Jump to content

Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at GolfWRX such as viewing all the images, interacting with members, access to all forums and eligiblility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE GolfWRX account here.

- - - - -

*Golf WRX Hobby Buy/Sell & Taxes--ANyone Know???


  • Please log in to reply
11 replies to this topic

#1 russian7

russian7

    Major Winner

  • Advanced Members
  • PipPipPipPipPipPip
  • 1,973 posts
  •  
  • Member #: 127678
  • Joined: 04/28/2011
  • Location:Northwest
  • Ebay ID:bigdcannons21
GolfWRX Likes : 126

Posted 13 March 2018 - 12:47 PM

Hello guys, I am curious,

if you buy and sell with Paypal on WRX or Ebay whatever, do you have to report hobbies?

I don't know the stipulations and I  know guys on here have discussed this in the past,

I only try stuff, always lose money and buy and sell, but was hoping I didn't need to do anything special for it,

Thank you!!


Remove This Advertisement Viewing As Guest

    GolfWRX Forums

    Advertisement


1

#2 PixlPutterman

PixlPutterman

    Look At My Lefty J33R(hey I can wish)

  • Advanced Members
  • PipPipPipPipPipPipPip
  • 6,911 posts
  •  
  • Member #: 24110
  • Joined: 01/16/2007
  • Location:Boise, from St. Louis
  • Handicap:6
  • Ebay ID:MikesChevelle
GolfWRX Likes : 1366

Posted 13 March 2018 - 12:52 PM

Im no lawyer, but I cant see how you would need to unless you are moving tens of thousands of dollars a year
Titleist 917 D3 9.5 - HZRDUS Yellow 65
Callaway XR Pro 3deep 14 - Project X LZ  
Mizuno MP Fli Hi 18 - C Taper 125
Mizuno MP Fli Hi 23 - C Taper 120                  
Wilson Staff FG62 - S300
Cobra Tour Trusty 52/56/62- S300
Scotty Cameron X7M

My WITB
http://www.golfwrx.c...e/#entry2280019

2

#3 VNutz

VNutz

    Hall of Fame

  • Advanced Members
  • PipPipPipPipPipPipPip
  • 5,375 posts
  •  
  • Member #: 116888
  • Joined: 10/31/2010
  • Location:Chicago Burbs
GolfWRX Likes : 3027

Posted 13 March 2018 - 12:55 PM

I'm no accountant or tax guru, but technically anything you buy and sell for profit you're supposed to report. However most do not do that.

For the most part PayPal lets the small guys go, but if you do enough business, meaning over 200 transactions and $20k in a year, they'll send you a 1099 and you'll have to include that in your tax forms for the year.

3

#4 cgasucks

cgasucks

    Major Winner

  • Advanced Members
  • PipPipPipPipPipPip
  • 2,002 posts
  •  
  • Member #: 16512
  • Joined: 07/18/2006
GolfWRX Likes : 997

Posted 13 March 2018 - 01:19 PM

I was an accountant many moons ago...but if you buy and sell clubs with the intention of making it as a business you should technically report your income and expenses.  If you're buying and selling just for ho'ing purposes, I don't think the IRS will slap you with an audit if you don't report it.  After all, you're most likely taking a loss if you ho.

Edited by cgasucks, 13 March 2018 - 01:38 PM.

9.5 deg Taylormade R7 Superquad (All Black First Edition) with stock Fujikura Reax TP shaft
1988 Tommy Armour 845s (3-PW, W3 (GW), SW) with stock TT Tour Step shafts
Taylormade V-Steel 5W & 3W with Grafalloy Prolaunch Red shafts
Ping Anser 2 Stainless Steel Putter

4

#5 DavePelz4

DavePelz4

    Legend

  • ClubWRX Charter Members
  • 23,399 posts
  •  
  • Member #: 69051
  • Joined: 11/10/2008
  • Location:A golf course in the Chicago area.
GolfWRX Likes : 24702

Posted 13 March 2018 - 01:22 PM

View PostVNutz, on 13 March 2018 - 12:55 PM, said:

I'm no accountant or tax guru, but technically anything you buy and sell for profit you're supposed to report. However most do not do that.

For the most part PayPal lets the small guys go, but if you do enough business, meaning over 200 transactions and $20k in a year, they'll send you a 1099 and you'll have to include that in your tax forms for the year.

Not that you'd have any experience with moving a few $$$ of merchandise.


5

#6 Bomber_11

Bomber_11

    Enjoy the Chase.

  • ClubWRX Charter Members
  • 3,004 posts
  •  
  • Member #: 412188
  • Joined: 02/14/2016
  • Handicap:0
GolfWRX Likes : 4006

Posted 13 March 2018 - 01:45 PM

Don't we all essentially lose money buying and selling clubs over the course of a year though?!
'16 Taylormade M2 8.5 w/ Tensei Pro White 70TX
'16 Taylormade Deep Face 3w w/ Tensei Pro White 80TX
Nike Vapor Fly Pro 2i w/ Fujikura Pro 95X
Nike Vapor Pro Combo 3-4 w/ DG Tour Issue X100
Nike VR Pro Blade 5-PW + DG Tour Issue X100
Nike Engage 52/56/60 w/ KBS 610 Wedge
Nike Method Oven Proto 006
Vice Pro Plus
Jones x Greyson Bag

6

#7 puresurfr

puresurfr

    Major Winner

  • Advanced Members
  • PipPipPipPipPipPip
  • 1,202 posts
  •  
  • Member #: 14116
  • Joined: 04/11/2006
GolfWRX Likes : 286

Posted 13 March 2018 - 01:53 PM

View PostBomber_11, on 13 March 2018 - 01:45 PM, said:

Don't we all essentially lose money buying and selling clubs over the course of a year though?!

Exactly...anybody who is coming close to breaking even is doing one hell of a job....it is impossible to try something out and not take a hit....add in paypal and shipping fees and the hit is even bigger.

7

#8 russian7

russian7

    Major Winner

  • Advanced Members
  • PipPipPipPipPipPip
  • 1,973 posts
  •  
  • Member #: 127678
  • Joined: 04/28/2011
  • Location:Northwest
  • Ebay ID:bigdcannons21
GolfWRX Likes : 126

Posted 13 March 2018 - 04:12 PM

View Postpuresurfr, on 13 March 2018 - 01:53 PM, said:

View PostBomber_11, on 13 March 2018 - 01:45 PM, said:

Don't we all essentially lose money buying and selling clubs over the course of a year though?!

Exactly...anybody who is coming close to breaking even is doing one hell of a job....it is impossible to try something out and not take a hit....add in paypal and shipping fees and the hit is even bigger.

That is for sure! It is always a loss haha, no one can make money on this trial and error golf wrx golf club hoing, you take a big hit each time you buy.

8

#9 mattw387

mattw387

    Member

  • Advanced Members
  • PipPipPip
  • 105 posts
  •  
  • Member #: 415702
  • Joined: 03/14/2016
  • Location:Richmond, VA
GolfWRX Likes : 23

Posted 13 March 2018 - 04:13 PM

View Postrussian7, on 13 March 2018 - 12:47 PM, said:

Hello guys, I am curious,

if you buy and sell with Paypal on WRX or Ebay whatever, do you have to report hobbies?

I don't know the stipulations and I  know guys on here have discussed this in the past,

I only try stuff, always lose money and buy and sell, but was hoping I didn't need to do anything special for it,

Thank you!!

I'm not giving tax advice, but I believe in your situation you should be fine, especially because you are not making a profit.  If you were ever to be audited or questioned, I would be prepared to show receipts showing your initial purchases and subsequent losses during the resale (which could be time consuming, but certainly not impossible in this digital age).  Cheers to trying new clubs and gear!

9

#10 Bece2117

Bece2117

    Tour Winner

  • ClubWRX Charter Members
  • 522 posts
  •  
  • Member #: 165235
  • Joined: 02/21/2012
  • Location:Massachusetts
  • Handicap:5.0
  • Ebay ID:bece2117
GolfWRX Likes : 384

Posted 13 March 2018 - 04:14 PM

PayPal sent me a tax statement this year, in MA you just have to have over $600 in sales to get one (granted I had MUCH more than that).  I just rounded up PayPal receipts for everything I bought to show a “loss” and I’m ok.

Cobra Forged Tec Black 4-P Steelfiber i95s
Callaway MD4 49/54/58 S400 Onyx
Srixon U85 2 Iron Recoil
Callaway Rogue 3 Wood HZRDUS Yellow
Callaway Rogue Driver HZRDUS Yellow
Rife Vault 001

Remove This Advertisement Viewing As Guest

    GolfWRX Forums

    Advertisement


10

#11 Jojodimaggio

Jojodimaggio

    Major Winner

  • Advanced Members
  • PipPipPipPipPipPip
  • 1,054 posts
  •  
  • Member #: 363909
  • Joined: 02/25/2015
  • Location:Seattle
  • Handicap:+1
GolfWRX Likes : 791

Posted 13 March 2018 - 04:34 PM

View PostBece2117, on 13 March 2018 - 04:14 PM, said:

PayPal sent me a tax statement this year, in MA you just have to have over $600 in sales to get one (granted I had MUCH more than that).  I just rounded up PayPal receipts for everything I bought to show a “loss” and I’m ok.

That’s annoying
Tour Issue M4 8.9 Aldila Rogue 130MSI 70TX proto
TM M3 15 degree Kuro Kage Proto 80tx
Cleveland 18 degree Mashie Miyazaki 105g

Tour Issue TM 750 4-PW Modus 130x
Taylormade MG 52,56,60 TI S400
Mannkrafted MA/66
Titleist prov1x

11

#12 Bece2117

Bece2117

    Tour Winner

  • ClubWRX Charter Members
  • 522 posts
  •  
  • Member #: 165235
  • Joined: 02/21/2012
  • Location:Massachusetts
  • Handicap:5.0
  • Ebay ID:bece2117
GolfWRX Likes : 384

Posted 13 March 2018 - 04:58 PM

View PostJojodimaggio, on 13 March 2018 - 04:34 PM, said:

View PostBece2117, on 13 March 2018 - 04:14 PM, said:

PayPal sent me a tax statement this year, in MA you just have to have over $600 in sales to get one (granted I had MUCH more than that).  I just rounded up PayPal receipts for everything I bought to show a “loss” and I’m ok.

That’s annoying
totally
Cobra Forged Tec Black 4-P Steelfiber i95s
Callaway MD4 49/54/58 S400 Onyx
Srixon U85 2 Iron Recoil
Callaway Rogue 3 Wood HZRDUS Yellow
Callaway Rogue Driver HZRDUS Yellow
Rife Vault 001

12



0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

GolfWRX Sponsors