Anyone every thought.....How to sell your entire Reloading Setup & Supplies......

[martinakl]

The 1099 thing is real for online sales. It kind of makes you need to keep detailed records (invoices, receipts) for everything you're selling. If you're selling at a profit, you'll have some tax burden. If you have records to prove what you paid (expense), you take that off the revenue. It's not 100% taxable income if you have receipts. The 1099 only tells a small part of the story, if you have records.

Options:
1) Basically, you kind of have to run your online sales as a small business and track revenue (sales) and expenses (inventory sold (COGS), transaction fee's shipping costs, packaging, etc.). You know, math and record keeping.

2) Just say you sold everything at a loss and hope the IRS moves on. No idea what threshold the IRS would have for calling your bluff but they're about to get hundreds of thousands of W2 employee's receiving 1099's for the first time for tax year 2022. It's going to be a disaster.

 

[Muddyboots]

I am 71, my son has no interest in reloading since he prefers bow. This has me thinking of finding someone that can use, appreciate and sustain our craft. Good thought to be prepared.

 

[cornshank]

The 1099 thing is real for online sales. It kind of makes you need to keep detailed records (invoices, receipts) for everything you're selling. If you're selling at a profit, you'll have some tax burden. If you have records to prove what you paid (expense), you take that off the revenue. It's not 100% taxable income if you have receipts. The 1099 only tells a small part of the story, if you have records.

Options:
1) Basically, you kind of have to run your online sales as a small business and track revenue (sales) and expenses (inventory sold (COGS), transaction fee's shipping costs, packaging, etc.). You know, math and record keeping.

2) Just say you sold everything at a loss and hope the IRS moves on. No idea what threshold the IRS would have for calling your bluff but they're about to get hundreds of thousands of W2 employee's receiving 1099's for the first time for tax year 2022. It's going to be a disaster.

I think the consequences for making more money annually than you thought you were going to make , could be huge.

For example if you told Obama care for instance that you were going to make x amount in 2021 , then you sold enough stuff online and had to report it as income ,and it pushed you over the 4 times the poverty limit or what ever they use, guess what?
Obama care will demand payment for thousands of dollars of healthcare that they covered for you.
And it is not prorated, you go over they want all money back.

 

[NDAR15MAN]

The time has come for all of us old timers who have no one to leave this stuff too to sale out.
It is time get out NOW ! Other wise the Tax Man will take all the money you think your guns are worth.
You will be sick when they make a guesstimate on what you owe for back taxes and it will always be more than the true amount. MD

 

[WildRose]

The time has come for all of us old timers who have no one to leave this stuff too to sale out.
It is time get out NOW ! Other wise the Tax Nan will take all the money you think your guns are worth. You will be sick when they make a guesstimate on what you owe for back taxes and it will always be more than the true amount. MD

Not a chance.

If I don't have anyone to leave it all to I'll be buried with it because I'll be shooting until they drag off my corpse.

 

[Mike Matteson]

I have 2 sons and 1 grandson (just starting) that reload. It will go to them. I kept adding to my equipment all the time. It seem like dropping a $1000.00 to get equipment never stops. The worst of it is getting in the waiting line to get the equipment. Remines me of the Army. Yep there a line forming, better get in it. Why we'll find out.

 

[Tidus56]

Just a curious question I was pondering just now. Just dropped another $1000 this morning. Got me to thinking, I probably have $30,000 in everything including supplies. You know your not gonna get what its all worth. I guess the best thing one day would be if not passing it on to the kiddos is sell it bit by bit as much as you could. Or just find a buyer for a certain percentage of the value. Really got me to thinking. Firearms are different. I'll pass down the $$$$$$$$ worth of firearms to family and friends.

My wife asked me the other day what to do with my reloading stuff if I kick the can. I am in heart failure so it's a real thing for us. It was kind of sobering making a list of where all my gun and reloading stuff would go. Thankfully my little brother loves this stuff so he would get my stuff. My kids are all way to young to have any interest in any of it yet.

 

[QuietTexan]

If I don't have anyone to leave it all to I'll be buried with it because I'll be shooting until they drag off my corpse.

I am available to be adopted.

 

[WildRose]

I am available to be adopted.

You'll have to arm wrestle Mario's kids for them.

If they don't beat you with strength, they'll just wear you down to nothing.

When they go fishing he has to book Noah's Ark well in advance.

 

[C.Fisher]

As long as my wife doesn't sell it while I'm alive then she can do whatever when I kick the bucket. If my son doesn't want it,which I highly doubt that will be a problem.

 

[Reelamin]

Nope. Already told the kids its all yours and check every **** box in the shop I don't care what the writing says is in it.

If they don't want it give it to people they know who will use it or sell it after actually finding out the real value themselves. I told them to punch the first douche in the throat who says anything like. "That's really just old, not useable, junk , etc. etc. anymore......

 

[cornshank]

Nope. Already told the kids its all yours and check every **** box in the shop I don't care what the writing says is in it.

If they don't want it give it to people they know who will use it or sell it after actually finding out the real value themselves. I told them to punch the first douche in the throat who says anything like. "That's really just old, not useable, junk , etc. etc. anymore......

yeah , good advice to check every box in shop , I found a pistol in shop, yesterday , in box that I forgot I hid there 4 years ago .
Yes unloaded , thought it was Xmas!

 

[WildRose]

Nope. Already told the kids its all yours and check every **** box in the shop I don't care what the writing says is in it.

If they don't want it give it to people they know who will use it or sell it after actually finding out the real value themselves. I told them to punch the first douche in the throat who says anything like. "That's really just old, not useable, junk , etc. etc. anymore......

The problem is it's not like selling a used car, there's no blue book for used reloading gear.

With that being the case what its' actually worth is just what someone is willing to give you for it.

That's why the stuff usually sells for pennies on the dollar at estate sale. Sorting it all out, piking through it to keep what you want, clean, service etc is really time consuming and then they have to either sell the excess as a lot or spend a lot of time sorting it all out and listing the rest item by item.

I've seen collections of reloading gear sell virtually for what you can haul it off for.

 

[Reelamin]

The problem is it's not like selling a used car, there's no blue book for used reloading gear.

With that being the case what its' actually worth is just what someone is willing to give you for it.

That's why the stuff usually sells for pennies on the dollar at estate sale. Sorting it all out, piking through it to keep what you want, clean, service etc is really time consuming and then they have to either sell the excess as a lot or spend a lot of time sorting it all out and listing the rest item by item.

I've seen collections of reloading gear sell virtually for what you can haul it off for.

Man I had no idea it was like that. Thanks for the information. I don't like being ignorant to things I'm involved in.