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Selling @ Farm Toy Shows

A

Anonymous-0

Well-known Member
Has anyone here ever had a table for selling at farm toy shows? How does it work for taxes? Theres one coming up that I'm considering thinning out my collection at. I have a lot of doubles and times are lean. What are the average fees associated? i.e. $20 for table, percentage fees for selling, anything like that? Anything I haven't thought about?

Thanks!
 
Most shows rent out table space and that is all you pay to be allowed to sell.

Most don't collect sales tax.

If it is treated as a hobby and not a business no income tax should be owed either.

Gary
 
I agree with Gary about the sales tax and table price. No commission to sell at any show I've ever been to.

A new show started up here in Florida several years ago (has since shut down) and a state agent of some kind was there passing out sales tax forms to fill out and send in with tax payment. Must not have been very successful, as they never showed up again.

Stn
 
About ten years ago I had over $12,000.00 worth of toy tractors stolen. I'm reasonably sure I had to pay income tax on the insurance check, but I'm not positive. That was all I had them insured for, and had actualy thought that I had dropped the insurance. My loss was far greater than the insurance amount, so I wonder if I could count that as a loss?

I have seen numerous toy show folks keep track of all sales, don't know if they are honest about it or not. I think they are supposed to pay sales tax though. Unless they have a hidden camera, or a sting operation, it would be pretty hard to enforce.

Alot of flea markets in our area require proof of liability insurance before they can set up. I don't know what the min. is however.

North East Iowa
 
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