business on your 1040 Schedule A. You'd need a resale # to get Diamond discounts, or other stuff, but if you're just buying and selling collectibles, you can do it that way, based on your SSN.

[dudesim]

A tax Id# ..Allows to buy at cost? from diamond comic's?

[FlyingDonut]

Ah, that would be different then. You need a resaler ID number. I would just contact Diamond directly.

[dudesim]

Ok then how do you get a resale#..Sry I'm really not sure how you do this

I work in construction

[dudesim]

Ok I got that thanks an I'm a very slow typer

[FlyingDonut]

Here you go - follow the steps on this form.

[dudesim]

Here you go - follow the steps on this form.

 

Ok thanks alot Donut

[uclapeterg]

I know we have talked about it before, but why reporting income on Schedule A? Schedule A is only used for deductions if you are itemizing. You really should be using Schedule C to report ijncome from a business. I suspect your accountant told you to put it on Schedule A not C to avoid the additional self-employment taxes on any net income you receive through the year.

 

Getting a separate tax id number is recommended, altho not necessary.