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


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#1 russian7

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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!!


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#2 PixlPutterman

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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
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#3 VNutz

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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.

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#4 cgasucks

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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.

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#5 DavePelz4

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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.


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#6 Bomber_11

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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?!
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#7 puresurfr

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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.

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#8 russian7

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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.

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#9 mattw387

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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!

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#10 Bece2117

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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.

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#11 Jojodimaggio

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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
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#12 Bece2117

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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
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