Official Chit-Chat Thread

[xmetalmaniac]

Let's drop the @Dr Chop discussion here also. It's just going to spool up again and you know how that goes. Thanks


Sent from my iPhone using Tapatalk

 

[Soulfulfrog]

I think it becomes a business if you go the "Official" route, Kronin. Register the name and get a bank account and get on the tax rolls. Whether it's your primary source of income or not. It stays a hobby if you sell some stuff and trade some stuff once in a while, from other "Hobbyists" or collectors or even non-aficionados. Even if there's income generated, you fly under the radar not intending to retire on the income and keep it a big secret, it's still a hobby to me. Now if you're made to register as a business because you're obviously conducting it as a business (home "consulting firm" for example), you've crossed the line and the state will think it's no hobby anymore!

Well said

 

[Litos]

Gonna punch my wife when I get home for talking back...

 

[OakleyFrankFMJ]

Gonna punch my wife when I get home for talking back...



View attachment 290862

At least you documented the abuse.






Wait...shouldn't she do that?

 

[Litos]

There's documentation of 10 years hahaha !!!

 

[gbear]

Well said

Late to this discussion, so sorry. The State, Feds, IRS, etc don't care one way or the other. ALL income do matter where from or how acquired is taxable. Period!! Unless there is a specific section of the IRS code that exempts it. So if, for example, Brian sells a pair of Frogs, the income is taxable whether or not he has a "business". Same applies if I mow my neighbors yard & get $20.00 bucks for it. What the IRS really cares about are 2 things: 1) did you "make" more than $600.00 from your business/hobby; and 2) are you trying to use any deductions/losses from your business/hobby to offset income from other sources. If the answer to either of the 2 questions is yes (especially #2), you have a "business" as far as the IRS is concerned. The hobby/business distinction is really about what you can deduct from your income. That's why there is a 3 out of 5 year make a profit rule listed in the link provided by The Darkone. There are many shades of gray in this area but that's it in a nutshell. Apologize for the length of the response but in real life I kind of get paid by the word...ha, ha.

 

[Dieseltech]

That's guys comments in SuperSharps sale thread need to be taken down.

 

[QLR1]

That's guys comments in SuperSharps sale thread need to be taken down.

I know I reported it...hopefully it won't linger... we'll see. Just stupid.

Sent from Q's Note5

 

[Dieseltech]

I reported it also

 

[OakleyFrankFMJ]

It was @Rusty M in the basement with the pencil!