¿ªÔÆÌåÓý

ctrl + shift + ? for shortcuts
© 2025 Groups.io
  1. HallicraftersRadios
  2. Messages
Single Messages Topics Expanded

Locked Re: Paypal

 

Bob,
?
It's relevant because when selling Hallicrafters, and other vintage gear, you're usually doing it as a LOSS (at least that's almost always the case for me) , you have no documentation? (or rarely so) of your cost basis if you purchased it many years ago, etc. So what will happen is this item will add to the total amount of radio sales you do on PayPal and once you exceed $600/annum, that will trigger a 1099 from the IRS, reported by PayPal. You will have to pay tax on this amount, which IRS considers as income (as if you were a small internet business), even though you've sold these items at a LOSS. So you get screwed, having to pay tax on items in which you LOST MONEY, not made a profit, as regular business do selling merchandise. So you're going to wind up taking a bigger loss by accepting payment using Paypal, than if you had sold it by using another method like check/MO/bank transfer. It's not a matter of trying to avoid paying tax and cheating the IRS - it's a matter of being unfairly ltaxed on items you've sold where you've already taken a loss, and then have to pay tax on top of that, for an even bigger loss!
Got it?
?
Bob K3AC

In a message dated 9/22/2022 10:19:36 AM Eastern Standard Time, rwkembel@... writes:
?
Hi all,
?
Not sure I see the relevance of the discussion regarding the IRS as far as Hallicrafters radios. Unless you are cheating on your taxes, I don't see how additional IRS agents is likely to affect the majority of honest people. Unless ham radio is a business and you are actually making a profit on sales, then perhaps you should treat it as a business and report the income (and expenses on a Schedule C form). This allows you to deduct 'business' related expenses such as the acquisition costs, supplies, and other expenses. I would venture that most of us spend more on our "hobby business" than we make as income. I know that I spend much more on my hobby than anything I might get by selling the occasional restored radio. Yes it is a nuisance to treat your hobby as a business (if you are selling items), but it is nice to be able to offset that income with acquisition costs, test equipment, supplies (wire, solder, caps, resistors, tubes, mileage, hamfest admissions, etc).
?
On the other hand, we are all subsidizing those that don't pay their fair share of taxes.
?
"The IRS is woefully understaffed and will miss about $600 billion in uncollected taxes this year as it grapples with technology built before humans landed on the moon, according to Deputy Treasury Department Secretary Wally Adeyemo."
?
Those missed taxes work out to about $2000 per individual that we are all paying to subsidize those uncollected taxes. Nobody likes taxes, but since they are a fact of life, the least we can do is make sure that everyone pays their fair share.
?
Bob,? K7DYB
?
On 9/22/2022 9:28 AM, Larry Steeno wrote:
I wonder if the newly minted IRS agents will be posted at all the local ham fests and garage sales????
Larry

?
Join [email protected] to automatically receive all group messages.