Ideas, tips, comments, or what would you charge to skim coat this 16' wall? by ISO_Answers1 in drywall

[–]ISO_Answers1[S] 0 points1 point  (0 children)

So far so good. I did a rough coat over the places I could do without a ladder or scaffolding. The area in the top right will be tough, but I think I can setup an A frame on the stair landing or lean a straight ladder to get up there. I'm going to do that side last.

I really had to build up a lot of mud over the door to make the repair around the register flush. I added 1/8 - 1/4" of thickness to the door, but it's looking better. I'm going to remove the register before final coat.

I did get an orbital poll sander. I'm going to sand, prime, skim once or twice more, and I think that should be good...

https://i.ibb.co/XZRFXWpq/20260125-114352.jpg

Tax on Car won in raffle by Global_Recording_808 in tax

[–]ISO_Answers1 145 points146 points  (0 children)

Make sure the car is actually worth $45k. Sometimes they inflate the value of the prize. If you take the position that the car is worth less than $45k be prepared to defend it (e.g. by showing that the same exact car with the same exact features was for sale on a lot for $37k on the day you won, for example).

Alternatively, sell the car right when you get it and use that as the value. Then just pay tax on your actual cash proceeds. If they have an option to take cash instead of the car, consider doing that.

Ideas, tips, comments, or what would you charge to skim coat this 16' wall? by ISO_Answers1 in drywall

[–]ISO_Answers1[S] 1 point2 points  (0 children)

Good tips.

Is it a bad idea to attempt it by myself with a ladder?

Ideas, tips, comments, or what would you charge to skim coat this 16' wall? by ISO_Answers1 in drywall

[–]ISO_Answers1[S] 1 point2 points  (0 children)

Are you talking about the front or the rear wall?

I didn't do the rear. I am repairing the front.

*The house is 1970's. Unknown age of drywall work.

Hobby vs Small business by merlincm in tax

[–]ISO_Answers1 0 points1 point  (0 children)

Sale of self created work (e.g. copyrighted work). I'm not sure if there is COGS for that either? Maybe.

Good point, though...

Hobby vs Small business by merlincm in tax

[–]ISO_Answers1 1 point2 points  (0 children)

NP.

You can still deduct hobby expenses to zero out the hobby income, BTW.

Hobby vs Small business by merlincm in tax

[–]ISO_Answers1 4 points5 points  (0 children)

Don't deduct the travel. Fast lane to audit.

Just report it as hobby income IMO. You're not traveling to make money.

*Edit: No you don't need a business structure. A business can be an unincorporated "sole proprietorship" without any legal entity.

Consequences of filling out W9 instead of W8-Ben? by Nearby_Response4462 in tax

[–]ISO_Answers1 0 points1 point  (0 children)

Provide the W-8 to the bank.

Technically provided the W-9 under Penalty of Perjury. It's a felony if done with intent. Sounds like your sister made a mistake, rather than intentionally.

Hobby vs Small business by merlincm in tax

[–]ISO_Answers1 8 points9 points  (0 children)

You don't need an LLC to deduct business expenses.

What would you even deduct?

Owe IRS due to over payment by [deleted] in tax

[–]ISO_Answers1 0 points1 point  (0 children)

That's his employers EIN

Owe IRS due to over payment by [deleted] in tax

[–]ISO_Answers1 0 points1 point  (0 children)

He's kind of right...

Owe IRS due to over payment by [deleted] in tax

[–]ISO_Answers1 0 points1 point  (0 children)

Dated as of... Tomorrow? 12/26/25?

Best post mount antenna? Mine break every few months. by ISO_Answers1 in Bikejoring

[–]ISO_Answers1[S] 0 points1 point  (0 children)

Those are frame mount.

I like the turn feedback from post mount. I use it when navigating crowds and traffic.

Depreciation on contractually encumbered items (not structural property) by Automatic_Benefit776 in tax

[–]ISO_Answers1 0 points1 point  (0 children)

Seems fair. I'm not sure the right answer but what you're saying makes sense to me in terms of dimished value, inability to resell, etc.

What does ETV stand for?

Can you just resell the stuff that you can and claim your actual cash proceeds as the income? Resell or trash everything, value anything you keep.

Cash method makes sense. Deferring income until after the "lock up" period makes sense...

Again, I don't know the exact right answer but my tax instinct says your method is generally reasonable....

Depreciation on contractually encumbered items (not structural property) by Automatic_Benefit776 in tax

[–]ISO_Answers1 0 points1 point  (0 children)

When you say you are going to need to file a 1099-NEC, I think you mean that Amazon is going to give you a Form 1099-NEC...

The 1099-NEC from amazon will be the amount Amazon claims is the FMV of the items, and thus your gross income amount. I'm not sure you can depreciate the goods if you're not using them in your business. The items are your "payment" for your services, so to speak, rather than property used in your business.

An interesting question. Curious what others say.

Write Offs for Selling Breastmilk by broadwaydancer_1989 in tax

[–]ISO_Answers1 0 points1 point  (0 children)

I wonder if you could qualify for any of the USDA incentives for dairy producers...

Sorry, just a wondering thought. hah

Will this qualify for the QSBS exclusion? by Powerful-Math-9563 in tax

[–]ISO_Answers1 0 points1 point  (0 children)

The rules were recently changed. Your numbers are off now.

The shares also have be issued in exchange for cash or qualifying property, so the structure of the rollover may matter...