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taxes

Started by jokersrevenge,

42 posts in this topic

drice6900

drice6900

Posted
Posted
This should be interesting, so who here pays taxes on those books...... wink.gif

 

popcorn.gif

 

Who here has gone to the State Board of Equalization an gotten a resale lic.?

 

The same people who disclose pressing... gossip.gifinsane.gif

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nearmint

nearmint

Posted
Posted
... as I do not exhibit.

 

But you are an exhibitionist 893scratchchin-thumb.gif

 

How does the IRS define "exhibit"? Does that mean a brick and mortar store? Setting up at cons?

 

Would a website fall under that? An eBay store?

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Darthdiesel

Darthdiesel

Posted
Posted
How does the IRS define "exhibit"? Does that mean a brick and mortar store? Setting up at cons?

 

Would a website fall under that? An eBay store?

 

From Donut's perspective, I'm assuming "exhibit" would refer to setting up at cons. You must have that resale license for a brick and mortar so that is a moot point. Websites and ebay stores may fall under that category, but may be subject to qualification laws from state to state, i.e., level of sales? I'm not well versed on internet commerce tax law so I just do as the tax lawyer says confused-smiley-013.gif

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Jeffreykli

Jeffreykli

Posted
Posted

For me, it comes down to this question: Do you operate a comic book business/are you a comic book dealer? If you're regularly buying and selling comics books, whether on eBay, a consignment website, or at a show, then you're a dealer.

 

If you're a dealer, then you should report your income/losses on your income tax return. Depending on your state, you should also follow your state income tax guidelines about what you have to do as a business.

 

Personally, I have been buying/selling sportscards and comic books, although not as a full-time dealer, for a number of years. So, I have a California resale license, report sales tax information each year, file a San Francisco business tax reports each year, and report all of my income/expenses on Schedule C to my federal tax return.

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mrwoogieman

mrwoogieman

Posted
Posted
... the cost for up-keep of the book ...

 

What exactly is that? Resto and pressing costs? devil.gif

 

 

I was thinking of storage costs, insurance costs, also things like a new mylar and fullback (if that's your preference), proportionate costs per book for climate control (if your collection warrants this) such as dehumidifier, temperature control (electricity), etc.

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Jeffreykli

Jeffreykli

Posted
Posted

I was thinking of storage costs, insurance costs, also things like a new mylar and fullback (if that's your preference), proportionate costs per book for climate control (if your collection warrants this) such as dehumidifier, temperature control (electricity), etc.

 

Those should be ordinary business expenses, since they're supplies or utilities. However, they are only deductible to the extent that they're for your inventory, as opposed to your personal collection.

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Darthdiesel

Darthdiesel

Posted
Posted
... the cost for up-keep of the book ...

 

What exactly is that? Resto and pressing costs? devil.gif

 

 

I was thinking of storage costs, insurance costs, also things like a new mylar and fullback (if that's your preference), proportionate costs per book for climate control (if your collection warrants this) such as dehumidifier, temperature control (electricity), etc.

 

 

Thanks WOOGIE! I gotcha - just bustin chops smile.gif Moderns don't need no stinkin' upkeep...

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Darthdiesel

Darthdiesel

Posted
Posted
However, they are only deductible to the extent that they're for your inventory, as opposed to your personal collection.

 

If there's a price in your mind that you'd sell each every book you have at, then it's all "inventory" 27_laughing.gif

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bullseye

bullseye

Posted
Posted

we don't have sales tax here, (oregon), but i don't sell comics as of yet, basically because i am waiting until after college and a couple years of work to begin dealing hehe (ooh that makes you sound like such a baller I.E. "I deal in high grade american literature" oooooh hehe)

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