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Guy in trouble for his arcade collection

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paigeoliver:

Well, honestly I think Jon Exidy DOES sell a lot of machines. He does have 823 posts in the rec.games.video.arcade.marketplace newsgroup in just 3 years. Probably 10 percent of those are whole machines. That isn't even considering his high feedback ebay account, or any deals that happened outside of either one of those places.

With that said I went through like 40 games in an apartment in like 2 years.  :cheers:

Santo8742:

The IRS will longer consider a business a business if it loses money 3 out of 5 years, at which point it becomes a hobby in the eyes of the IRS. But even then you're suppose to claim capital gains tax on something if you sell it for more than you paid for it minus money spent to fix it up. Just another federal viewpoint on what constitutes a business.

SithMaster:

yeah the feds are smart.

ChadTower:


--- Quote from: Santo8742 on March 13, 2007, 04:38:24 pm ---The IRS will longer consider a business a business if it loses money 3 out of 5 years, at which point it becomes a hobby in the eyes of the IRS. But even then you're suppose to claim capital gains tax on something if you sell it for more than you paid for it minus money spent to fix it up. Just another federal viewpoint on what constitutes a business.

--- End quote ---

That doesn't sound like something you can apply across the board.  I've worked for 100 people companies with $100mill in assets that lost money 3 of 5 years.

johnm160:


--- Quote from: ChadTower on March 14, 2007, 09:25:15 am ---
--- Quote from: Santo8742 on March 13, 2007, 04:38:24 pm ---The IRS will longer consider a business a business if it loses money 3 out of 5 years, at which point it becomes a hobby in the eyes of the IRS. But even then you're suppose to claim capital gains tax on something if you sell it for more than you paid for it minus money spent to fix it up. Just another federal viewpoint on what constitutes a business.

--- End quote ---

That doesn't sound like something you can apply across the board.  I've worked for 100 people companies with $100mill in assets that lost money 3 of 5 years.

--- End quote ---


Now that sounds like an expensive hobby  :P

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