Establishing Chainsaw Value

[buzz sawyer]

I hope this is the right forum for this.
As some of you know, Ebay is now required to get your SS# and send a 1099 form if you sell more than $600 in the year and this must be reported as income. I want to establish a value of the materials and labor cost to get a saw in running or restored condition in order to deduct it. In some cases, it will have been several years since I worked on the saw. If I hadn't kept records at the time, any ideas on how to document this? For hourly labor charge, I was going to use the same rate as a local saw dealer and add cost of primer, paint, and any other materials used. For actual time, I was going to tear down a saw and estimate time to strip, bead blast, locate parts, re-paint and re-assemble. I'm guessing I would have around 20 - 30 hours in a saw, does this sound right?

 

[Sepia]

Is there no other way you can sell a used saw than to get wrapped up in Uncle Scam's dragnet? Ebay itself is bad enough, but getting big brother in on the action just seems like the worst possible scenario to me.

 

[user 122190]

Ebay use to be a great way to move on stuff you have taking up space. They lost their way quite a few years ago. Craigslist is my resource for selling. Facebook is also popular, but hasn't ever worked out for me. F'ck Ebay!

 

[Modifiedmark]

Ebay use to be a great way to move on stuff you have taking up space. They lost their way quite a few years ago. Craigslist is my resource for selling. Facebook is also popular, but hasn't ever worked out for me. F'ck Ebay!

As far as I know, you have to remember, this was not eBay's doing on the tax reporting bs. This was mandated by the government to them.

I never thought about Buzz's angle of deducting the cost of the saws repairs off my taxes. Might be a good idea..

 

[TRTermite]

Your parts would be a deductible and paying someone elses labor alsi. It may be sketchy to claim your labor under expenses.
I joke about the IRS GOONS wanting to my aluminum cans to be considered as income. I should keep my beer receipts for deductions and inventory losses..

 

[Trailsawyer]

Your parts would be a deductible and paying someone elses labor alsi. It may be sketchy to claim your labor under expenses.
I joke about the IRS GOONS wanting to my aluminum cans to be considered as income. I should keep my beer receipts for deductions and inventory losses..

Don't forget all the hours spent emptying the cans!

 

[TRTermite]

Don't forget all the hours spent emptying the cans!

Gas/Mileage to recycle facility and fuel in Forklift to crush them and depreciation allowances for equipment. AND LABOR PAID to M/T the aluminum can. Part time help might be a flag.

 

[jellyroll]

Rather sell on here to get around the guberment and the parts changers on ebay.

 

[Modifiedmark]

Rather sell on here to get around the guberment and the parts changers on ebay.

True but most people here (myself included a lot of times) are titewads on buying saws and parts.

Plus eBay has much more reach. I have a saw in the trading post here now. Pretty much a collector saw and have had no interest in it here.

Watch me put it on eBay, it will sell and probably close to my price if not more.

 

[jellyroll]

True but most people here (myself included a lot of times) are titewads on buying saws and parts.

Plus eBay has much more reach. I have a saw in the trading post here now. Pretty much a collector saw and have had no interest in it here.

Watch me put it on eBay, it will sell and probably close to my price if not more.

I am not a tight wad per say but i collect and tinker with the cheaper saws that no one has much desire for.

 

[a. palmer jr.]

I quit selling on ebay quite a while before the government got involved. My dislike was the dishonest buyers. Not likely I'll ever sell there again..

 

[Mad3400]

I hope this is the right forum for this.
As some of you know, Ebay is now required to get your SS# and send a 1099 form if you sell more than $600 in the year and this must be reported as income. I want to establish a value of the materials and labor cost to get a saw in running or restored condition in order to deduct it. In some cases, it will have been several years since I worked on the saw. If I hadn't kept records at the time, any ideas on how to document this? For hourly labor charge, I was going to use the same rate as a local saw dealer and add cost of primer, paint, and any other materials used. For actual time, I was going to tear down a saw and estimate time to strip, bead blast, locate parts, re-paint and re-assemble. I'm guessing I would have around 20 - 30 hours in a saw, does this sound right?

I understand it's a bunch of BS with Ebay and Taxes, but when you're putting 20-30 hrs. into a Saw, it sounds like more of a hobby than a side hustle.
However Craigslist or Marketplace are the way to go for selling.

Mad3400

 

[Homer6679]

I use OfferUp and fb marketplace, when you sell an item just delete the listing and click the box that says I haven’t sold the item. That way if Facebook was ever going to send you a 1099 they can’t because technically you have no sales.

 

[HumBurner]

I quit selling on ebay quite a while before the government got involved. My dislike was the dishonest buyers. Not likely I'll ever sell there again..

I quit buying and selling on ebay in the early-mid 2000's when the fees went through the roof AND seller protections went out the window, all in favor of the buyers.

 

[Bill G]

Ebay use to be a great way to move on stuff you have taking up space. They lost their way quite a few years ago. Craigslist is my resource for selling. Facebook is also popular, but hasn't ever worked out for me. F'ck Ebay!

Pretty tough to use Craigslist to sell saws overseas and I would believe it would be the same of Facebook

 

[Modifiedmark]

I understand it's a bunch of BS with Ebay and Taxes, but when you're putting 20-30 hrs. into a Saw, it sounds like more of a hobby than a side hustle.
However Craigslist or Marketplace are the way to go for selling.

Mad3400

No thank you on dealing with Marketplace. You have to deal with Facebook kids and they are the worst. Dealing with those idiots makes my brain hurt.

I'm speaking in general there are exceptions and there are some mature people to deal with.

 

[Bill G]

I quit buying and selling on ebay in the early-mid 2000's when the fees went through the roof AND seller protections went out the window, all in favor of the buyers.

That is a very true statement.

 

[Evan]

What about taking up bench space at 65-80hour the deduction will be huge.

The thread is silly to me

 

[Bill G]

No thank you on dealing with Marketplace. You have to deal with Facebook kids and they are the worst. Dealing with those idiots makes my brain hurt.

I'm speaking in general there are exceptions and there are some mature people to deal with.

My son deals with FB marketplace all the time and gets some good deals. I have not and probably not in the future. It is not my way of doing business. I may have to sell a few saws soon though to generate income now I am off work for awhile barely walking and not being able to wear even socks let alone shoes.

 

[Bill G]

What about taking up bench space at 65-80hour the deduction will be huge.

The thread is silly to me

I do not think the thread is silly at all although I think your comment of ................taking up bench space at 65-80hour the deduction will be huge..............is quite silly.

The thread is not silly as the poster asked a legitimate question regarding tax filings. I understand he is asking about the income tax implications but there are also sales taxes charged to buyers now. I completely disagree with that. First off there should never be state sales taxes charged on interstate commerce, intrastate fine but but interstate. More importantly there should never be sales tax charged on a used item. The tax was paid long ago when it was sold new.

The poster was simply seeking advice on how to reduce a tax liability imposed by an overbearing government. His question is very valid.