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Official whine about Buses and parts for sale
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wcfvw69 Premium Member
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PostPosted: Wed Aug 30, 2017 5:38 pm    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

EverettB wrote:
wcfvw69 wrote:
mastorna wrote:
Does this come with a winning powerball ticket too?

https://www.thesamba.com/vw/classifieds/detail.php?id=2090017


Wasn't this one of the buses just found in the field with a bunch of others a week ago in that video? The guy was walking around the field pointing out all the different buses and single cabs.

$100k? Yea, good luck with that.


Yes, it was, I recognize it. The Mango he just posted too
https://www.thesamba.com/vw/classifieds/detail.php?id=2090022


I thought I recognized that single cab. I'm all about profit but damn.. Like someone said, I can't see that truck being worth $5k! What the heck is he thinking?!?
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PostPosted: Wed Aug 30, 2017 5:43 pm    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

lightice wrote:
easy e wrote:
That isn't the whole answer... there are two thresholds.

Will I receive a Form 1099-K if I only meet one of the thresholds?

No. A seller has to exceed both IRS thresholds ($20,000 in gross payment volume and 200 separate payments) in a calendar year before a Form 1099-K is required. We may require that you provide a tax identification number before you reach these thresholds however we will only report your payments if you exceed both thresholds.

Reference


I'm not from the US so these 2 items do not pertain to me.
But I am interested to know why would the IRS be informed if you send more than 200 separate payments a year?

I can understand receiving $20k, but sending 200 payments?

Does google wallet have these thresholds?


Good question - I'm not sure why the 200 payments other than it's an IRS rule.
Maybe it's to exclude people who do only a few large sales? The IRS has other rules like that in order to exclude people who are not operating at "business" levels.

My understanding is it applies to all payment processors.
Amazon appears to do the same thing:
https://pay.amazon.com/us/help/201491290
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Alan Brase
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PostPosted: Wed Aug 30, 2017 10:35 pm    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

chris henry wrote:
otherbeach wrote:
wcfvw69 wrote:

Any idea how much until Paypal reports you?


$20,000
RE: https://www.paypal.com/us/selfhelp/article/How-doe...ent-FAQ729

which is really kinda stupid. they are making the assumption that you actually turned a profit. For instance.. I buy a bus for 10k. I dump another 7k into it and then sell it for 20k. My profit was 3k if I consider my time is worth nothing. If I consider my time is worth $40 an hour then I probably lost a couple of grand yet I still need to explain to the IRS that I didn't make 20k

HUH? If you make a profit of $3000, you report a profit of $3000. Simple as that.
If you made the $3000 with one hour of effort you made $3000/ an hour. If you worked at it for 3000 hours you made $1/ an hour.
IRS does not care about this. About how much per hour you make. Why should you get special compensation because you wasted so many hours? If you do not like your rate of return, perhaps change your business plan.
Of course, you may want to talk to a tax advisor to put your affairs into the best light before presenting them to the IRS.
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PostPosted: Thu Aug 31, 2017 6:59 am    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

adriano wrote:
Never seen a 11 windows standard without popout.
IMO the "patina" is a fake because a standard swr has red bulckhead (like the bus on the ad) and red inner doors and cabin (these are white).
Image may have been reduced in size. Click image to view fullscreen.

this is an italian 59 standard bus.



a 61 has lower colour dash and inside of doors
in 62 they went to upper colour for dash and inside of doors...

Yes, another thing that says the bus for sale is not a 61
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PostPosted: Thu Aug 31, 2017 8:42 am    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

Alan Brase wrote:
chris henry wrote:
otherbeach wrote:
wcfvw69 wrote:

Any idea how much until Paypal reports you?


$20,000
RE: https://www.paypal.com/us/selfhelp/article/How-doe...ent-FAQ729

which is really kinda stupid. they are making the assumption that you actually turned a profit. For instance.. I buy a bus for 10k. I dump another 7k into it and then sell it for 20k. My profit was 3k if I consider my time is worth nothing. If I consider my time is worth $40 an hour then I probably lost a couple of grand yet I still need to explain to the IRS that I didn't make 20k

HUH? If you make a profit of $3000, you report a profit of $3000. Simple as that.
If you made the $3000 with one hour of effort you made $3000/ an hour. If you worked at it for 3000 hours you made $1/ an hour.
IRS does not care about this. About how much per hour you make. Why should you get special compensation because you wasted so many hours? If you do not like your rate of return, perhaps change your business plan.
Of course, you may want to talk to a tax advisor to put your affairs into the best light before presenting them to the IRS.


I'm a CPA and I prepare over 600 individual tax returns each year plus another 100 or so corporations and LLCs. 1099-Ks are very common but you need to know how to report the income on your tax return. The gross amount on the 1099-K gets reported on Schedule C and all costs, including purchases and PayPal fees (or credit card processing fees - credit card processors also issue 1099-Ks) are claimed as deductions to get you to the net taxable income or loss. 1099-K reported income is before PayPal or credit card processing fees, believe it or not. If you are reporting the income on Schedule C you might as well claim every deduction related to earning that income - cell phone, mileage, internet access, etc.

If you only report the net profit and not the gross amount on the 1099-K you can expect a nasty-gram from the IRS in about 6-9 months after filing your taxes.
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PostPosted: Thu Aug 31, 2017 9:01 am    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

https://www.thesamba.com/vw/classifieds/detail.php?id=2090017

Really, $100K Rolling Eyes

If this rust bucket sells for that outrages price tag, my 59 SC is worth double that.

The logos are cool but the price tag is a pipe dream.
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PostPosted: Thu Aug 31, 2017 9:01 am    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

MaicoCPA wrote:
I'm a CPA and I prepare over 600 individual tax returns each year plus another 100 or so corporations and LLCs. 1099-Ks are very common but you need to know how to report the income on your tax return. The gross amount on the 1099-K gets reported on Schedule C and all costs, including purchases and PayPal fees (or credit card processing fees - credit card processors also issue 1099-Ks) are claimed as deductions to get you to the net taxable income or loss. 1099-K reported income is before PayPal or credit card processing fees, believe it or not. If you are reporting the income on Schedule C you might as well claim every deduction related to earning that income - cell phone, mileage, internet access, etc.

If you only report the net profit and not the gross amount on the 1099-K you can expect a nasty-gram from the IRS in about 6-9 months after filing your taxes.


I need you to do my taxes.
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PostPosted: Thu Aug 31, 2017 9:07 am    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

Skim wrote:
MaicoCPA wrote:
I'm a CPA and I prepare over 600 individual tax returns each year plus another 100 or so corporations and LLCs. 1099-Ks are very common but you need to know how to report the income on your tax return. The gross amount on the 1099-K gets reported on Schedule C and all costs, including purchases and PayPal fees (or credit card processing fees - credit card processors also issue 1099-Ks) are claimed as deductions to get you to the net taxable income or loss. 1099-K reported income is before PayPal or credit card processing fees, believe it or not. If you are reporting the income on Schedule C you might as well claim every deduction related to earning that income - cell phone, mileage, internet access, etc.

If you only report the net profit and not the gross amount on the 1099-K you can expect a nasty-gram from the IRS in about 6-9 months after filing your taxes.


I need you to do my taxes.


No shit! I'm in line right behind you Skim.
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PostPosted: Thu Aug 31, 2017 9:19 am    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

EA57RHD wrote:
https://www.thesamba.com/vw/classifieds/detail.php?id=2090017

Really, $100K Rolling Eyes

If this rust bucket sells for that outrages price tag, my 59 SC is worth double that.

The logos are cool but the price tag is a pipe dream.

I have been collecting data for a year and that is above the upper 90th percentile in asking prices.
Code:

 Analysis Variable : askprice
 
                                                                                                Lower
 Model               N Obs           Mean        Std Dev        Maximum              N       Quartile         Median      90th Pctl
 ----------------------------------------------------------------------------------------------------------------------------------
 Double Cab            198          41770          22007         195000            192          25000          40500          68000

 Single Cab            247          22208          15372         135000            227          12000          19250          39500
 ----------------------------------------------------------------------------------------------------------------------------------
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PostPosted: Thu Aug 31, 2017 10:35 am    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

EA57RHD wrote:
https://www.thesamba.com/vw/classifieds/detail.php?id=2090017

Really, $100K Rolling Eyes

If this rust bucket sells for that outrages price tag, my 59 SC is worth double that.

The logos are cool but the price tag is a pipe dream.


No Scheiße! Now, I don't feel so bad about my '59 SC either...dude must've been three sheets when posting that up.
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PostPosted: Thu Aug 31, 2017 11:08 am    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

Alan Brase wrote:
chris henry wrote:
otherbeach wrote:
wcfvw69 wrote:

Any idea how much until Paypal reports you?


$20,000
RE: https://www.paypal.com/us/selfhelp/article/How-doe...ent-FAQ729

which is really kinda stupid. they are making the assumption that you actually turned a profit. For instance.. I buy a bus for 10k. I dump another 7k into it and then sell it for 20k. My profit was 3k if I consider my time is worth nothing. If I consider my time is worth $40 an hour then I probably lost a couple of grand yet I still need to explain to the IRS that I didn't make 20k

HUH? If you make a profit of $3000, you report a profit of $3000. Simple as that.
My point was that it just creates extra hassle that most people don't want to deal with. when you receive a form 1099 from someone the IRS counts that total amount as profit or income received. Now you have to itemize and show prof of money spent to reduce that profit or income received. I really don't want to deal with that hassle. my taxes are complicated enough already. luckily most of the business I do is in good ol American green backs
If you made the $3000 with one hour of effort you made $3000/ an hour. If you worked at it for 3000 hours you made $1/ an hour.
IRS does not care about this. About how much per hour you make. Why should you get special compensation because you wasted so many hours? If you do not like your rate of return, perhaps change your business plan.
Of course, you may want to talk to a tax advisor to put your affairs into the best light before presenting them to the IRS.
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PostPosted: Thu Aug 31, 2017 1:25 pm    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

EA57RHD wrote:
https://www.thesamba.com/vw/classifieds/detail.php?id=2090017

Really, $100K Rolling Eyes

If this rust bucket sells for that outrages price tag, my 59 SC is worth double that.

The logos are cool but the price tag is a pipe dream.


My guess is he ment $10K, his other 2 Buses for sale are $12000 and in a little better shape. Question Eh?
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PostPosted: Thu Aug 31, 2017 1:30 pm    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

crukab wrote:
EA57RHD wrote:
https://www.thesamba.com/vw/classifieds/detail.php?id=2090017

Really, $100K Rolling Eyes

If this rust bucket sells for that outrages price tag, my 59 SC is worth double that.

The logos are cool but the price tag is a pipe dream.


My guess is he ment $10K, his other 2 Buses for sale are $12000 and in a little better shape. Question Eh?


I agree, but if he meant to say $10K, then it would not have followed the trend for the other two ads, where he spelled out "12000" and not "12K." $10,000 still would be pretty high for the condition. Cool logo and possible history, but there is some definitely project hours needed...
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PostPosted: Thu Aug 31, 2017 2:16 pm    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

EA57RHD wrote:
https://www.thesamba.com/vw/classifieds/detail.php?id=2090017

Really, $100K Rolling Eyes

If this rust bucket sells for that outrages price tag, my 59 SC is worth double that.

The logos are cool but the price tag is a pipe dream.


If it's not been posted, here's the video of his field find. He walked right by an earlier single cab for the MORE EPIC $100,000 one. SMH. I truly hope it's a typo and wants $10K. Either that or he's trying to find the super collector who wants a German dealership bus. But still? Even with that? Maybe $20K? $10K seems like a pipe dream, but WTF do I know.

It's super hard to tell... but it looks almost like a barndoor roof line. But the bullet turn signals and no semaphores is where it loses me on identifying it. Fuzzy video.

https://www.youtube.com/watch?v=x6pl3Q5YEz8&t=2s
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PostPosted: Thu Aug 31, 2017 3:05 pm    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

grizpdx wrote:


.... But the bullet turn signals and no semaphores is where it loses me on identifying it. Fuzzy video.

https://www.youtube.com/watch?v=x6pl3Q5YEz8&t=2s


it has a semaphore on the passenger side, driver side might have been replaced at some point. Most VWs, beetle or bus, were "upgraded" to blinkers front and back at some point.
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PostPosted: Thu Aug 31, 2017 3:41 pm    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

62DoKaGuy wrote:
crukab wrote:
EA57RHD wrote:
https://www.thesamba.com/vw/classifieds/detail.php?id=2090017

Really, $100K Rolling Eyes

If this rust bucket sells for that outrages price tag, my 59 SC is worth double that.

The logos are cool but the price tag is a pipe dream.


My guess is he ment $10K, his other 2 Buses for sale are $12000 and in a little better shape. Question Eh?


I agree, but if he meant to say $10K, then it would not have followed the trend for the other two ads, where he spelled out "12000" and not "12K." $10,000 still would be pretty high for the condition. Cool logo and possible history, but there is some definitely project hours needed...

Not very hard to hit the EDIT button. I've hit it about 1000 time myself. (that would be 1k edits.)
Al
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PostPosted: Thu Aug 31, 2017 4:30 pm    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

https://www.thesamba.com/vw/classifieds/detail.php?id=2090101

Interesting marketing strategy... Shocked
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PostPosted: Thu Aug 31, 2017 9:43 pm    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

Alan Brase wrote:
62DoKaGuy wrote:
crukab wrote:
EA57RHD wrote:
https://www.thesamba.com/vw/classifieds/detail.php?id=2090017

Really, $100K Rolling Eyes

If this rust bucket sells for that outrages price tag, my 59 SC is worth double that.

The logos are cool but the price tag is a pipe dream.


My guess is he ment $10K, his other 2 Buses for sale are $12000 and in a little better shape. Question Eh?


I agree, but if he meant to say $10K, then it would not have followed the trend for the other two ads, where he spelled out "12000" and not "12K." $10,000 still would be pretty high for the condition. Cool logo and possible history, but there is some definitely project hours needed...

Not very hard to hit the EDIT button. I've hit it about 1000 time myself. (that would be 1k edits.)
Al

News flash..Huge price drop !!!it's only 50k now...someone better jump on this !!!!! Laughing Laughing Laughing
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PostPosted: Thu Aug 31, 2017 10:23 pm    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

chris henry wrote:

News flash..Huge price drop !!!it's only 50k now...someone better jump on this !!!!! Laughing Laughing Laughing

Off the chart cool. but the truck is not that cool. The logos might add value but it is a $4000 truck at the most.
Original paint? Maybe not? lots of rust, paint removed and bondo.
And really, I could do some research and put logos on mine. Counterfeit logos, but who would know?
Al
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PostPosted: Thu Aug 31, 2017 10:33 pm    Post subject: Re: Official whine about Buses and parts for sale Reply with quote

chris henry wrote:
Alan Brase wrote:
62DoKaGuy wrote:
crukab wrote:
EA57RHD wrote:
https://www.thesamba.com/vw/classifieds/detail.php?id=2090017

Really, $100K Rolling Eyes

If this rust bucket sells for that outrages price tag, my 59 SC is worth double that.

The logos are cool but the price tag is a pipe dream.


My guess is he ment $10K, his other 2 Buses for sale are $12000 and in a little better shape. Question Eh?


I agree, but if he meant to say $10K, then it would not have followed the trend for the other two ads, where he spelled out "12000" and not "12K." $10,000 still would be pretty high for the condition. Cool logo and possible history, but there is some definitely project hours needed...

Not very hard to hit the EDIT button. I've hit it about 1000 time myself. (that would be 1k edits.)
Al

News flash..Huge price drop !!!it's only 50k now...someone better jump on this !!!!! Laughing Laughing Laughing


I.....just.....can't.....understand...

how ANYONE could possibly think that rusted out single cab could be worth anywhere near that price.

It's another typo! He meant $5k! Laughing
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My 1970 bus refresh thread- http://www.thesamba.com/vw/forum/viewtopic.php?t=598191

1970 Westfalia Bus
1969 Convertible Bug
1967 Standard Bug


Last edited by wcfvw69 on Thu Aug 31, 2017 10:33 pm; edited 1 time in total
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