Can we get back to Hallicrafters radio?
On 9/22/2022 4:14 PM, Phil Patton
wrote:
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Not if you invested in it last?year it doesn't.?
The feds are either going to outlaw it outright or require that
they know everything that goes on.
On Thu, Sep 22, 2022, 2:04 PM
John K5MO <
johnk5mo@...>
wrote:
Bitcoin is looking better and better.
"Fair Market
Value" is a term used to estimate the current value
of an item, typically in the setting of a charitable
donation? (ie. how much an item may be worth at the
time it is donated to a legitimate charity), which
is often tax deductible. I doubt IRS would accept a
seller's estimate of? Fair Market Value for hobbyist
sale transactions as an accurate cost basis since
the item may have been purchased many years in the
past or inherited gratis,? and determining past
valuations is extremely difficult without records
(ie. original purchase invoice/receipt). Here is an
informative article on the subject of hobbyist tax
obligations in light of the new IRS regs (reducing
the annual sales level from $20K to 600K/annum).
Interestingly, it discusses how the IRS may take
action against you if you try to 'skirt' around the
new reg by using PayPal "Friends/Family" instead of
" PayPal merchandise" unless you can clearly
establish the transaction was really made between
friends/family members and not strangers. And it is
not only PayPal - other 3rd party payers, like Venmo
will be required to also issue 1099-K's for sale
transactions that exceed $600/annum. So seems like
the safest thing is to avoid all of these 3rd party
payers, and handle sale of vintage gear by accepting
payment in form of? check/MO/Zelle, at least for
now:
?
?
Bob K3aC
In a message dated 9/22/2022 11:50:18 AM Eastern
Standard Time,
mark@...
writes:
?
On Thu, Sep 22, 2022 at 10:39 AM, Robert
Needleman wrote:
you have no documentation? (or
rarely so) of your cost basis if you purchased
it many years ago, etc
In general, the IRS will allow you to use ?"fair
market value" as your cost basis when you no
longer have documentation. ?
Thus, with just a small amount of paperwork,
most "hobby sellers" should be able to justify /
document that they made no profits from their
> $600 sales.
