Are private sale of high end bottles taxed?

bottles_inc

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Just thought of this question. Say I'm digging and I pop up a dark red John Ryan. Perfect condition. I hop on the forum to offer it up and one of you fine folks messages me and offers me 20 gs. Would the government want a chunk of the change?
 
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ROBBYBOBBY64

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What do you think? Your not tax exempt are you? It's up to you. The government probably won't go after you for one sale. I always have and always will pay my taxes. You can always start a bottle selling business. Everything you do is tax deductible. Your vehicle, gas, maintenance on vehicle, Materials, storage, workers salaries, entertainment ( taking clients out to eat), etc... hell, even your clothes if you have your name embroidered on them are a write off. I have had my tile business for over 35 years and this is how we role here in the USA!
ROBBYBOBBY64.
 

sandchip

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Good gracious. I really don't understand why you would even ask that question. Of course, they would tax it if aware of the transaction. If you read the directions for Form 1040 under taxable income, they even expect income tax to be paid on illegal drug transactions.
 

yacorie

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Paypal will send you a 1099k if you have over 20k in sales. Technically you’re supposed to claim it on your income tax but I don’t know about your requirement to charge income tax
 

yacorie

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What do you think? Your not tax exempt are you? It's up to you. The government probably won't go after you for one sale. I always have and always will pay my taxes. You can always start a bottle selling business. Everything you do is tax deductible. Your vehicle, gas, maintenance on vehicle, Materials, storage, workers salaries, entertainment ( taking clients out to eat), etc... hell, even your clothes if you have your name embroidered on them are a write off. I have had my tile business for over 35 years and this is how we role here in the USA!
ROBBYBOBBY64.

well covid has changed the at home deductions also which sucked for my wife this year
 

ROBBYBOBBY64

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Good gracious. I really don't understand why you would even ask that question. Of course, they would tax it if aware of the transaction. If you read the directions for Form 1040 under taxable income, they even expect income tax to be paid on illegal drug transactions.
There answer to the war on drugs is to become the dealers themselves.
ROBBYBOBBY64.
 

ROBBYBOBBY64

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well covid has changed the at home deductions also which sucked for my wife this year
I know what you mean. We all got locked down. Which was great for the postal service. This is the way of the future. People may never go back. Do you know how much money they save by having people work from home, many are going to work from home for good.You can still deduct the home office space you are working in. One problem I see with working from home is you feel like you never leave work. Everytime I walk past my desk I can't help but think about work. Another thing I'm not to keen on is buying on line because of this has become so impersonal. I used to make friends with my suppliers. You don't know if who I'm dealing with is honest. How they obtained the item, legally or not. Weird way to do business. Something we all have to deal with for now.
ROBBYBOBBY64.
 
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yacorie

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I know what you mean. We all got locked down. Which was great for the postal service. This is the way of the future. People may never go back. Do you know how much money they save by having people work from home, many are going to work from home for good.You can still deduct the home office space you are working in. One problem I see with working from home is you feel like you never leave work. Everytime I walk past my desk I can't help but think about work. Another thing I'm not to keen on is buying on line because of this has become so impersonal. I used to make friends with my suppliers. You don't know if who your dealing with is honest. How they obtained the item, legally or not. Weird way to do business. Something we all have to deal with for now.
ROBBYBOBBY64.

I worked from home for years but my wife was a contractor so could claim a home office. The companies she worked for all went to W2s this year because of covid - so that eliminates ability to deduct a home office (w2 employees cannot anymore).

makes it more of a pain if you’re carrying costs that allow you to do your job but an employer doesn’t want to pay for it.
 

ROBBYBOBBY64

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I worked from home for years but my wife was a contractor so could claim a home office. The companies she worked for all went to W2s this year because of covid - so that eliminates ability to deduct a home office (w2 employees cannot anymore).

makes it more of a pain if you’re carrying costs that allow you to do your job but an employer doesn’t want to pay for it.
That's not right when an employer doesn't provide an employee with the items they need to do their work properly. Too many people like that. Most employees won't spend a dime on work related items. I understand that. It can give them an edge though. They have things that can make the job easier that the employer doesn't feel is necessary. Case in point. The first tiler i worked for had tools but they were crap. No one ever cleaned them, everything was crudded up cement. So I went out and bought my own tools including a rotory laser level. Nobody had one back then, they were a new tool and pricey. I could level off a job and finish easier, faster and better than anyone there. The boss had crudded up cheap levels that were out of wack. The owner took notice and I got a raise no one else got. I worked the better jobs because of this and eventually I even got my own truck. Lots of guys did not understand why I would spend money for the boss. I wasn't, I bought the tools, they were mine to take home in my truck. He soon was referring me to jobs he had no time for.. too little for him.. repairs you know. I did them after work as a side job. Problem is I made more money than my day job. My boss eventually retired down to Delaware. I went around to all the contractors, builders and realtors and told them I had started my own business. They knew me well from jobs I worked on for them in the past. All were happy to use me. The work just poured in from the start and it never ended. Man this story brings back alot of memories for me. Story of my life.
ROBBYBOBBY64.
 
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