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"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.
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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.
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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.
|
Thankfully, Bitcoin is designed precisely so this is unlikely to be possible.
John K5MO
>> The feds are either going to outlaw it outright or require that they know everything that goes on.
|
Can we get back to Hallicrafters radio?
On 9/22/2022 4:14 PM, Phil Patton
wrote:
toggle quoted message
Show quoted text
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.
|
maybe after we get rid of this oppression, we all can get back to 'normal freedom' and the hobbies we enjoy...
On Thursday, September 22, 2022 at 05:58:03 PM PDT, n7qmm25 <n7qmm25@...> wrote:
Can we get back to Hallicrafters radio?
On 9/22/2022 4:14 PM, Phil Patton
wrote:
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.
|
On Fri, Sep 23, 2022 at 09:56 AM, lfibich@... wrote:
?
maybe after we get rid of this oppression, we all can get back to 'normal freedom' and the hobbies we enjoy...
?
Agreed.......unfortunately, ignoring problems, "not talking about them", pretending they don't exist, etc..... and otherwise limiting discussion about them,? never will solve them. However, this particular forum is really not about all this and we possibly do Bill (the forum owner)? a bit of a disservice belaboring this subject.? Instead of forcing him to lock the thread, why don't we just agree that we're in agreement about the problem and go back to talking about Halliscatchers! Cheers (and vote the bastids out!!) ? -- 73/Rick WA6III __________________________________ No critters were injured transmitting with Hallicrafters transmitters except the ones that wandered into the final amp cage Bug-Motel!! Bugs check-in, but they don't check-out!
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I am late going thru mail? but¡ this off topic thread is still active so.. You seem to think that big governments in the world? cannot ?make new laws to put you in jail for using bitcoin etc? [or some places it will be worse than jail.] I know nothing about bitcoin but govts have their ways of doing things 73?? don VA3DRL ?? ?
toggle quoted message
Show quoted text
From: [email protected] [mailto:[email protected]] On Behalf Of John K5MO
Sent: Thursday, September 22, 2022 7:19 PM
To: [email protected]
Subject: Re: [HallicraftersRadios] Paypal - Hobbyist Sale article? Thankfully, Bitcoin is designed precisely so this is unlikely to be possible. >> The feds are either going to outlaw it outright or require that they know everything that goes on.
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Rick W7IMM
don Root