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1099s and selling your unwanted golf equipment


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22 hours ago, JDHolmes said:

So ultimately, just start a DBA, pretty easy in most states, and run your 1099 through your "business". This also allows you to deduct business expenses from those proceeds.

I am just sitting here adding up the house / shop sq ft in my head that my golf stuff takes up for the % to deduct from house expenses!!!!  80sqft for indoor putting mat, 480sqft for the workshop where i do club repair, 100 sqft for club storage and shoes and balls.... the space for the extra sets of clubs and putters and wedges will take some thought!  . 🤓

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Modern Bag: :Sub70:  849 Pro 9*, Accra Tour Z M5 Flex;   :titelist-small:  915F 3w, Diamana S+ 70 S flex;  Snake Eyes 15*, & 23* Hybrids; :mizuno-small: JPX 900 Forged 5 - PW, PX LZ 6.0;  :Sub70: Raw 50*, Nippon Tour 120 X; :vokey-small: SM9 54* / 10* / S, Wedge Flex ;  :cleveland-small: Tour Action 57*, PX LZ 6.5;   :ping-small: Ancient Anser or Heppler Fetch (depends on the week);  Ball - :Snell: MTB-Black; Bag - :1590477705_SunMountain: H2NO 

Shot Scope H4, MG600 Rangefinder

Classic Bag:  Driver - :wilson_staff_small: Persimmon; 3w - :Hogan: Speed Slot; 5w - :wilson_staff_small: Tour Block; 3 - pw - :wilson_staff_small: Dynapower; sw - Ram Tom Watson;  putter - bullseye standard or flange.

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2 hours ago, Golfspy_CG2 said:

Found out some great news from my Tax Guy. If the income on the 1099 is a result of a hobby then it’s not taxable.  
 

 

I just added many more hobbies to my list 😉.   So this is interesting.  If one does not operate under a business per se, but sells hobby related items for profit, then that income is not taxable?  Perhaps its up to the discretion of the auditor to determine whether someone's buy/sell activity is simply hobby based.  "No, honestly, I went through 8 drivers, and 3 sets of irons this season trying to find the right one" 🤣.

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:ping-small: G400 SFT, 16 Degree 3w

:ping-small: G400 SFT, 19 Degree 5w

:srixon-small:  ZX5 Irons 4-AW 

:ping-small: Glide 2.0 56 Degree SW   (removed from double secret probation 😍)

:EVNROLL: ER5v Putter  (Evnroll ER5v Official Review)

 

 

 

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1 hour ago, fixyurdivot said:

I just added many more hobbies to my list 😉.   So this is interesting.  If one does not operate under a business per se, but sells hobby related items for profit, then that income is not taxable?  Perhaps its up to the discretion of the auditor to determine whether someone's buy/sell activity is simply hobby based.  "No, honestly, I went through 8 drivers, and 3 sets of irons this season trying to find the right one" 🤣.

Wait. Is that unusual?!?!

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Driver: Honma TR 460 8.5*, Aldila RIP Alpha 80 S, 45 1/4"; Ping G425 LST, Fujikura Speeder TR 661 S, 45 1/2"

hybrids: Cobra King Tec 17* and 21*, both with Graphite Design Tour AD-DI 105 X

Irons:  Srixon ZX5 4-6, ZX7 7-PW, UST Mamiya Recoil F4, +1”

Wedges: :edel-golf-1: SMS 50D/54V/58D:Nippon:Modus 130 stiff, +1”

Putter:  :edel-golf-1: EAS 1.0

All but putter have Lamkin ST+2 Hybrid Calibrate midsize built to oversize +1

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3 hours ago, Larryw said:

That sounds great - but maybe get additional verification?

H&R Block says that hobby income must be reported as "other income" and since 2018 tax law, there is no place to deduct the hobby expenses.

Just a caution to verify.

Yeah. I’ll double check. But he actually is  HR Block preparer snd CPA.  Said something about there being s place on 1099 schedule to declare it as income from a hobby.   
 

Since it wasn’t in affect this year I didn’t go into it too much it was just an “oh by the way” question.  But yeah. I’ll definitely make sure before he files next yesr 

One thing I learned the hard way several yesrs ago. HR Block has a wide skill level  of preparers.  Some who make it their career and have professional certifications such as CPA and others who have only been through a Block training.   I had a rookie make a horrible mistake that cost me over $1,000 one year. 
 

i randomly needed up with a guy the next year who has been a CPA and works FT at another firm but helps out here.  He caught the previous yesrs mistake.   Told me he would file an amended return st NC and I got back over $1,000.  Have trusted him since. 
 

Anyway.  Didn’t mean to go off target. But yeah. I’ll defiantly confirm before next year. 

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

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I'm looking forward to IRS clarification on this topic in the coming months along with an actual response from a tax professional or CPA. I feel certain that there has to be some tax accounting people on this forum somewhere that will be able to provide a solid rundown of the rules for 2022. 

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So I’ll start by saying I’m not a tax professional and you should consult a qualified person before submitting your tax returns.  I’m not advising you on your taxes.  With that said, a 1099k doesn’t mean the amount is taxable.  In the scenario where you sold your old clubs for more than $600 and get a 1099k, you would fill out a schedule C to report income or loss for your “business.”  If you bought the clubs for $800 and sell for $600, you would show a loss, therefore not pay taxes on the $600.  On the flip side, if those $800 clubs now sell for $1000, you’d owe tax on the $200 profit.  1099k’s are nothing new.

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I have an actual small golf equipment business, so I have been keeping clean books for my business. Operated at a loss, primarily because I bought a Mitchell Loft/Lie machine, a MR3 putter bending machine, a high end shaft puller, and some other equipment. Because I'm a small business, i can take use the de minimas rule to write off the full amount of each of those instead of depreciating over the life of the asset.

All tax deductible 😀

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Fairway Woods:callaway-small: Rogue Max St 3HL and 7 Wood
Irons:mizuno-small: JPX 921 Hot Metal 5 to AW - Aerotech Steelfiber i95 Stiff parallel tip
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Here’s a pretty good video that explains it.

 

 

 

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  • :cleveland-small: CBX2 Wedges 52/58
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19 hours ago, Golfspy_CG2 said:

Found out some great news from my Tax Guy. If the income on the 1099 is a result of a hobby then it’s not taxable.  
 

 

YOU may have some explaining to do...

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Driver: :titelist-small: TSi2 Project X HZRDUS Smoke RDX Black 6.0
Hybrid: :mizuno-small: Fli Hi 3 & 4 Project X HZRDUS Smoke RDX Black 80 6.0

Irons: :mizuno-small: JPX 923 HMP 5-PW UST Mamiya Recoil 95 F4
Wedges: :mizuno-small: T-22 Denim Copper 48°, 52° & 56° UST Mamiya Recoil 95 F4
Putter :Sub70: Sycamore 005 Wide Blade
Bag: 
:Ogio: Alpha Convoy 514
Balls: MAXFLI Tour

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40 minutes ago, MattF said:

YOU may have some explaining to do...

I think there are a number of us here that can be star witnesses for @Golfspy_CG2's  defense in that as hard as it is to believe, he REALLY does go through that many clubs.  😎

Although since it is a service to all of us that live vicariously through him and his Club Ho'ing it may be more than just a hobby so he needs to be careful who he calls to the stand.   🤔

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Modern Bag: :Sub70:  849 Pro 9*, Accra Tour Z M5 Flex;   :titelist-small:  915F 3w, Diamana S+ 70 S flex;  Snake Eyes 15*, & 23* Hybrids; :mizuno-small: JPX 900 Forged 5 - PW, PX LZ 6.0;  :Sub70: Raw 50*, Nippon Tour 120 X; :vokey-small: SM9 54* / 10* / S, Wedge Flex ;  :cleveland-small: Tour Action 57*, PX LZ 6.5;   :ping-small: Ancient Anser or Heppler Fetch (depends on the week);  Ball - :Snell: MTB-Black; Bag - :1590477705_SunMountain: H2NO 

Shot Scope H4, MG600 Rangefinder

Classic Bag:  Driver - :wilson_staff_small: Persimmon; 3w - :Hogan: Speed Slot; 5w - :wilson_staff_small: Tour Block; 3 - pw - :wilson_staff_small: Dynapower; sw - Ram Tom Watson;  putter - bullseye standard or flange.

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On 2/5/2022 at 9:53 PM, Shankdog said:

Here’s a pretty good video that explains it.

 

 

 

Substitute "Ping G20 5W in fair condition" for  "wine stained couch" near the end, and this describes the situation most of us are in.  Thanks for the post Shankdog!

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:cleveland-small: Launcher XL Halo 8I 34.5*

:cleveland-small: Launcher XL Halo PW 44*

:cleveland-small: CBX2 SW 54*

:odyssey-small: White Hot Pro Rossie P 33*

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Search "IRS occasional sales/garage sales" for further info on whether your sales are business, hobby, or the rest of us--trying to recoup a few bucks for a club that failed to change our lives.

Edited by WhoaNellie
A better punch line
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:cleveland-small: Launcher HB Turbo Driver 12* 44.5"

:cleveland-small: Launcher XL Halo Hy-Wood 18*

:ping-small: G425 5H 26*

:cleveland-small: Launcher XL Halo 8I 34.5*

:cleveland-small: Launcher XL Halo PW 44*

:cleveland-small: CBX2 SW 54*

:odyssey-small: White Hot Pro Rossie P 33*

:ping-small: Craz-E-Lite bag 

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