Which "TYPE" Stanley planes should I keep.
#10
I've decided to thin the herd of my stanley planes.  I have multiples of various numbers.  My question is which ones are the best to keep?  Oldest, type #, corrugated, etc.  Probably going to keep a couple from each number.  Still hoping to get a #one some day.  Maybe if I sell a bunch, my wish will be granted.

I can't go too crazy all at once.  Starting this year, IRS will start taxing ebay sales, and I have other things to sell also.  

Thanks!
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#11
The taxing started 2? years ago. I had to file just to turn that 1099 in. Had to file as a business and so H&R charged me $129 to file what I owed, which was $200 and some.

I ended with a set of type 13's after selling my collection, all but the elusive #1, in corrugated soles.
At the time and having about 200 planes, it was fairly easy to put a set together.

Some say type 11's are best. Some say Bedrocks.
Steve

Missouri






 
The Revos apparently are designed to clamp railroad ties and pull together horrifically prepared joints
WaterlooMark 02/9/2020








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#12
Just a quick note, "Profit" sales have always been taxable. This isn't a new thing, just because they are reporting. 

If you sell, say $10,000 worth of tools, the required reporting is to report the $10K sales, as well as the cost of the items you sold, plus all expenses (Cameras, shipping, fix up costs, etc.) that helped create the sale. 

most of us buying and selling a handful of tools are not turning big (if any) profits. If you are buying and selling at serious profits, then you should be declaring. 

I'm surprised H&R only charged $129. In this area (So FLA) basic returns from H&R are close to $300 and as a CPA I charge considerably more.

It's all fun.  May we all win the lottery and know real tax problems!!!

Good Luck with your Plane sales.
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#13
(01-25-2024, 09:35 PM)Stwood_ Wrote: Some say type 11's are best. Some say Bedrocks.

That's what I would say too, but that would just be me parroting conventional wisdom because I'm not an expert. I do have a type 11 that I really like, and I bought it because everyone said that's the one you want. I think you need to provide more info and you might get some better answers. For example, how many planes are we talking? 10? 100? What kind of shape are they in? Pristine? Barn fresh? There are other avenues to sell besides ebay, local tool collector orgs, MWTCA for example.
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#14
I better have less than a hundred or I might be in trouble with wife. Seriously probably 75, mostly 4's thru eights and a bunch of block planes, so will probably sell 50. Just sold a 40 scrub plane on ebay for over $100.00 that I bought last summer. I will keep the couple Bedrocks I have. They are in good condition, meaning pretty much as found, not rusty, not restored, usually cleaned up if necessary. I've never bought any real bad ones, unless they had parts that I could use. I know I am not going to make "Big Money", but don't need to sell them, but freeing up space and making a little money is always good.

I am 64 now but don't want to wait til it's too late. It will be fun to see some return on all those garage sale finds that have been on shelves for many years.
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#15
So max you’re talking about is around $5k-ish. I’d probably sell them on eBay then if it were me. I’d maybe post some here, but traffic ain’t what it used to be. I’ve had good luck on bigger tools on FB marketplace, but I don’t think WW hand tools would do as well on FBM.
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#16
Bug 
(01-26-2024, 08:49 AM)taxman Wrote: Just a quick note, "Profit" sales have always been taxable. This isn't a new thing, just because they are reporting. 

If you sell, say $10,000 worth of tools, the required reporting is to report the $10K sales, as well as the cost of the items you sold, plus all expenses (Cameras, shipping, fix up costs, etc.) that helped create the sale. 

most of us buying and selling a handful of tools are not turning big (if any) profits. If you are buying and selling at serious profits, then you should be declaring. 

I'm surprised H&R only charged $129. In this area (So FLA) basic returns from H&R are close to $300 and as a CPA I charge considerably more.

It's all fun.  May we all win the lottery and know real tax problems!!!

Good Luck with your Plane sales.

The tools I sold in question that I had to report, were personal tools. Not bought to make a profit.
Doubles of some LN tools that I had bought to collect.
If I had sold them for profit, yes, I would expect to pay the piper. I've been in business in a couple of ventures and have mostly always done my own taxes. So I know all about that stuff.

If you don't have a business listed on ebay and your intent is not profit, I do not agree with the new rulings for govco to have a hand in it.
Steve

Missouri






 
The Revos apparently are designed to clamp railroad ties and pull together horrifically prepared joints
WaterlooMark 02/9/2020








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#17
(01-26-2024, 08:49 AM)taxman Wrote: Just a quick note, "Profit" sales have always been taxable. This isn't a new thing, just because they are reporting. 

If you sell, say $10,000 worth of tools, the required reporting is to report the $10K sales, as well as the cost of the items you sold, plus all expenses (Cameras, shipping, fix up costs, etc.) that helped create the sale. 

most of us buying and selling a handful of tools are not turning big (if any) profits. If you are buying and selling at serious profits, then you should be declaring. 

I'm surprised H&R only charged $129. In this area (So FLA) basic returns from H&R are close to $300 and as a CPA I charge considerably more.

It's all fun.  May we all win the lottery and know real tax problems!!!

Good Luck with your Plane sales.
.............
If you are buying and selling at serious profits, then you should be declaring.

And don't forget to deduct every expense you incurred in buying those tools!!!! They didn't just fall out of the sky!
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#18
I keep only pre WW2. If I have doubles, I'll keep the nicer one. No kidney holes all key holes in the lever cap. I'll keep a corrugated bottom but will let it go when I find a smooth bottom twin. Why? I just think they're sexier. I paid for these buy buying as much as I could get my hands on and selling them at a profit to feed my minor addiction. We moved a few years ago and it's very difficult to find anything in the wild here. So what I have now is probably it. But you never know.
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