cnosil Posted January 27, 2022 Share Posted January 27, 2022 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. GaDawg, GolfSpy_SHARK and Nolan220 3 Quote Driver: G400 Max 9* w/ KBS Tour Driven Fairway: TS3 15* w/Project X Hzardous Smoke Hybrids: 915H 21* w/KBS Tour Graphite Hybrid Prototype 915H 24* w/KBS Tour Graphite Hybrid Prototype Irons: TR20V 6-11 w/Vizard TR20-85 Graphite Wedge: 54/12D, 60/8M w/:Accra iWedge 90 Graphite Putter: Sacks Parente MC 3 Stripe Backup Putters: Milled Collection RSX 2, mFGP2, Futura 5W, TM-180 Member: MGS Hitsquad since 2017 Link to comment
RickyBobby_PR Posted January 27, 2022 Share Posted January 27, 2022 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 Nolan220, GaDawg, RollingGreens and 1 other 4 Quote 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 Hybrid: PXG Gen2 22* w/AD hybrid Irons: PXG Gen3 0311T w/Nippon modus 120 Wedges: TaylorMade MG2 50*, Tiger grind 56/60 Putter: Scotty Caemeron Super Rat1 Ball: Titleist Prov1 Link to comment
RollingGreens Posted January 27, 2022 Share Posted January 27, 2022 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 GaDawg and Josh Parker 1 1 Quote Stealth 2 Plus 9deg Kai' li Red Stealth 2 13deg Aldilla Rogue Silver Stealth 2 15deg Aldilla Rogue Silver JPX 921 Hot Metal 4-PW Nippon Modus 120s SM8 54 and 58deg Dynamic Gold Wedge Flex Scotty Cameron Newport 2 Titleist ProV1 Hoofer Stand Bag Stewart Q Follow Electric Caddie 300 PRO Rangefinder Official Nippon Regio B+ Driver Shaft Review Official Stewart Q Follow Review Link to comment
cnosil Posted January 27, 2022 Author Share Posted January 27, 2022 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? Kansas King and GaDawg 1 1 Quote Driver: G400 Max 9* w/ KBS Tour Driven Fairway: TS3 15* w/Project X Hzardous Smoke Hybrids: 915H 21* w/KBS Tour Graphite Hybrid Prototype 915H 24* w/KBS Tour Graphite Hybrid Prototype Irons: TR20V 6-11 w/Vizard TR20-85 Graphite Wedge: 54/12D, 60/8M w/:Accra iWedge 90 Graphite Putter: Sacks Parente MC 3 Stripe Backup Putters: Milled Collection RSX 2, mFGP2, Futura 5W, TM-180 Member: MGS Hitsquad since 2017 Link to comment
BNewton51 Posted January 27, 2022 Share Posted January 27, 2022 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. silver & black, BIG STU and GaDawg 1 2 Quote BNewt51 Golf Addict.... Father of 4. Pennsylvania Golfer Driver: Callaway Paradym Triple Diamond - Ventus Red X 3 Wood: TS2 14* Hybrid: Titleist TSI 2 18* (Only used on Soft Rainy days) Utility Irons: 4 iron (Steel Fiber FC 110 - Stiff) Irons: Titleist T-150 4-PW Steel Fiber CW 110 - Stiff Wedges: Vokey 48-8 Vokey 54-10 Vokey 58-6 all SM9's Putter: Scotty Cameron Special Select 5 Flowback (custom shop copper finish) or Bettinardi QB8 Ball: Pro-V1x Titleist Tour Carry Bag Black and White Bushnell Range Finder (Patriot Pack) *King of taking (borrowing) all my club ***** friends clubs after they've discarded them after a couple months! Link to comment
cnosil Posted January 27, 2022 Author Share Posted January 27, 2022 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. RickyBobby_PR, GaDawg, stephenmatt and 1 other 4 Quote Driver: G400 Max 9* w/ KBS Tour Driven Fairway: TS3 15* w/Project X Hzardous Smoke Hybrids: 915H 21* w/KBS Tour Graphite Hybrid Prototype 915H 24* w/KBS Tour Graphite Hybrid Prototype Irons: TR20V 6-11 w/Vizard TR20-85 Graphite Wedge: 54/12D, 60/8M w/:Accra iWedge 90 Graphite Putter: Sacks Parente MC 3 Stripe Backup Putters: Milled Collection RSX 2, mFGP2, Futura 5W, TM-180 Member: MGS Hitsquad since 2017 Link to comment
RickyBobby_PR Posted January 27, 2022 Share Posted January 27, 2022 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. cnosil 1 Quote 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 Hybrid: PXG Gen2 22* w/AD hybrid Irons: PXG Gen3 0311T w/Nippon modus 120 Wedges: TaylorMade MG2 50*, Tiger grind 56/60 Putter: Scotty Caemeron Super Rat1 Ball: Titleist Prov1 Link to comment
RickyBobby_PR Posted January 27, 2022 Share Posted January 27, 2022 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. cnosil and RollingGreens 2 Quote 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 Hybrid: PXG Gen2 22* w/AD hybrid Irons: PXG Gen3 0311T w/Nippon modus 120 Wedges: TaylorMade MG2 50*, Tiger grind 56/60 Putter: Scotty Caemeron Super Rat1 Ball: Titleist Prov1 Link to comment
Middler Posted January 27, 2022 Share Posted January 27, 2022 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). Headhammer and RollingGreens 2 Quote Titleist TSR2 11° HZRDUS Red CB 50 6.0 w Lamkin UTx Midsize Titleist TSR2 16.5º HZRDUS Red 60 CB 6.0 & TSR2 21º HZRDUS Black 4G 70 6.0 w Lamkin UTx Midsize Mizuno JPX923 HMP 4-GW, T22 54.12WS, T22 58.04DC w Lamkin ST+2 Hybrid Midsize Evnroll EV5.3 Maxfli Tour & ProV1 Ping Pioneer - MGI Zip Navigator AT Payntr X 002 LE, Ecco Biom C4, Payntr X 001 F (Mesh) Link to comment
cnosil Posted January 27, 2022 Author Share Posted January 27, 2022 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? Golfspy_CG2 1 Quote Driver: G400 Max 9* w/ KBS Tour Driven Fairway: TS3 15* w/Project X Hzardous Smoke Hybrids: 915H 21* w/KBS Tour Graphite Hybrid Prototype 915H 24* w/KBS Tour Graphite Hybrid Prototype Irons: TR20V 6-11 w/Vizard TR20-85 Graphite Wedge: 54/12D, 60/8M w/:Accra iWedge 90 Graphite Putter: Sacks Parente MC 3 Stripe Backup Putters: Milled Collection RSX 2, mFGP2, Futura 5W, TM-180 Member: MGS Hitsquad since 2017 Link to comment
RickyBobby_PR Posted January 27, 2022 Share Posted January 27, 2022 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 cnosil, MattF and Golfspy_CG2 3 Quote 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 Hybrid: PXG Gen2 22* w/AD hybrid Irons: PXG Gen3 0311T w/Nippon modus 120 Wedges: TaylorMade MG2 50*, Tiger grind 56/60 Putter: Scotty Caemeron Super Rat1 Ball: Titleist Prov1 Link to comment
cnosil Posted January 27, 2022 Author Share Posted January 27, 2022 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. Kansas King and GaDawg 2 Quote Driver: G400 Max 9* w/ KBS Tour Driven Fairway: TS3 15* w/Project X Hzardous Smoke Hybrids: 915H 21* w/KBS Tour Graphite Hybrid Prototype 915H 24* w/KBS Tour Graphite Hybrid Prototype Irons: TR20V 6-11 w/Vizard TR20-85 Graphite Wedge: 54/12D, 60/8M w/:Accra iWedge 90 Graphite Putter: Sacks Parente MC 3 Stripe Backup Putters: Milled Collection RSX 2, mFGP2, Futura 5W, TM-180 Member: MGS Hitsquad since 2017 Link to comment
RickyBobby_PR Posted January 27, 2022 Share Posted January 27, 2022 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. cnosil, Golfspy_CG2 and downlowkey 3 Quote 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 Hybrid: PXG Gen2 22* w/AD hybrid Irons: PXG Gen3 0311T w/Nippon modus 120 Wedges: TaylorMade MG2 50*, Tiger grind 56/60 Putter: Scotty Caemeron Super Rat1 Ball: Titleist Prov1 Link to comment
Kegger Posted January 27, 2022 Share Posted January 27, 2022 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... Siamese Moose 1 Quote In the Sun Mountain 4.5LS 14-way bag: Driver: M2 10.5° :: Accra FX260 Fairway: M5 19° :: Fujikura ATMOS Tour Spec 7X Blue Hybrid: TS2 21° :: Mitsubishi Black 80G50 Irons: P790 (5-AW) :: KBS Tour 110 Sand Wedge: CBX-2 54° :: KBS Tour 110 Lob Wedge: RTX-3 58° :: TT Dynamic Gold Putter: Phantom X 5.5 Ball: AVX Link to comment
Middler Posted January 27, 2022 Share Posted January 27, 2022 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. GaDawg and cnosil 2 Quote Titleist TSR2 11° HZRDUS Red CB 50 6.0 w Lamkin UTx Midsize Titleist TSR2 16.5º HZRDUS Red 60 CB 6.0 & TSR2 21º HZRDUS Black 4G 70 6.0 w Lamkin UTx Midsize Mizuno JPX923 HMP 4-GW, T22 54.12WS, T22 58.04DC w Lamkin ST+2 Hybrid Midsize Evnroll EV5.3 Maxfli Tour & ProV1 Ping Pioneer - MGI Zip Navigator AT Payntr X 002 LE, Ecco Biom C4, Payntr X 001 F (Mesh) Link to comment
GaDawg Posted February 3, 2022 Share Posted February 3, 2022 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. BIG STU 1 Quote Driver: TSI3 - 10*, Hzrdus Smoke 6.0 Stiff Driver: Stealth Plus - 10.5*, Oban Kiyoshi Purple O4Flex-65 Grams Purred 3 Wood: SIM - 15*, Graphite Design Tour AD DJ5 Stiff Hybrid: TS3 - 19*, Hzrdus Smoke 6.0 Stiff Irons: 5 - PW T150, with Nippon Zelos 7 Reg, 4 iron - U505 with Project X HZRDUS Black Stiff Wedges: Vokey SM 8 - 50*, 60* Standard Wedge Shafts Wedge: Milled Grind 3 MG3 56* S200 shaft Putter: Studio Select Newport 1.5 Putter: Phantom X 5.5 Ball: Pro V1x Link to comment
cnosil Posted February 3, 2022 Author Share Posted February 3, 2022 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. Quote Driver: G400 Max 9* w/ KBS Tour Driven Fairway: TS3 15* w/Project X Hzardous Smoke Hybrids: 915H 21* w/KBS Tour Graphite Hybrid Prototype 915H 24* w/KBS Tour Graphite Hybrid Prototype Irons: TR20V 6-11 w/Vizard TR20-85 Graphite Wedge: 54/12D, 60/8M w/:Accra iWedge 90 Graphite Putter: Sacks Parente MC 3 Stripe Backup Putters: Milled Collection RSX 2, mFGP2, Futura 5W, TM-180 Member: MGS Hitsquad since 2017 Link to comment
GaDawg Posted February 3, 2022 Share Posted February 3, 2022 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 Kansas King and cnosil 2 Quote Driver: TSI3 - 10*, Hzrdus Smoke 6.0 Stiff Driver: Stealth Plus - 10.5*, Oban Kiyoshi Purple O4Flex-65 Grams Purred 3 Wood: SIM - 15*, Graphite Design Tour AD DJ5 Stiff Hybrid: TS3 - 19*, Hzrdus Smoke 6.0 Stiff Irons: 5 - PW T150, with Nippon Zelos 7 Reg, 4 iron - U505 with Project X HZRDUS Black Stiff Wedges: Vokey SM 8 - 50*, 60* Standard Wedge Shafts Wedge: Milled Grind 3 MG3 56* S200 shaft Putter: Studio Select Newport 1.5 Putter: Phantom X 5.5 Ball: Pro V1x Link to comment
Golfspy_CG2 Posted February 3, 2022 Share Posted February 3, 2022 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. MattF, cnosil, RickyBobby_PR and 1 other 4 Quote G430 Max 10K TSiR1 15.0 Aldlia Ascent 60g TSR2 18.0 PX Aldila Ascent 6og TSi1 20 Aldila Ascent Shafts R T350 5-GW SteelFiber I80 SM10 48F/54M and58K S159 48S/52S/56W/60B Select 5.5 Flowback 35" ProV1 Play number 12 Link to comment
Golfspy_CG2 Posted February 3, 2022 Share Posted February 3, 2022 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 Quote G430 Max 10K TSiR1 15.0 Aldlia Ascent 60g TSR2 18.0 PX Aldila Ascent 6og TSi1 20 Aldila Ascent Shafts R T350 5-GW SteelFiber I80 SM10 48F/54M and58K S159 48S/52S/56W/60B Select 5.5 Flowback 35" ProV1 Play number 12 Link to comment
Titleist87 Posted February 3, 2022 Share Posted February 3, 2022 So am looking at selling two putters which could cross the threshold of $600 but damned if I can produce evidence of what I paid. Wonder how that will work. Quote Fly Z+ UST Proforce V2 Black Golfsmith Jet Stream 3W UST Proforce V2 915 H3 Diamana Red 915 H4 Diamana Red Apex Edge Pro UST Recoil Dart Vokey SM6 50F/54S/58S Aerotech SteelFiber Huntington Beach 11S Pro V1 Bag Boy Chiller Bag Boy Quad XL Link to comment
Golfspy_CG2 Posted February 3, 2022 Share Posted February 3, 2022 2 minutes ago, Titleist87 said: So am looking at selling two putters which could cross the threshold of $600 but damned if I can produce evidence of what I paid. Wonder how that will work. You'll get a 1099 for that and any other items you sell. So it will add to your income for the year, whether document any losses expenses etc will be up to you and your accountant, if you feel it's worth it. If you only sell one club for $700 you'll get the 1099, but I doubt seriously it will affect your taxes greatly. cnosil and Kansas King 2 Quote G430 Max 10K TSiR1 15.0 Aldlia Ascent 60g TSR2 18.0 PX Aldila Ascent 6og TSi1 20 Aldila Ascent Shafts R T350 5-GW SteelFiber I80 SM10 48F/54M and58K S159 48S/52S/56W/60B Select 5.5 Flowback 35" ProV1 Play number 12 Link to comment
Shapotomous Posted February 3, 2022 Share Posted February 3, 2022 1 hour ago, Golfspy_CG2 said: 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. I don't go through too much equipment but to avoid the hassle I will be limiting my sales to local pickup only and strictly cash, no paypal, no venmo, etc.... cnosil, BIG STU and GaDawg 3 Quote Modern Bag: G410 LST 10.5*, Hzrdus Smoke RDX 6.5 Flex; 915F 3w, Diamana S+ 70 S flex; Snake Eyes 18* 2h, 23* 4h & 27* 5h; JPX 900 Forged 6 - PW, PX LZ 6.0; Edison 2.0 49*, 53*, 57* KBS Tour 120 S; Heppler Fetch; Ball - MTB-X; Bag - Jones MyGolfSpy Edition! Shot Scope H4, MG600 Rangefinder Classic Bag: Driver - Persimmon; 3w - Speed Slot; 5w - Tour Block; 3 - pw - Dynapower; sw - Ram Tom Watson; putter - bullseye standard or flange. Link to comment
Golfspy_CG2 Posted February 3, 2022 Share Posted February 3, 2022 39 minutes ago, Shapotomous said: I don't go through too much equipment but to avoid the hassle I will be limiting my sales to local pickup only and strictly cash, no paypal, no venmo, etc.... I will build in a local no 1099 discount for an clubs I offer to sell to you Kansas King, GaDawg, cnosil and 1 other 2 2 Quote G430 Max 10K TSiR1 15.0 Aldlia Ascent 60g TSR2 18.0 PX Aldila Ascent 6og TSi1 20 Aldila Ascent Shafts R T350 5-GW SteelFiber I80 SM10 48F/54M and58K S159 48S/52S/56W/60B Select 5.5 Flowback 35" ProV1 Play number 12 Link to comment
cnosil Posted February 4, 2022 Author Share Posted February 4, 2022 3 hours ago, Titleist87 said: So am looking at selling two putters which could cross the threshold of $600 but damned if I can produce evidence of what I paid. Wonder how that will work. That is one of the things I am not sure about. If you bought through paypal you can show what you paid. If you bought new, you can probably indicate retail value as what you paid. Going to be interesting how this all works out. Shapotomous 1 Quote Driver: G400 Max 9* w/ KBS Tour Driven Fairway: TS3 15* w/Project X Hzardous Smoke Hybrids: 915H 21* w/KBS Tour Graphite Hybrid Prototype 915H 24* w/KBS Tour Graphite Hybrid Prototype Irons: TR20V 6-11 w/Vizard TR20-85 Graphite Wedge: 54/12D, 60/8M w/:Accra iWedge 90 Graphite Putter: Sacks Parente MC 3 Stripe Backup Putters: Milled Collection RSX 2, mFGP2, Futura 5W, TM-180 Member: MGS Hitsquad since 2017 Link to comment
GaDawg Posted February 4, 2022 Share Posted February 4, 2022 6 hours ago, Titleist87 said: So am looking at selling two putters which could cross the threshold of $600 but damned if I can produce evidence of what I paid. Wonder how that will work. I will provide you with a bill of sale for any amount you would like. Maybe you can declare a loss and claim some depreciation. Quote Driver: TSI3 - 10*, Hzrdus Smoke 6.0 Stiff Driver: Stealth Plus - 10.5*, Oban Kiyoshi Purple O4Flex-65 Grams Purred 3 Wood: SIM - 15*, Graphite Design Tour AD DJ5 Stiff Hybrid: TS3 - 19*, Hzrdus Smoke 6.0 Stiff Irons: 5 - PW T150, with Nippon Zelos 7 Reg, 4 iron - U505 with Project X HZRDUS Black Stiff Wedges: Vokey SM 8 - 50*, 60* Standard Wedge Shafts Wedge: Milled Grind 3 MG3 56* S200 shaft Putter: Studio Select Newport 1.5 Putter: Phantom X 5.5 Ball: Pro V1x Link to comment
GaDawg Posted February 4, 2022 Share Posted February 4, 2022 7 hours ago, Golfspy_CG2 said: 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 Golfspy_CG2 1 Quote Driver: TSI3 - 10*, Hzrdus Smoke 6.0 Stiff Driver: Stealth Plus - 10.5*, Oban Kiyoshi Purple O4Flex-65 Grams Purred 3 Wood: SIM - 15*, Graphite Design Tour AD DJ5 Stiff Hybrid: TS3 - 19*, Hzrdus Smoke 6.0 Stiff Irons: 5 - PW T150, with Nippon Zelos 7 Reg, 4 iron - U505 with Project X HZRDUS Black Stiff Wedges: Vokey SM 8 - 50*, 60* Standard Wedge Shafts Wedge: Milled Grind 3 MG3 56* S200 shaft Putter: Studio Select Newport 1.5 Putter: Phantom X 5.5 Ball: Pro V1x Link to comment
PMookie Posted February 4, 2022 Share Posted February 4, 2022 Much ado about nothing. An extra $600 a year on one’s income isn’t going to send them into another tax bracket. I sold $600 already this year on eBay and I have another shaft to go. It’s not going to stop me from selling and recouping money because even with the IRS tax I’m better off that trading on a new club. cnosil 1 Quote Driver: Ping G430 Max 9*, Ping Tour 70X Fairway: Ping G425 15*, Ping Tour 70X Hybrid: Ping G425 22*, Ping Tour 80X Irons: Ping i230 4-GW, TT DG X100 Wedges: SMS 50D/54V/58DModus 130 stiff, +1” Putter: EAS 1.0 Ball: Titleist 2023 AVX Link to comment
Shapotomous Posted February 4, 2022 Share Posted February 4, 2022 15 hours ago, Golfspy_CG2 said: I will build in a local no 1099 discount for an clubs I offer to sell to you What my mind focuses on when i read that sentence and I get all twitchy!!! What i seriously wonder about is the decision to use $600 as a threshold. How efficient can it be to have the IRS keeping track of such a low $ amount of millions of transactions for how much payback? I'd think it would be more bang for the buck to set the threshold higher, like $5k, and make it a yearly amount rather than by transaction. Golfspy_CG2 1 Quote Modern Bag: G410 LST 10.5*, Hzrdus Smoke RDX 6.5 Flex; 915F 3w, Diamana S+ 70 S flex; Snake Eyes 18* 2h, 23* 4h & 27* 5h; JPX 900 Forged 6 - PW, PX LZ 6.0; Edison 2.0 49*, 53*, 57* KBS Tour 120 S; Heppler Fetch; Ball - MTB-X; Bag - Jones MyGolfSpy Edition! Shot Scope H4, MG600 Rangefinder Classic Bag: Driver - Persimmon; 3w - Speed Slot; 5w - Tour Block; 3 - pw - Dynapower; sw - Ram Tom Watson; putter - bullseye standard or flange. Link to comment
cnosil Posted February 4, 2022 Author Share Posted February 4, 2022 1 hour ago, Shapotomous said: What i seriously wonder about is the decision to use $600 as a threshold. How efficient can it be to have the IRS keeping track of such a low $ amount of millions of transactions for how much payback? I'd think it would be more bang for the buck to set the threshold higher, like $5k, and make it a yearly amount rather than by transaction. It is a yearly amount. $600 per year. 600 $1 transactions though PayPal will result in your receiving a 1099. This is also the amount of income from a contract type job that would generate a 1099 for you. My wife gets 1099s from her side jobs when she makes $600 from a particular company. The IRS isn’t tracking the transactions, PayPal just reports that you had $600 in transactions this year just like you employer reports your income. In prior years Many states had different thresholds; mine was 200 transactions or $20k. Shapotomous, GaDawg and Kansas King 3 Quote Driver: G400 Max 9* w/ KBS Tour Driven Fairway: TS3 15* w/Project X Hzardous Smoke Hybrids: 915H 21* w/KBS Tour Graphite Hybrid Prototype 915H 24* w/KBS Tour Graphite Hybrid Prototype Irons: TR20V 6-11 w/Vizard TR20-85 Graphite Wedge: 54/12D, 60/8M w/:Accra iWedge 90 Graphite Putter: Sacks Parente MC 3 Stripe Backup Putters: Milled Collection RSX 2, mFGP2, Futura 5W, TM-180 Member: MGS Hitsquad since 2017 Link to comment
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