Suggestions for Selling Shopsmith and Accessories?

dusty · Post by **dusty** » Wed Nov 17, 2010 4:24 pm

Please don't tell me that I have to report to the IRS that I sold that used Rip Fence earlier this year and got $5.00 more for it than I had paid.

:eek:

SDSSmith · Post by **SDSSmith** » Wed Nov 17, 2010 8:36 pm

dusty wrote:Please don't tell me that I have to report to the IRS that I sold that used Rip Fence earlier this year and got $5.00 more for it than I had paid.:eek:

Now I am just taking a wild a** guess here Dusty that you consider your woodworking a hobby. And I suspect that you spent more than $5 for other tools to feed er support your habit er hobby. If so, you should be okay.

On the other hand if you didn't, I would expect an honest gentleman with your integrity to do the right thing.

dusty · Post by **dusty** » Thu Nov 18, 2010 6:08 am

SDSSmith wrote:Now I am just taking a wild a** guess here Dusty that you consider your woodworking a hobby. And I suspect that you spent more than $5 for other tools to feed er support your habit er hobby. If so, you should be okay. On the other hand if you didn't, I would expect an honest gentleman with your integrity to do the right thing.

That was the question! And it truly is a question!

Asked another way - if I do a woodworking job for the neighbor and I collect $200 more than the materials cost me - is that $200 taxable?

Asked still a different way - if I buy a rusty old clunker for $50 and I tear it down and clean it up and then put $200 worth of parts into it before I list it for sale and I am able to sell it for $300 - is that extra $50 taxable?

I sure have highjacked this thread!

bdnightingale · Post by **bdnightingale** » Thu Nov 18, 2010 10:31 am

holsgo wrote:What city are you in?

I am in Fort Myers, Florida

Ed in Tampa · Post by **Ed in Tampa** » Thu Nov 18, 2010 10:42 am

bdnightingale wrote:I am in Fort Myers, Florida

contact Bill Mayo at bill@billstoolz.com. He might be able to help you.
Bill buys and sells Shopsmiths and lives near Tampa.

hdtran · Post by **hdtran** » Fri Nov 19, 2010 11:31 am

bdnightingale wrote:I am in Fort Myers, Florida

As other members have suggested, maybe you want to go to a class. There's a Woodcraft store in Fort Myers; maybe take a pen turning class there. The tools you'll use are the bandsaw, drill press (or maybe set up as a boring machine), and lathe. Try those out before you give up & sell your Shopsmith. Be prepared to hear some comments about how the lathe is not as good as a good lathe, the saw is not as good as a good saw, etc., but it's "good enough for what you need."

Best,

hdt

mgdesigns · Post by **mgdesigns** » Fri Nov 19, 2010 8:48 pm

Yeah, I heard those "not as good as" comments from the guy I bought mine from, but he had 2 of them, and that was a line of cr@p from the Woodcraft store to help sell individual machine; which I don't have any space or $$ for.

I have a total of $600 invested in my whole rig, and have all but a 4-jaw chuck, but have a jointer, band saw, jacobs chuck, live center, and a set of HF lathe chisels, and a long handled Carbide Bowl Gouge. Not too bad for a beginner.

I did have to overhaul the headstock, when some numb n_t left the setscrews out of the drive pulleys and gilmer gears, but it needed a good cleaning and lube anyhow. I love the simplicity of this old beast, and cannot wait to make stuff.

Ed in Tampa · Post by **Ed in Tampa** » Sat Nov 20, 2010 11:19 am

[quote="mgdesigns"]Yeah, I heard those "not as good as" comments from the guy I bought mine from, but he had 2 of them, and that was a line of cr@p from the Woodcraft store to help sell individual machine]

You make my point, you have $600 invested in something if bought new would cost $4000+ . And you probably paid on the high end as others have reported buying similar for less.

SDSSmith · Post by **SDSSmith** » Sat Nov 20, 2010 2:11 pm

Ed in Tampa wrote:You make my point, you have $600 invested in something if bought new would cost $4000+ . And you probably paid on the high end as others have reported buying similar for less.

Besides new Shopsmiths, you better stay away from new cars!:rolleyes:

Ed in Tampa · Post by **Ed in Tampa** » Sat Nov 20, 2010 3:35 pm

SDSSmith wrote:Besides new Shopsmiths, you better stay away from new cars!:rolleyes:

Everyone seem to get slightly bent out of shape when I point out the fact that market for used SS equip is in the dumper. Most of the guys that get most out shape are people that admit they only bought used for next to nothing prices.
Why is that?

You are right though I do try my best to stay away from new cars. However with the economy in dumper as it is, and with the rebates being offered it almost is cheaper to buy a new than a used car.

The thing that scares me the most is if something doesn't happen real quick the experts that are predicting $20 a loaf for bread may come true and neither a new car or used car is going to be much good.