?

Chuck,

?

I think he will use it fairly frequently, but doesn’t have any wild expectations.? His grandfather bought the S-40 new, then it was passed on to his father, and then on to him.? I’ve found some strange modifications, but for the most part the radio is all factory, which has made the restoration a little easier – and what few changes have been found I’ve reverted to factory.? This is a revision “2” of the S-40.? Definitely paying a lot of attention to the cosmetics!

?

73 – Steve, KW4H

?

Steve,

?

Unless your friend is actually going to listen much the exterior appearance may be a bit more important than receiver performance.

My S 40A is good both ways but its on my viewing self all the time.

?

73 and GL!

Chuck, K4HF

?

?

The restoration work on the S-40 continued today – more capacitors and drifted resistors replaced.? The recapping should be complete by tomorrow or Saturday, then it’s on to the resistance checks and a few other things.? Next week should be power-on and alignment.? What should I reasonably expect with the S-40 when it comes to performance?? This is a special project for a good friend and disabled ham who has a nostalgic connection with the radio.? He knows it isn’t going to be a star performer, but I want to make sure I’ve squeezed every ounce out of the alignment and testing.

?

73 – Steve, KW4H

?

The restoration work on the S-40 continued today – more capacitors and drifted resistors replaced.? The recapping should be complete by tomorrow or Saturday, then it’s on to the resistance checks and a few other things.? Next week should be power-on and alignment.? What should I reasonably expect with the S-40 when it comes to performance?? This is a special project for a good friend and disabled ham who has a nostalgic connection with the radio.? He knows it isn’t going to be a star performer, but I want to make sure I’ve squeezed every ounce out of the alignment and testing.

?

73 – Steve, KW4H

?

The restoration work on the S-40 continued today – more capacitors and drifted resistors replaced.? The recapping should be complete by tomorrow or Saturday, then it’s on to the resistance checks and a few other things.? Next week should be power-on and alignment.? What should I reasonably expect with the S-40 when it comes to performance?? This is a special project for a good friend and disabled ham who has a nostalgic connection with the radio.? He knows it isn’t going to be a star performer, but I want to make sure I’ve squeezed every ounce out of the alignment and testing.

?

73 – Steve, KW4H

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.

On Thu, Sep 22, 2022, 10:00 AM Robert Needleman via <k3ac=[email protected]> wrote:

"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.

Just avoid using PayPal (receiving payment 'as merchandise'). Accept only PP? F/F cash transfers, or require payment by check/MO/interbank. For now at least, you should be able to avoid this issue entirely. Why I posted this to begin with. I'm ending my thread here as it's a bit off topic for this group but I wanted to get this information out as PayPal is now notifying individuals accepting payments for merchandise about their new 1099 policy.

?

Bob K3AC

In a message dated 9/22/2022 10:55:56 AM Eastern Standard Time, johnk5mo@... writes:

?

"Unless ham radio is a business and you are actually making a profit on sales, then perhaps you should treat it as a business"

?

So what the IRS has created is a situation where you're presumed to be in a business, even though one is NOT in a business. I have an extensive 40 yr collection of gear.? Of course I didn't keep a log of my cost basis because 99% of this equipment came from hamfests/garage sales, etc where no such thing is routinely given.? But with the IRS one is guilty until proven innocent.

?

Hobbies (ALL hobbies) involve a great deal of buying and selling, and the $600 bar is set low enough to trigger most everyone into treating their hobby as a business, which it clearly isn't .

?

Of course the very wealthy have accountants who structure wealth in such a way to avoid taxes, the poor pay none, and the middle class will bear the burden of 75,000 new IRS agents.

?

As always.

?

John K5MO

?

?

?

?

?

?

On Thu, Sep 22, 2022 at 10:19 AM Robert Kembel <rwkembel@...> wrote:

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

?

?

?

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.

On Sep 22, 2022, at 11:50 AM, Mark Sunderlin <mark@...> wrote:

?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.

On 09/22/2022 11:12 AM thoyer via groups.io <thoyer1@...> wrote:

If you have "proof" that you are taking a loss (receipt from when you bought said radio for $800), you can use that to offset any gain. But if you don't have any gain (sold said radio for $250) you can't take the loss...........

-----Original Message-----
From: Robert Needleman via groups.io <k3ac@...>
To: [email protected]; [email protected]
Sent: Thu, Sep 22, 2022 10:39 am
Subject: Re: [HallicraftersRadios] 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

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

?

?

?