David1961
Thinks s/he gets paid by the post
- Joined
- Jul 26, 2007
- Messages
- 1,085
Has anyone established a part-time home business/self employment after they ER'd? If so, how did it go?
Self employment after ER?
- Thread starter David1961
- Start date
OAG
Thinks s/he gets paid by the post
I did back in the early 80's. Accounting and it went well. Still have the EIN for the company but have not done any (for profit) since about 86.
tryan
Thinks s/he gets paid by the post
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- Mar 25, 2005
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- 2,604
Most would consider rental property management as a self employment gig ... that's me.
Moemg
Gone but not forgotten
I started selling on ebay . It's going fine . I usually spend a few hours a week on it so it's more like a hobby that pays well .
Rich_by_the_Bay
Moderator Emeritus
Hi, Moe. Just curious - is there any way the IRS could consider eBay revenue to be earnings? I'm assuming that if you are simply selling your own personal possessions it is not "income" for tax purposes, true?
Boy that conversation is going to move to PMs in a hurry...
RonBoyd
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
It has always been my understanding (not having personal experience) that this income is, indeed, considered income by the IRS. Even if (the proof is on your side) the property is your personal stuff, you would have to establish a "cost basis" to lower your exposure. The same is true if you had a yard sale or sold everything at auction.
Now whether they come after you or not would, I suppose, be determined by how big a pile we are talking about.
Moemg
Gone but not forgotten
So far most of the little sellers have not been worth going after by the IRS but I do keep good records and can always use the "I'm a widow of an IRS agent " card while I weep .In my mind it's a profitable hobby not a business as I claim no business expenses for it . If my late IRS agent husband saw this post he'd just shake his head and say"Let's file separately ".
youbet
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Sounds like you're going to qualify for a job with the fed gubmint.......Maybe at the cabinet level......
CuppaJoe
Moderator Emeritus
Sold two books on the net today, netted $62.18, after postage. It's just a side-effect of re-organizing and cleaning out closets and shelves. Gross since 12/14/08 is $836.65.
Did my own house cleaning today, that reduces my expenses by $2,675/year, that is if I don't come to my senses and hire another cleaning lady.
Did my own house cleaning today, that reduces my expenses by $2,675/year, that is if I don't come to my senses and hire another cleaning lady.
davemartin88
Full time employment: Posting here.
- Joined
- Aug 26, 2008
- Messages
- 812
I retired in October of 2008 and recently have started a small, portable sawmill business- more of a hobby business I guess but I like the work, it's outdoors, and great exercise. I have enough jobs lined up to keep me busy a couple of days a week for a while but for the most part, don't expect to make a lot of money but decided I'd rather invest some cash in a sawmill rather than get a low rate on a CD- these things tend to hold their value so might even beat the market, lol.
CuppaJoe
Moderator Emeritus
That's the spirit!
ScottFromUtah
Recycles dryer sheets
We (DW and I) retired July 1, 2008, which was 2.5 years before my official retirement age of 66. We are now full-time, unpaid missionaries in Peru. But we wrote textbooks before retiring, still receive royalties, and when we return from our mission in a year, we'll continue to update our books and possibly write completely new titles. As long as it doesn't seem like w**k, and as long as it's profitable, we'll keep doing it.
My male gigolo business has had a rocky start. There may be a problem with my business model: women aren't willing to pay for what they can get all too easily for free. Of course, it's inconceivable that there could be something wrong with the product...
Khan
Gone but not forgotten
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- Aug 23, 2006
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- 6,924
My male gigolo business has had a rocky start. There may be a problem with my business model: women aren't willing to pay for what they can get all too easily for free. Of course, it's inconceivable that there could be something wrong with the product...
Are you advertising in the right venues?
Moemg
Gone but not forgotten
That is great advice ! Send me a few fliers and I'll put them on the bulletin boards of the nicest trailer parks . You'll be booked for ever . I hope you play bingo .
Moemg
Gone but not forgotten
What someone needs to start is a listening business ! A lot of older people are always cornering me in the local supermarket to discuss anything from their back pain to how to tell if a melon is ripe . So somebody should just start a business that they can call when lonely and have someone to talk to . I'd love to do it but I usually fall asleep in the middle of their World War 2 stories and how they don't make good cars anymore and Bless her soul but nobody made apple pie like Betty and have I told you how Doc Smith cured my lumbago .
unclemick
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I thought you had to live in Florida and toss in swiming pool cleaning/maintenance as a loss leader - or have I been watching the wrong movies?
heh heh heh -
Don't know. I stand on a busy street corner in downtown Sarasota wearing a penis costume. Could this be part of the problem?
tryan
Thinks s/he gets paid by the post
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- Mar 25, 2005
- Messages
- 2,604
Try relocating to San Francisco.
Do tax returns, been doing them for years.
Started working with "concrete art". I make custom blocks with peoples addresses put in mosiac on them, with designs.
Looking to head down to city hall, get to know how records are filed, and be a title searcher/recorder/runner on contract for the coming RE boom, once things clear out.
Finding out what it takes to be an insurance consultant, I worked for the insurance department for over 25 years.
Lots of stuff in the hopper.
jug
Started working with "concrete art". I make custom blocks with peoples addresses put in mosiac on them, with designs.
Looking to head down to city hall, get to know how records are filed, and be a title searcher/recorder/runner on contract for the coming RE boom, once things clear out.
Finding out what it takes to be an insurance consultant, I worked for the insurance department for over 25 years.
Lots of stuff in the hopper.
jug
Radiophilejapan
Recycles dryer sheets
I'm surprised this thread didn't go far. I'm considering a small business, maybe starting with ebay and moving to an own webstore, when I RE. Not too much work, just enought to occupy some time, socialize with customers/suppliers, and pay for occsional longer trips. I thought many more people would be thinking along the same lines.
