Well, I got over the hump… the sales have commenced. 1099-K off for 23/24

[RickP]

Since the IRS announced the new goofy 1099-K for personal instrument sales has been postponed another year, and additionally that 2024’s threshold will be $5000, I decided I better get on with downsizing like I said I would. Several microphones and pedals sold, another incredible Bock Audio condenser up now. And… a moment I thought I’d not see, one of my Brazilian 513s is also listed. As a recurring back issue is pushing me to lighter guitars for those 3-4 hour gigs, I’m going to significantly narrow my solidbody guitar group. The hollowbody guitars (two HB Spruces and a 594 HB II) are going to do the heavy lifting, pardon the pun, from here on.

Now that the flood gates have cracked open a little, I’ll likely list a few tube amps as well. I really wish there was a For Sale forum here, but will honor the rules and not post specifics.

Now, the question is what to reinvest the funds towards once the battle funds accumulate. Anyone head, or is heading, down this path? What did you decide to do with the funds once you downsized to whatever your comfortable level was?


IRS info, if interested: https://www.irs.gov/newsroom/irs-an...d-of-5000-for-2024-to-phase-in-implementation

 

[dmatthews]

I can feel it coming (to some degree) here as well.
As I sit here, I can think of 4 - 5 guitars/amps out, and 1 guitar (maybe 2) in...

 

[RickP]

I can feel it coming (to some degree) here as well.
As I sit here, I can think of 4 - 5 guitars/amps out, and 1 guitar (maybe 2) in...

That’s what I’ve done over the last few years… fewer better ones. But I’m stocked up on most of what I can use, guitar-wise anyway. Maybe I’ll build a new craft room for my wife. She’s always been pretty tolerant of my music purchases. It may be fitting they eventually benefit her.

Even if I sell all I think I might, I’ll still have a fairly obscene amount of gear. If I was a betting man, though, I’d wager I haven’t seen my last NGD or NAD. I’m still breathing, after all!

 

[dmatthews]

That’s what I’ve done over the last few years… fewer better ones. But I’m stocked up on most of what I can use, guitar-wise anyway. Maybe I’ll build a new craft room for my wife. She’s always been pretty tolerant of my music purchases. It may be fitting they eventually benefit her.

Even if I sell all I think I might, I’ll still have a fairly obscene amount of gear. If I was a betting man, though, I’d wager I haven’t seen my last NGD or NAD. I’m still breathing, after all!

Exactly... My fav saying is "Things change when you get up in the morning" tm
We have all acquired a goodly amount of gear over time searching and finding our tone space/happy place.
I have not finished adapting...

 

[CandidPicker]

Since the IRS announced the new goofy 1099-K for personal instrument sales has been postponed another year, and additionally that 2024’s threshold will be $5000, I decided I better get on with downsizing like I said I would. Several microphones and pedals sold, another incredible Bock Audio condenser up now. And… a moment I thought I’d not see, one of my Brazilian 513s is also listed. As a recurring back issue is pushing me to lighter guitars for those 3-4 hour gigs, I’m going to significantly narrow my solidbody guitar group. The hollowbody guitars (two HB Spruces and a 594 HB II) are going to do the heavy lifting, pardon the pun, from here on.

Now that the flood gates have cracked open a little, I’ll likely list a few tube amps as well. I really wish there was a For Sale forum here, but will honor the rules and not post specifics.

Now, the question is what to reinvest the funds towards once the battle funds accumulate. Anyone head, or is heading, down this path? What did you decide to do with the funds once you downsized to whatever your comfortable level was?


IRS info, if interested: https://www.irs.gov/newsroom/irs-an...d-of-5000-for-2024-to-phase-in-implementation

Rick,

Although not personally good at guidance, it would have been better if you had listed your gear late October into early November, to keep pace with the retail market. You'll be able to reminisce about this for years to come, so don't feel obligated towards listing everything together (the stress might be too much trying to watch each listing as it progresses).

Regards my sale, my first try toward listing my 2015 McCarty hiccuped the 4th week of October and came back after the buyer had buyer's remorse once the guitar arrived. 3-½ weeks later, the McCarty finally sold and we completed business.

The guitar was sold to an online retailer who will likely flip the guitar for a higher resale price. My goal was to sell at a low price so the guitar would attract a number of views/watchers, and amongst these was the retailer.

The funds are currently earmarked for car taxes next year, as well as a new business suit for my niece's wedding next autumn. I've already needed to dip into the funds for a replacement kitchen stand mixer whose motor finally gave out and was making all sorts of screeching noises. The mixer was over 15 years old and has been of good service for the duration.

My remaining guitars now are SE's. A nicer-looking McCarty 594 SE replaced the 2015 McCarty, and the rest of the flock is comprised of a DGT, HBII, and A60E, all SE's. Although my net worth will have decreased, my thought is I've no offspring who might inherit my gear, and any musically inclined family are not guitarists.

It's always been a mindset of mine that amassing wealth is not important towards creating good music. Own what is necessary to create the sounds and tones one likes, but no need to acquire great wealth. The stress of working hard to be paid what wages one can earn has never been the focus of my life. My focus has been to work hard, and enjoy a work/family balanced life, focused on caring for my elderly parent. (She brought me up and since my Dad is resting comfortably in God's memory since 1994, I owe it to Mom for putting up with me all these years.)

Regards yourself, what immediate needs do you think might be the use of your sales income? You have mentioned lighter-weight guitars. (My McCarty 594 SE is a mere 6 lb. 9 0z.). You might invest in a gym membership to assist you with strengthening your back. Not only would you look/feel better, you might experience fewer sore muscles. (The additional thing to look into is a comfortable replacement bed mattress/box spring if the mattress is over 12-15 years old.). After sleeping on the same mattress for more than 45 years, You'd be surprised how much my back thanked me for replacing my old mattress/box spring/frame.

 

[Birdsofprey]

Park or invest if you want to call it that your proceeds in an online insured bank. 4% interest at Ally works just fine for me but there are tons of safe options. While you’re waiting to use those funds if you must at least let them work for you. My .02 cents.

 

[bodia]

Good luck with the downsizing! I've been down that road a couple of times, with "substantial" dollars resulting. The first time I used it to pay off a few things so the Mrs could retire 2 years earlier than we had planned. It was worth selling some killer guitars just to see her sanity return once she was done with her job. The 2nd time I was just in "why the hell do I have all of this stuff mode". I used part of that haul towards a new vehicle. If I do it again, it'll go into some investment of some type.

 

[László]

You can't buy more time, but you can buy more stuff.

Eventually, you have all the stuff you want, but you realize you don't have all the time you'd like.

You can sell your stuff, but you don't get more time no matter what you sell it for. You can keep your stuff, but in the back of your mind, you know you're on your way out the door, and where's the fun in that?

If you've sold your stuff, sure, you have a few bucks in hand, but it won't do solve the main problem, which is the realization you're checking out at some point. So as a consolation prize, you figure you might as well give yourself a little thrill, and you buy more stuff.

This is why people decide to play golf. They need something to frustrate themselves with so they don't have time to think about buying and selling stuff.

 

[RickP]

Thanks for the suggestions and ideas. While my collection is “a drop of water in the comprehensive ocean of” some collections here, I’ll still have at least 6-8 guitars here if I sell all I think I might. I can’t complain. Life has, indeed, been good Mr Walsh!

The wife and I live a simple but quite enjoyable life. I’m at peace with life, and peace was my goal following a long policing career, the latter half of which was spent in supervisory or command positions. I’m proud of what I did, and all that was accomplished, but also very happy to be on to a new chapter with much lower stress and 24/7/365-ness.

I know what you’re saying, @László My outlook is that I can either can see my quality of life ramp down until I quit circling the drain and fall in, or I can keep looking for that next horizon and one day walk off the cliff from a high level. I know I’m going to die someday, I just want to be able to tell the difference from the day before to the day after it happens! There’s always something to learn, someone to help, another goal to have. For me, it’s not that I don’t like where I am, or that I’m dissatisfied with what I’ve seen. It’s that I’ve been given another day, so why not assume it has a purpose, right? You‘re some years my senior, and still chasing new things, so I know I’m preaching to the choir.

I’m not selling because I have to, or even because I particularly want to, but because I have a feeling that it’s time to do it. Up until this month, and the advent of the IRS thing, I didn’t feel like messing with the tax complications, however hard or easy that might have been. Now that this foolishness has been, at the least, postponed, there was no longer reason to not just get on with it. If nothing else, I’m sure the music room will feel more spacious and less cluttered.

 

[alantig]

You do realize that the delay doesn't mean you're not liable for the taxes, though, right? It's just that - as of now - you're expected to report it on the honor system Same with state sales tax (at least here) - if we buy something out of state, we're "supposed" to report that in our tax filings. The reality is there is no real enforcement arm, and the likelihood of getting audited for it is minimal, but not zero*. And if you keep your receipts, you can show that you did or didn't profit off the sale. And while I don't sell (yet - just in case my wife is on here), I have my guitar receipts going back almost 40 years.

ETA: Should say it's minimal for the amount/type of sales most of us would be doing.

 

[JasonE]

I knew they had postponed the implementation of the new rule again this year. I hadn't seen that they raised the amount for next year. They have held on to the decision to postpone it until later in the year. That was not nice at all. I would have sold some stuff earlier in the year if I had known it was going to get postponed, like everyone else would have done. I wonder if they will postpone again even though they raised the amount.

My plan was to sell a little lower than I wanted to locally to a shop near me. I talked to them about a year ago about it but haven't made it there with any of my stuff yet. I need to stop by and talk to them again. I am not selling because I need the cash. I just have much more stuff than I need and have run out of space to put it. I have no plans for they money. My wife already has a craft room. She did make me buy a trailer for my motorcycle this year. It would have been nice to have some cash for that purpose... I always keep my music money separate so I can use it when I get that need to buy new music gear. I still have a stash in the safe that has been there for a while, even though I bought a new PRS last month...

I am hoping at some point the give up this taxing of the sale of goods you already paid tax on when you bought it. I don't know that I have ever made any money selling music gear, ever. I don't have receipts for some of the stuff I would sell because I have had it for many years and have moved 3 times since I bought it. There was never a need to keep the receipts for things like this because it never mattered. You could only get what market value was for something and who cared what you paid for it? I remember tossing a bunch of receipts when we moved because it was just extra papers we didn't need.

 

[sergiodeblanc]

You want to reinvest in a 2014-2016ish Santana Signature

It’ll be small, light, and comfortable, and your left hand won’t cramp up.

I’d suggest a WSL but they’re a bit bigger and heavier.

 

[bodia]

You want to reinvest in a 2014-2016ish Santana Signature

It’ll be small, light, and comfortable, and your left hand won’t cramp up.

I’d suggest a WSL but they’re a bit bigger and heavier.

Prudent advice! It should be taken very seriously

 

[László]

I know what you’re saying, @László

Oh, I was actually poking a little fun at myself, because I go through buying and selling phases; and maybe with that, all of us who've reached a certain point in life. Totally tongue-in-cheek.

There was no message directed to you, Rick. I was using "you" in the general sense.

I just sold a couple of mics because I decided I need mics that are more for recording orchestral instruments than pop instruments. It's always something.

 

[veinbuster]

My mostly likely use of proceeds is to salt them in a safe account until I feel like splurging on an experience I might otherwise pass on.

 

[RickP]

Oh, I was actually poking a little fun at myself, because I go through buying and selling phases; and maybe with that, all of us who've reached a certain point in life. Totally tongue-in-cheek.

There was no message directed to you, Rick. I was using "you" in the general sense.

I just sold a couple of mics because I decided I need mics that are more for recording orchestral instruments than pop instruments. It's always something.

No offense at all, Les! I didn’t take it in a bad way, just wanted to say I’m enjoying new challenges and think life can be fun to the end. I think we’re both in agreement, as you’re still getting it done! No sweat, my friend.

 

[Greywolf]

Thanks for the heads up , I had no idea they feds were trying that

 

[Daryl Jones]

I've only sold one (yeah one) guitar in twenty years. And it was one I was never happy with from day one. Pretty much just a buyer when the mood strikes me. And I don't have a ton of them or what I would call a "collection", just a little family.
Now if the right deal were to come along I would jump on it if it was something that tugs at my heart strings (like the deal I made on my soon to be McCarty S2) but I don't hang around waiting for manufacturers or stores to offer bargains. I cancel out impulsive with opportunistic. Or in the case of necessity or outright desire (as in my Hollowbody), I couldn't really give a rat's patootie what the tag says. Within sane limits of course; and we are all perfectly sane yes?

 

[gush]

Thanks for the suggestions and ideas. While my collection is “a drop of water in the comprehensive ocean of” some collections here, I’ll still have at least 6-8 guitars here if I sell all I think I might. I can’t complain. Life has, indeed, been good Mr Walsh!

The wife and I live a simple but quite enjoyable life. I’m at peace with life, and peace was my goal following a long policing career, the latter half of which was spent in supervisory or command positions. I’m proud of what I did, and all that was accomplished, but also very happy to be on to a new chapter with much lower stress and 24/7/365-ness.

I know what you’re saying, @László My outlook is that I can either can see my quality of life ramp down until I quit circling the drain and fall in, or I can keep looking for that next horizon and one day walk off the cliff from a high level. I know I’m going to die someday, I just want to be able to tell the difference from the day before to the day after it happens! There’s always something to learn, someone to help, another goal to have. For me, it’s not that I don’t like where I am, or that I’m dissatisfied with what I’ve seen. It’s that I’ve been given another day, so why not assume it has a purpose, right? You‘re some years my senior, and still chasing new things, so I know I’m preaching to the choir.

I’m not selling because I have to, or even because I particularly want to, but because I have a feeling that it’s time to do it. Up until this month, and the advent of the IRS thing, I didn’t feel like messing with the tax complications, however hard or easy that might have been. Now that this foolishness has been, at the least, postponed, there was no longer reason to not just get on with it. If nothing else, I’m sure the music room will feel more spacious and less cluttered.

I can't imagine being a police officer in today's world.

No thanks, glad you made it through though.

 

[László]

and we are all perfectly sane yes?

In my case, probably not!