Discussion Forum: Thread 367807

 Author: rainbowmist View Messages Posted By rainbowmist
 Posted: Mar 3, 2025 15:37
 Subject: Taxes Question...
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 Topic: Taxes
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rainbowmist (1520)

Location:  USA, Michigan
Member Since Contact Type Status
Oct 31, 2009 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: RainbowMists Bricks
Hi all. Am currently having my taxes done and they want to know what I have in
my store as "what is left in it as of December 2024". Guess they are
not familiar with bricklink.

Do I print out my inventory page as I see it?

Never had to file before.

Thank you.
 Author: peregrinator View Messages Posted By peregrinator
 Posted: Mar 3, 2025 17:31
 Subject: Re: Taxes Question...
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 Topic: Taxes
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peregrinator (1096)

Location:  USA, New Jersey
Member Since Contact Type Status
Jan 21, 2003 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: Faber Family Bricks
In Taxes, rainbowmist writes:
  Hi all. Am currently having my taxes done and they want to know what I have in
my store as "what is left in it as of December 2024". Guess they are
not familiar with bricklink.

Maybe this will help? I don't believe you have to report inventory (unless
you are making A LOT in sales), you can expense the cost of the inventory at
the time it was acquired:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/business-tax-credits-deductions/need-report-inventory/L3JwjUlQm_US_en_US

IIRC this is a change from just a few years ago.
 Author: rainbowmist View Messages Posted By rainbowmist
 Posted: Mar 3, 2025 18:07
 Subject: Re: Taxes Question...
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 Topic: Taxes
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rainbowmist (1520)

Location:  USA, Michigan
Member Since Contact Type Status
Oct 31, 2009 Contact Member Seller
Buying Privileges - OKSelling Privileges - OK
Store: RainbowMists Bricks
In Taxes, peregrinator writes:
  In Taxes, rainbowmist writes:
  Hi all. Am currently having my taxes done and they want to know what I have in
my store as "what is left in it as of December 2024". Guess they are
not familiar with bricklink.

Maybe this will help? I don't believe you have to report inventory (unless
you are making A LOT in sales), you can expense the cost of the inventory at
the time it was acquired:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/business-tax-credits-deductions/need-report-inventory/L3JwjUlQm_US_en_US

IIRC this is a change from just a few years ago.

Thank you for the link and info. Not sure yet what they really want. The parts
in my store where acquired over a few years mostly thru ebay.

Hopefully I don't have to go back 2 more times.