Discussion - Member to Member Sales - Research Center
Discussion - Member to Member Sales - Research Center
I'm happy to announce another article on our site from Steve Swain: Tax Tip: Does It Make a Difference If You Sell Stamps as a Hobby or For Profit?
While this latest contribution will be of interest to all, I imagine that our many vest-pocket dealers and philatelic entrepreneurs will want to pay particular attention. The article provides a basic introduction to the United States government's perspective on the difference between a hobby and a business, and more importantly what this difference might mean when it comes time to pay taxes on the income from stamp sales. Steve presents this information in a straightforward fashion that anyone can follow and understand.
I've already printed a hardcopy for my files!
Thanks again to Steve for his many contributions to SOR.
Best Regards,
Ralph
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Thank you Ralph, for the 'heads up'.
Steve,
Excellent stuff. Nicely done.It will be of value to those who may consider using the hobby as a potential tax deduction.
Best,
Dan C.
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I know a fellow who does about 30 thousand in internet sales...he declares it as a business. For someone like myself who sells 500 dollars or less and puts it right back into my collection i don't think the deduction would work !
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philb.
Perfect example / scenario. That's exactly correct. You are a "hobbyist" and be proud of it!
steve
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Steve, at times i wish i could be a business and take the deductions some folks do..but i think i would have to increase my sales a bit...then it would not be a hobby it would be work !!
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Phil:
My hobby is my work.
I love my job! 
David
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Greetings SOR Members,
I'm happy to announce another article on our site from Steve Swain: Tax Tip: Does It Make a Difference If You Sell Stamps as a Hobby or For Profit?
While this latest contribution will be of interest to all, I imagine that our many vest-pocket dealers and philatelic entrepreneurs will want to pay particular attention. The article provides a basic introduction to the United States government's perspective on the difference between a hobby and a business, and more importantly what this difference might mean when it comes time to pay taxes on the income from stamp sales. Steve presents this information in a straightforward fashion that anyone can follow and understand.
I've already printed a hardcopy for my files!
Thanks again to Steve for his many contributions to SOR.
Best Regards,
Ralph
Login to Like
this post
re: Of Taxes and Hobby Businesses (New Article)
Thank you Ralph, for the 'heads up'.
Steve,
Excellent stuff. Nicely done.It will be of value to those who may consider using the hobby as a potential tax deduction.
Best,
Dan C.
Login to Like
this post
Auctions
re: Of Taxes and Hobby Businesses (New Article)
I know a fellow who does about 30 thousand in internet sales...he declares it as a business. For someone like myself who sells 500 dollars or less and puts it right back into my collection i don't think the deduction would work !
Login to Like
this post
re: Of Taxes and Hobby Businesses (New Article)
philb.
Perfect example / scenario. That's exactly correct. You are a "hobbyist" and be proud of it!
steve
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this post
Auctions
re: Of Taxes and Hobby Businesses (New Article)
Steve, at times i wish i could be a business and take the deductions some folks do..but i think i would have to increase my sales a bit...then it would not be a hobby it would be work !!
Login to Like
this post
re: Of Taxes and Hobby Businesses (New Article)
Phil:
My hobby is my work.
I love my job!
David
Login to Like
this post