- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Say I spend 50 hours restoring an antique desk snd sell it on Ebay
Posted on 1/13/22 at 1:19 pm
Posted on 1/13/22 at 1:19 pm
If theyre treating every individual as a profit/loss corporation whats my time worth?
The the mileage to go pick it up? Supplies etc?
The the mileage to go pick it up? Supplies etc?
This post was edited on 1/13/22 at 1:21 pm
10
Posted on 1/13/22 at 2:17 pm to Strannix
quote:
whats my time worth
you're time specifically isn't worth much, considering how much sky-screaming you do on the internet for free
Posted on 1/13/22 at 3:00 pm to Strannix
quote:
whats my time worth
That's determined by the profit
Posted on 1/13/22 at 3:11 pm to Strannix
quote:
If theyre treating every individual as a profit/loss corporation whats my time worth?
Not a damn thing. Technically, that part should be ordinary income to you.
quote:
The the mileage to go pick it up? Supplies etc?
You can deduct these from the gross gain.
Posted on 1/13/22 at 4:06 pm to Strannix
You’re a sole proprietor. Keep receipts of desk related costs and mileage. Deduct at end of year.
This post was edited on 1/13/22 at 4:07 pm
Posted on 1/13/22 at 5:03 pm to Strannix
quote:Your time is worth whatever profit you make after expenses. But your time isn't a deductible expense...its treated as income.
If theyre treating every individual as a profit/loss corporation whats my time worth?
quote:Keep mileage logs and receipts for your supplies and materials. That you can deduct.
The the mileage to go pick it up? Supplies etc?
If Ebay sends you a 1099 for $10,000 in goods sold on their platform for the year and you have receipts showing $3000 in materials/supplies expenses then you'll pay income tax on the $7000 in profit, minus any additional mileage deductions.
Posted on 1/13/22 at 6:12 pm to iAmBatman
quote:
you're time
At least I know basic grammar simp dumbass. Go melt with your vaccine regret posts.
This post was edited on 1/13/22 at 6:15 pm
Posted on 1/13/22 at 7:22 pm to Strannix
I’ve got no regrets baw.
Based on your posts, you’ve got more than your share
Posted on 1/13/22 at 7:53 pm to Strannix
Biden is coming for you baw.
Posted on 1/14/22 at 8:31 am to Strannix
quote:
whats my time worth?
Your cannot add "your time" to your basis in the desk in order to reduce your gain from selling the desk.
If you hired someone for $10 per hour to work on the desk and they spent 20 hours on it, you could add the $200 that you spent on your basis (and they would have to report $200 taxable income for such payment).
But if you DIY, you didn't pay yourself anything, so nothing is added to basis. But the good news is that since you didn't pay yourself, you don't have to report the wage you didn't pay yourself.
quote:
The the mileage to go pick it up? Supplies etc?
Yes, deductible.
Posted on 1/14/22 at 4:34 pm to Strannix
Labor is part of the profit. You are using ur labor to increase the value of the product. Only the materials can be deducted from the cost.
U make an extra $500 u are in essence paying your labor and u are going need to pay taxes on it
U make an extra $500 u are in essence paying your labor and u are going need to pay taxes on it
Posted on 1/14/22 at 7:16 pm to Tiger Prawn
quote:
Keep mileage logs and receipts for your supplies and materials. That you can deduct.
If Ebay sends you a 1099 for $10,000 in goods sold on their platform for the year and you have receipts showing $3000 in materials/supplies expenses then you'll pay income tax on the $7000 in profit, minus any additional mileage deductions.
Are we to believe the IRS is actually going to enforce this petty shite?
Posted on 1/14/22 at 7:43 pm to HailToTheChiz
quote:
Keep mileage logs and receipts for your supplies and materials. That you can deduct.
If Ebay sends you a 1099 for $10,000 in goods sold on their platform for the year and you have receipts showing $3000 in materials/supplies expenses then you'll pay income tax on the $7000 in profit, minus any additional mileage deductions.
Are we to believe the IRS is actually going to enforce this petty shite?
If you are a regular person who makes a good faith effort to report income and pay taxes I doubt the typical person runs into the IRS in a significant way.
But the IRS automatically receives reports from professionally run businesses like eBay. If you don't report and document something you are essentially begging for them to come look at your taxes
Posted on 1/14/22 at 8:36 pm to Strannix
Well, how much did you sell it for?
Take that and subtract the cost to buy the table, transport it, and restorative supplies, and any other overhead you incurred.
And then divide by 50 if you want to know your hourly rate.
That is
Take that and subtract the cost to buy the table, transport it, and restorative supplies, and any other overhead you incurred.
And then divide by 50 if you want to know your hourly rate.
That is
Posted on 1/14/22 at 9:24 pm to HailToTheChiz
quote:Well Ebay is required to 1099 you if you have $600 or more in sales on their platform for the year. I doubt the IRS is going to go through your returns with a fine tooth comb to see which deductions you wrote off for expenses were legit, but just not reporting 1099 revenue on your tax return seems like a good way to invite an audit
Are we to believe the IRS is actually going to enforce this petty shite?
This post was edited on 1/14/22 at 9:26 pm
Posted on 1/16/22 at 1:52 am to HailToTheChiz
quote:
Are we to believe the IRS is actually going to enforce this petty shite?
Absolutely, they will adjust your tax and send you a bill if you do not report it
Posted on 1/16/22 at 11:22 am to Strannix
quote:Net profit divided by 50?
whats my time worth?
Posted on 1/16/22 at 1:21 pm to tigeraddict
quote:
Labor is part of the profit. You are using ur labor to increase the value of the product. Only the materials can be deducted from the cost.
So if you hire the labor, you can deduct the cost.
If you are the labor, you can not deduct the cost? So your time and labor has no value?
How is your labor not an expense, similar to someone else being paid by you to do the same labor?
Posted on 1/16/22 at 3:28 pm to blueboxer1119
quote:
How is your labor not an expense, similar to someone else being paid by you to do the same labor?
It's only a question of who is going to pay taxes on that $200. If you sell the cabinet for $1000 and you did all the labor, you will be taxed on all of the profit. If you paid someone $200, you will still be taxed on all of your profit, which will be $200 less. The other person will be taxed on it if you submit a 1099, which you are not required to do if you paid that person less than $600 all year.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News