(Topic ID: 57749)

oh oh! In trouble with the CITY for selling games on CL


By eXidy

6 years ago



Topic Stats

  • 140 posts
  • 72 Pinsiders participating
  • Latest reply 6 years ago by Gexchange
  • Topic is favorited by 1 Pinsider

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    #20 6 years ago

    So you can grow pot and in CO and that is OK but selling pins you need a license? I kind of wonder who has been smoking what at City Hall!

    It is funny with the fine line between business and hobby. According to IRS if you are in business and take a loss 3 of 5 years it isn't a business it is a hobby. Yet because you buy and sell something - neighbors & city think you are in business.

    I learned years ago the best way is to register everything I am involved with as a business basically from day one and then keep taking losses until IRS tells me it is a hobby because I keep loosing money at it. Then when city state, or local call it a business I can use IRS paperwork to prove it isn't.

    And if any of you do your homework, write off your expenses, keep track of you cost & mileage, etc. - most will find you are not making any money so it is actually a hobby according to IRS. Write offs are your friend when in business!

    #21 6 years ago

    Quick & easy solution is rent a small mini storage unit and have customers meet you at storage. Then just run machines off a generator if you can't find a storage unit close to you with some type of electric.

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