d SaleAt what point do you become a vendor?
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Most vendors have websites & are in it for profit. Those selling on yard sale are usually just unloading inventory they’ve accrued over years, getting out of hobby. One time sale for specific items.
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The rule of thumb I recommend for people in the shop at work is: making a prototype, tool, or jig? Probably fine. Making a couple to refine the process until it's repeatable, probably fine. Making 10 and then selling the extras? Borderline.
If someone was selling a kit or three now and then that they surplused, I don't see much of an issue. But if someone is packaging up 20 kits to flog on the yard sale, they're probably beyond the intent.
If someone was selling a kit or three now and then that they surplused, I don't see much of an issue. But if someone is packaging up 20 kits to flog on the yard sale, they're probably beyond the intent.
1-2, no big deal. 5-10 probably ok. More, not so much.
The key is: if you are concerned or thinking about opening a business, ask in a pm.
The key is: if you are concerned or thinking about opening a business, ask in a pm.
The only thing I've ever made 10 of were messes. Seem to excel at mess making
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I tell people who ask about my blacksmithing : I turn expensive materials into scrap!The only thing I've ever made 10 of were messes. Seem to excel at mess making
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There's no one answer to the question since the regulations vary by locality.
Here is an article that addresses the issue from the IRS's national perspective:
https://tax.findlaw.com/federal-taxes/do-you-need-to-report-your-online-sales-to-the-irs.html
One thing to note is that even income from a hobby should be reported. But, you can't report more expenses than income for a hobby as you can for a business. So, if you are getting income from your hobby, it may be better to turn it into a business.
Here is an article that addresses the issue from the IRS's national perspective:
https://tax.findlaw.com/federal-taxes/do-you-need-to-report-your-online-sales-to-the-irs.html
One thing to note is that even income from a hobby should be reported. But, you can't report more expenses than income for a hobby as you can for a business. So, if you are getting income from your hobby, it may be better to turn it into a business.
Then I won't try to answer it. Besides, assuming you meant the question with regard to the Yard Sale subforum hear, then Get a definitive answer from a mod. Oh yeah, a mod already answered you. So I'm shutting up now.
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