| Redisplay Messages: Compact | Brief | All | Full Show Messages: All | Without Replies| Author: | milwaukee  | | Posted: | Nov 30, 2022 15:12 | | Subject: | Why collection separate from inventory? | | Viewed: | 134 times | | Topic: | General | |
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| I keep my collection of 1000+ figs and parts in inventory records as part of
remark field or stockroom.
This way it's easy to list parts of it for sale or reserve some from for
sale into collection.
Why instead of adding single field like "personal quantity" or "reserve quantity"
they created whole new entity type???
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| Author: | milwaukee | | Posted: | Jun 27, 2022 17:11 | | Subject: | Re: CMF: No more bags to feel for characters... | | Viewed: | 33 times | | Topic: | LEGO products | |
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| The poll seems to be having only negative effects.
I will buy more now as I buy mostly online and hate getting crumbled up baggies
with less desirable figs.
In LEGO, SylvainLS writes:
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| Author: | milwaukee | | Posted: | Mar 7, 2022 23:34 | | Subject: | Re: US taxes, change from cash to accrual | | Viewed: | 67 times | | Topic: | General | |
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| Thank you!
What is your opinion about this 2021 clarification for TCJA that many interpret
that if there any electronic records of inventory exist then that inventory cannot
be deducted as part of cash method and has to be appropriately declared when
filing taxes?
In General, Cob writes:
| | If you are giving tax advice and you have to start the statement with "I doubt",
I suggest not giving tax advice.
The cash method is just that, you can deduct what is paid in cash. You can even
deduct the items you paid for in cash and have not received in hand (it is called
prepaids). If you elect the cash method you can deduct 100% of your inventory
purchases in the year that the cash was spent. Inventory includes, LEGO, packaging,
envelopes, and other supplies.
A common practice in farming is to pay for the seed in December for what will
be planted the next spring. The seed dealer will not deliver the seed until
the spring and the farmer will take the tax deduction a year early.
Cob, CPA (Certified Public Accountant)
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| Author: | milwaukee | | Posted: | Mar 7, 2022 23:27 | | Subject: | Re: US taxes, change from cash to accrual | | Viewed: | 51 times | | Topic: | General | |
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| I agree, my inventory is slowly growing. It seems like before it was ok to expense
it with TJCA, inventory was just taxed when eventually it was geting sold.
But now the part that is inventoried is supposed to be reported.
I have no idea how to track the cost of used parts. I do not inventory every
single bulk lot in full- I have at least one or two pre-sorting stages where
things accumulate until they need to be either sorted further or inventoried.
For example inventorying of simple bricks is happening every couple of months,
but used technic or wheels maybe once a year or two.
In General, CPgolfaddict writes:
| | I doubt it was ever OK to fully deduct the purchase price of inventory in the
year purchased. The ONLY way this makes sense to me is if you do NOT have a
year over year increase in the cost of on-hand goods. e.g. if you sold everything
in the same year you bought it. That would work.
e.g. figure out my profit on Dec 15th, then buy more goods before year end (and
not sell them) and then pay no US income taxes that year. Everyone would do
this every year! I know I would if it was legal.
With the cash method you need to account for your cost of on hand inventory at
the end of the tax year. If your on hand inventory cost level goes up year-over-year,
you can't claim the year-over-year increase as part of Cost of Goods Sold
for that year.
With the accrual method you recognize both cost of good sold and revenue at the
time you sell the item. So again you can't wipe out profit by buying inventory
right before the year end.
PS...when I started I didn't keep good track of cost per lot. So I did a
coefficient/percentage estimate. I really didn't have any other choice.
Once I realized the error of my ways, I started tracking per item, per lot.
I use the cost field in BL. Let the BL upload "Qty average cost" feature do
it for you. FYI... I still have a handful of very old items where I estimate
the cost using the same method from that first year.
In General, milwaukee writes:
| | Hi,
Is there any consensus about how to report taxes this year?
Before due to fuzziness of TCJA (Tax Cuts and Jobs Act) it was possible to fully
deduct inventory purchases.
But due to update from 2021 (https://www.govinfo.gov/content/pkg/FR-2021-01-05/pdf/2020-28888.pdf)
as long as there is some inventory tracking exists ("their books and
records") we are supposed to switch to accrual method.
What is acceptable way to track inventory capital costs? With the heavy mix of
used bulk Lego which goes through many presorting and merging stages tracking
of individual part cost is not really possible. Would it be acceptable to use
"for sale" price of inventory in BL with some estimated coefficients for estimated
cost/price for main categories like minifigs/used parts/new parts?
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| Author: | milwaukee | | Posted: | Mar 7, 2022 09:48 | | Subject: | US taxes, change from cash to accrual | | Viewed: | 154 times | | Topic: | General | |
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| Hi,
Is there any consensus about how to report taxes this year?
Before due to fuzziness of TCJA (Tax Cuts and Jobs Act) it was possible to fully
deduct inventory purchases.
But due to update from 2021 (https://www.govinfo.gov/content/pkg/FR-2021-01-05/pdf/2020-28888.pdf)
as long as there is some inventory tracking exists ("their books and
records") we are supposed to switch to accrual method.
What is acceptable way to track inventory capital costs? With the heavy mix of
used bulk Lego which goes through many presorting and merging stages tracking
of individual part cost is not really possible. Would it be acceptable to use
"for sale" price of inventory in BL with some estimated coefficients for estimated
cost/price for main categories like minifigs/used parts/new parts?
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| Author: | milwaukee | | Posted: | Nov 24, 2021 00:30 | | Subject: | Re: Advice for estate sale find | | Viewed: | 68 times | | Topic: | General | |
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| Run! It's a trap! My Bricklink store started with $2 box from garage sale
that had partial schooner and castle set.
In General, Applecowpie writes:
| | Hello everyone. Last weekend I bought some old Lego’s and wanted some advice
concerning the 1650 Maerske Line set. I’m missing some pieces and wanted to
know if it would be worth completing the set or just sell it as is? I also
have some additional pieces that are old as well. I apologize in advance, I’m
not really into legos, but I’d like to find out the value of what I have and
or the direction to take to maximize my profit.
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| Author: | milwaukee | | Posted: | Jul 1, 2021 11:16 | | Subject: | Re: FYI: Crowdfunding is live | | Viewed: | 76 times | | Topic: | Designer Program | |
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| try this for castle to add to lego.com cart: https://www.lego.com/en-us/cart?product=910001
In LEGO, Lossecorme writes:
| | In LEGO, tEoS writes:
| | Go to the Studio tab and click on designer program to preorder sets on Lego S@H.
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I'm not seeing any way to preorder. I still see the old splash page. 
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| Author: | milwaukee | | Posted: | Jun 16, 2021 16:22 | | Subject: | Re: USPS Issues and Store Policy | | Viewed: | 46 times | | Topic: | Shipping | |
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| The only non positive feedback I have at this moment is for "slow shipping".
Not really fare as I shipped the order the same day but it got delayed.
Unfortunately this does not qualify for feedback removal.
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USA, Wisconsin
