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wcfvw69 
Samba Purist
Joined: June 10, 2004
Posts: 13389
Location: Arizona
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 Posted: Wed Aug 30, 2017 5:38 pm Post subject: Re: Official whine about Buses and parts for sale |
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| EverettB wrote: |
| wcfvw69 wrote: |
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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Follow me on instagram @sparxwerksllc
Decades of VW and VW parts restoration experience.
The Samba member since 2004.
**Now rebuilding throttle bodies for VW's and Porsche's**
**Restored German Bosch distributors for sale or I can restore yours**
**Restored German Pierburg fuel pumps for sale or I can restore yours**
**Restored Porsche fuel pumps or I can restore yours**
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EverettB
Administrator
Joined: April 11, 2000
Posts: 69804
Location: Phoenix Metro
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| Posted: Wed Aug 30, 2017 5:43 pm Post subject: Re: Official whine about Buses and parts for sale |
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| 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
Samba Member
Joined: March 28, 2004
Posts: 4532
Location: Cedar Falls, Iowa
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| Posted: Wed Aug 30, 2017 10:35 pm Post subject: Re: Official whine about Buses and parts for sale |
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| chris henry wrote: |
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.
_________________
Al Brase
Projects: 67 sunroof bug, 67 Porsche 912 Targa, 70 Westy
Dec 1955 Single Cab pickup WANT 15" BUS RIMS dated 8/55, thru 12/55
To New owners: 1969 doublecab, 1971 Dormobile
Vanagons:
80 P27 Westy JUL 1979, 3rd oldest known US
83 1.6TD Vanagon, 87 Wolfie Westy daily driver, swap meet home |
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Clara
Samba Member
Joined: June 14, 2003
Posts: 12399
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| Posted: Thu Aug 31, 2017 6:59 am Post subject: Re: Official whine about Buses and parts for sale |
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| 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).
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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MaicoCPA
Samba Member
Joined: January 17, 2010
Posts: 47
Location: So. Cal
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| Posted: Thu Aug 31, 2017 8:42 am Post subject: Re: Official whine about Buses and parts for sale |
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| Alan Brase wrote: |
| chris henry wrote: |
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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Enjoying Type IIs since 1979.
- 1952 VW Ambulance
- 1967 Porsche 912
- A bunch of Maico vintage MX bikes |
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EA57RHD
Samba Member
Joined: February 12, 2008
Posts: 495
Location: Southern California
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| Posted: Thu Aug 31, 2017 9:01 am Post subject: Re: Official whine about Buses and parts for sale |
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https://www.thesamba.com/vw/classifieds/detail.php?id=2090017
Really, $100K 
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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March 1959 Mango Standard
November 1958 Single Cab
********WANTED********
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Skim
Rants Master
Joined: April 15, 2001
Posts: 17082
Location: GFK 31 Year Vet
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| Posted: Thu Aug 31, 2017 9:01 am Post subject: Re: Official whine about Buses and parts for sale |
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| 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.
_________________
GFK
Samba since before the towers collapsed. Still here.
1953 Kabriolet
1954 Sunroof
1959 Lowlight Ghia vert
1960 Lt Grey Double Cab SMZ LEGIT
1963 Deluxe Turkis Walk Thru 15 Window OG Paint |
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wcfvw69
Samba Purist
Joined: June 10, 2004
Posts: 13389
Location: Arizona
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| Posted: Thu Aug 31, 2017 9:07 am Post subject: Re: Official whine about Buses and parts for sale |
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| 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.
_________________
Contact me at [email protected]
Follow me on instagram @sparxwerksllc
Decades of VW and VW parts restoration experience.
The Samba member since 2004.
**Now rebuilding throttle bodies for VW's and Porsche's**
**Restored German Bosch distributors for sale or I can restore yours**
**Restored German Pierburg fuel pumps for sale or I can restore yours**
**Restored Porsche fuel pumps or I can restore yours**
**Restored Porsche distributors or I can restore yours** |
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otherbeach
Samba Member
Joined: September 15, 2016
Posts: 281
Location: Illinois
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| Posted: Thu Aug 31, 2017 9:19 am Post subject: Re: Official whine about Buses and parts for sale |
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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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62DoKaGuy
Samba Member
Joined: May 22, 2011
Posts: 1276
Location: Surprise, AZ
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| Posted: Thu Aug 31, 2017 10:35 am Post subject: Re: Official whine about Buses and parts for sale |
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No Scheiße! Now, I don't feel so bad about my '59 SC either...dude must've been three sheets when posting that up.
_________________
,,Wenige Menschen denken, und doch wollen alle entscheiden.'' -der Alte Fritz
| EverettB wrote: |
| ...I went at it from both ends but going from the rear didn't seem to do anything, although I did spray some rust breaker in there... |
4/62 Double Cab
5/61 Panel (sold)
4/59 Single Cab (sold) |
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chris henry
Samba Member
Joined: October 28, 2004
Posts: 867
Location: porterville ,CA
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| Posted: Thu Aug 31, 2017 11:08 am Post subject: Re: Official whine about Buses and parts for sale |
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| Alan Brase wrote: |
| chris henry wrote: |
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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crukab
Samba Chef
Joined: December 13, 2002
Posts: 6116
Location: Vermont
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| Posted: Thu Aug 31, 2017 1:25 pm Post subject: Re: Official whine about Buses and parts for sale |
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My guess is he ment $10K, his other 2 Buses for sale are $12000 and in a little better shape.  
_________________
Tom
My Pops:
http://www.thesamba.com/vw/forum/viewtopic.php?t=604100&highlight=
I know you will always be with me, rest in peace with no more pain. 8/13/14.....
In the yard right now:
'51 Dodge 5 window truck
'65 Bug
'66 Singlecab
'82 Rabbit Truck Diesel from CALI 
'86 Doublecab W/T
'91 Vanagon carat/wolfsbrg.Tiico
'88 Dodge Ram pickup
'11 Jetta Wagon |
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62DoKaGuy
Samba Member
Joined: May 22, 2011
Posts: 1276
Location: Surprise, AZ
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| Posted: Thu Aug 31, 2017 1:30 pm Post subject: Re: Official whine about Buses and parts for sale |
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| crukab wrote: |
My guess is he ment $10K, his other 2 Buses for sale are $12000 and in a little better shape. |
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...
_________________
,,Wenige Menschen denken, und doch wollen alle entscheiden.'' -der Alte Fritz
| EverettB wrote: |
| ...I went at it from both ends but going from the rear didn't seem to do anything, although I did spray some rust breaker in there... |
4/62 Double Cab
5/61 Panel (sold)
4/59 Single Cab (sold) |
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grizpdx
Samba Member
Joined: February 09, 2010
Posts: 128
Location: PNW
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| Posted: Thu Aug 31, 2017 2:16 pm Post subject: Re: Official whine about Buses and parts for sale |
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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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mandraks
Samba Member
Joined: November 28, 2004
Posts: 7047
Location: Lawrenceville, Ga
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| Posted: Thu Aug 31, 2017 3:05 pm Post subject: Re: Official whine about Buses and parts for sale |
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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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Uli
----------------------------------------
'53 3-Fold Oval, L35 Metallic Blue, looking for a narrow hatch panel |
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Alan Brase
Samba Member
Joined: March 28, 2004
Posts: 4532
Location: Cedar Falls, Iowa
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| Posted: Thu Aug 31, 2017 3:41 pm Post subject: Re: Official whine about Buses and parts for sale |
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| 62DoKaGuy wrote: |
| crukab wrote: |
My guess is he ment $10K, his other 2 Buses for sale are $12000 and in a little better shape. |
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
_________________
Al Brase
Projects: 67 sunroof bug, 67 Porsche 912 Targa, 70 Westy
Dec 1955 Single Cab pickup WANT 15" BUS RIMS dated 8/55, thru 12/55
To New owners: 1969 doublecab, 1971 Dormobile
Vanagons:
80 P27 Westy JUL 1979, 3rd oldest known US
83 1.6TD Vanagon, 87 Wolfie Westy daily driver, swap meet home |
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Ace Radio
Samba Member
Joined: April 20, 2003
Posts: 193
Location: Columbus, Ohio
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chris henry
Samba Member
Joined: October 28, 2004
Posts: 867
Location: porterville ,CA
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| Posted: Thu Aug 31, 2017 9:43 pm Post subject: Re: Official whine about Buses and parts for sale |
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| Alan Brase wrote: |
| 62DoKaGuy wrote: |
| crukab wrote: |
My guess is he ment $10K, his other 2 Buses for sale are $12000 and in a little better shape. |
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 !!!!!  |
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Alan Brase
Samba Member
Joined: March 28, 2004
Posts: 4532
Location: Cedar Falls, Iowa
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| Posted: Thu Aug 31, 2017 10:23 pm Post subject: Re: Official whine about Buses and parts for sale |
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| chris henry wrote: |
News flash..Huge price drop !!!it's only 50k now...someone better jump on this !!!!! |
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
_________________
Al Brase
Projects: 67 sunroof bug, 67 Porsche 912 Targa, 70 Westy
Dec 1955 Single Cab pickup WANT 15" BUS RIMS dated 8/55, thru 12/55
To New owners: 1969 doublecab, 1971 Dormobile
Vanagons:
80 P27 Westy JUL 1979, 3rd oldest known US
83 1.6TD Vanagon, 87 Wolfie Westy daily driver, swap meet home |
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wcfvw69
Samba Purist
Joined: June 10, 2004
Posts: 13389
Location: Arizona
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| Posted: Thu Aug 31, 2017 10:33 pm Post subject: Re: Official whine about Buses and parts for sale |
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| chris henry wrote: |
| Alan Brase wrote: |
| 62DoKaGuy wrote: |
| crukab wrote: |
My guess is he ment $10K, his other 2 Buses for sale are $12000 and in a little better shape. |
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 !!!!! |
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!
_________________
Contact me at [email protected]
Follow me on instagram @sparxwerksllc
Decades of VW and VW parts restoration experience.
The Samba member since 2004.
**Now rebuilding throttle bodies for VW's and Porsche's**
**Restored German Bosch distributors for sale or I can restore yours**
**Restored German Pierburg fuel pumps for sale or I can restore yours**
**Restored Porsche fuel pumps or I can restore yours**
**Restored Porsche distributors or I can restore yours**
Last edited by wcfvw69 on Thu Aug 31, 2017 10:33 pm; edited 1 time in total |
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