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1099s and selling your unwanted golf equipment


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New laws are going into effect in 2022 and basically if you sell on ebay, facebook, or similar platforms or use a payment service like paypay and make over $600 for the year you will receive a 1099 and have to explain the sales on your taxes.   The intended purpose is to find small business to collect appropriate taxes.  However,  those of us that flip clubs will be subject to the same reporting.  Sell your irons for $800 and take payment on paypal you are now getting a 1099 and you would have to explain that you are selling for less than you purchased to avoid taxes.   

Is this going to impact your club selling/flipping in the future?   Are we going to see fewer used clubs and equipment in the general marketplace from regular golfers like us?   Are you going to be more particular in what you buy knowing you will have to answer to the IRS ( and that it may be harder to hide from your wife)

For me,  it will probably limit what I sell as I will stay below the $600 threshold to simply avoid having to document everything.  

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This has been in place in MD for awhile. Some places were 200 sales or $20k

I basically stopped selling anything. I have several pairs of Jordan’s that would fetch more than I paid so if I do sell any of them it will be on pair a year. Haven’t sold clubs in a while, just trade them in 

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Driver: PXG 0811 X+ Proto w/UST Helium 5F4

Wood: TaylorMade M5 5W w/Accra TZ5 +1/2”, TaylorMade Sim 3W w/Aldila rogue white

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Seems more like something where they go after the consistent seller. The ones who buy and sell multiple sets of irons and other apparel throughout the year. Can’t see them going after the guy or gal who makes a couple sales here or there

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1 hour ago, RollingGreens said:

Seems more like something where they go after the consistent seller. The ones who buy and sell multiple sets of irons and other apparel throughout the year. Can’t see them going after the guy or gal who makes a couple sales here or there

What do you mean going after?   If you receive over $600 into your PayPal account you will receive a 1099.  The information has been reported to the IRS and should be addressed on your tax forms.   You approach is going to be to ignore and hope you don’t get audited?  

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11 hours ago, cnosil said:

New laws are going into effect in 2022 and basically if you sell on ebay, facebook, or similar platforms or use a payment service like paypay and make over $600 for the year you will receive a 1099 and have to explain the sales on your taxes.   The intended purpose is to find small business to collect appropriate taxes.  However,  those of us that flip clubs will be subject to the same reporting.  Sell your irons for $800 and take payment on paypal you are now getting a 1099 and you would have to explain that you are selling for less than you purchased to avoid taxes.   

Is this going to impact your club selling/flipping in the future?   Are we going to see fewer used clubs and equipment in the general marketplace from regular golfers like us?   Are you going to be more particular in what you buy knowing you will have to answer to the IRS ( and that it may be harder to hide from your wife)

For me,  it will probably limit what I sell as I will stay below the $600 threshold to simply avoid having to document everything.  

My opinion, and how I will operate in anything I'm selling, is that the number of financial transactions will increase.  You're going to see, and I know I'm not in the minority here, people are going to sell those $800 clubs and request that the purchasee makes 2 or 3 transactions to the total.  Just another case of the government trying to take more money from everyone so they can use it for nothing productive.   But that's my opinion only.  

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BNewt51

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42 minutes ago, BNewton51 said:

My opinion, and how I will operate in anything I'm selling, is that the number of financial transactions will increase.  You're going to see, and I know I'm not in the minority here, people are going to sell those $800 clubs and request that the purchasee makes 2 or 3 transactions to the total.  Just another case of the government trying to take more money from everyone so they can use it for nothing productive.   But that's my opinion only.  

Multiple transactions won’t change the reporting.  Two $400 transactions is still over the $600 threshold.  Again not trying to get not political discussion.  As a seller you can avoid the taxes by providing appropriate paperwork so nothing would really change for most transactions; except for those flipping for profit like selling $70 Scotty headcovers for $200.  

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2 hours ago, RollingGreens said:

Seems more like something where they go after the consistent seller. The ones who buy and sell multiple sets of irons and other apparel throughout the year. Can’t see them going after the guy or gal who makes a couple sales here or there

They aren’t going after anyone in particular. This applies to anyone who receives payments for any type of goods or services that get at least $600 in the tax year. Sell one set of clubs for $600 and you will get a 1099. If it was at a loss you will need to prove that otherwise you will be on the hook.

 

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47 minutes ago, BNewton51 said:

My opinion, and how I will operate in anything I'm selling, is that the number of financial transactions will increase.  You're going to see, and I know I'm not in the minority here, people are going to sell those $800 clubs and request that the purchasee makes 2 or 3 transactions to the total.  Just another case of the government trying to take more money from everyone so they can use it for nothing productive.   But that's my opinion only.  

This isn’t new. It was different in different states. Some states was 200 transactions or $20,000. Other states was $600 regardless of number of transactions. Now it’s $600 regardless of where you are at.

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Irons: PXG Gen3 0311T w/Nippon modus 120

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Thanks for the heads up. I sold more than $600 on eBay in 2021, but not likely in the years ahead (their 12.55%+ cut is too high IMO).

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1 hour ago, Middler said:

Thanks for the heads up. I sold more than $600 on eBay in 2021, but not likely in the years ahead (their 12.55%+ cut is too high IMO).

IF you sell in the future, let’s say here,  how will you get payment?   Any of the electronic cash services like PayPal, cash app, Venmo, etc will report based on the money going through your accounts.  Or are you going to stop selling your old clubs? 

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3 minutes ago, cnosil said:

IF you sell in the future, let’s say here,  how will you get payment?   Any of the electronic cash services like PayPal, cash app, Venmo, etc will report based on the money going through your accounts.  Or are you going to stop selling your old clubs? 

There is a way around it. It’s only for payments made via goods and services. Sending money to friends/family doesn’t count so if the buyer is willing to forego protection the deal can be done via friends and family

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3 minutes ago, RickyBobby_PR said:

There is a way around it. It’s only for payments made via goods and services. Sending money to friends/family doesn’t count so if the buyer is willing to forego protection the deal can be done via friends and family

Very true, but not sure how many people are willing to go with that option; especially a buyer as they don’t typically care about the sellers tax liability.  

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28 minutes ago, cnosil said:

Very true, but not sure how many people are willing to go with that option; especially a buyer as they don’t typically care about the sellers tax liability.  

Agree, but I think in situations like between members on a forum or in some other social media groups that have some kind of trusted relationship it may be more common due to the trust that’s been built up. 

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Driver: PXG 0811 X+ Proto w/UST Helium 5F4

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Selling old golf clubs? You mean I've been doing it wrong all these years?! Most of my extras have just been donated to friends or family... 😄 I guess if I do sell anything at this point, I will just stick to local buyers with cash... 

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2 hours ago, cnosil said:

IF you sell in the future, let’s say here,  how will you get payment?   Any of the electronic cash services like PayPal, cash app, Venmo, etc will report based on the money going through your accounts.  Or are you going to stop selling your old clubs? 

I don’t sell old clubs that often, and when I’ve exceeded $600 in sales in a year it’s always included items that weren’t golf related. Over the years I’ve sold over $9000 in stuff total on eBay, but with their current 12.55%+ take (too high IMO) I’ve lost interest in that outlet anyway. With the 1099 development, I may sell fewer items - or none. I can trade clubs, donate/give away other items or sell without using the big online “markets.” I don’t much care about getting top dollar, and you usually don’t on eBay anymore with all the resale sharks.

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I like to buy, sell and upgrade my golf gear very often. I am just a club HO!

Seeing that the Guberment is now wanting to tax all sales over $600, I would be in trouble. Moving forward, I will find other ways to handle my transactions. One thing they could do is stand on each street corner and calculate how much money the panhandlers are taking in each day, Start taxing them! 😲

comment edited. 

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6 minutes ago, GaDawg said:

I like to buy, sell and upgrade my golf gear very often. I am just a club HO!

Seeing that the Guberment is now wanting to tax all sales over $600, I would be in trouble. 

You are only in trouble if you sell for a profit.   I wonder how much documentation you would really need to show.  

Driver:  :ping-small: G400 Max 9* w/ KBS Tour Driven
Fairway: :titelist-small: TS3 15* set  to 16.5* w/Project X Hzardous Smoke
Hybrids:  :titelist-small: 816H1 19* set at 18* w/KBS Tour Graphite Hybrid Prototype
                :titelist-small: 915H  21*  w/KBS Tour Graphite Hybrid Prototype        
Irons:      :honma:TR20V 5-11 w/Vizard TR20-85 Graphite
Wedge:  :titleist-small: 54/12D, 60/8M w/:Accra iWedge 90 Graphite
Putter:  logo-horizontal-black.svg Directed Force 2.1

Backups:  :taylormade-small:TM-180, :odyssey-small: Milled Collection RSX 2, Bellum Winmore 787, :seemore-small: mFGP2,

Member:  MGS Hitsquad since 2017697979773_DSCN2368(Custom).JPG.a1a25f5e430d9eebae93c5d652cbd4b9.JPG

 

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12 minutes ago, cnosil said:

You are only in trouble if you sell for a profit.   I wonder how much documentation you would really need to show.  

Very seldom does anyone make a profit on used golf clubs, just dealing with all the documentation will probably be a hassle. 

comment edited

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Irons: :cobra-small: 4 - PW King Forged Tec with Aerotech Steelfiber I95 Stiff

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Putter:  :scotty-cameron-1: Studio Select Newport 1.5
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You know I have been watching this closely 😜

Fortunately getting notified of this early in the year will allow me to track my expenditures and sales, to see where I come out.   I did get a 1099 from paypal for 2021, let's just say I'm glad it's not in effect here until 2022.   Someone scared me and to me it was for 2021, but I confirmed with my tax preparer that i'm good for 2021 tax year.  But to keep track in 2022.

Probably 75% of my sales are on another forum, where I have a well established reputation, and usually sell to the same.  So I wouldn't be surprised as @RickyBobby_PR said, if I decide to limit my sales to those that have outstanding feedback and reputation, and go the friends and family route.  I would never consider that on Ebay.

Also I trade a fair amount in at our course, so that isnt' tracked, even thought I get less in value than selling. 

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1 minute ago, GaDawg said:

Very seldom does anyone make a profit on used golf clubs, just dealing with all the documentation will probably be a hassle. The free enterprise and American dream is gone, we are headed to becoming a socialist country. I will shut up before I get banned.

Dawg, you're a great member here.  Please don't steer near the political line, that's your 2nd post that has done so.  Even disclaiming them doesn't work 🙂

 

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:titelist-small: TSiR2 10.0  Tensei Blue X ink 55g 

:titelist-small: TSR2 16.5 PX Evenflow 5.5 60 g 

:titelist-small: TSi1 20 and 23 degree hybrids Aldila Ascent Shafts R

:titelist-small: T200 5-GW SteelFiber I80 

:titelist-small: SM8 48F/54/58 D Grinds 

:scotty-cameron-1: Select 5.5 Flowback 35" 

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