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Does this count as first sale? (Read 582 times)
 
Don Andrews
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Delta Milwaukee 1944 lathe upgraded with 3 inch risers for 18 inch capacity, One-Way banjo, Leeson 3 HP 3 phase drive motor
Does this count as first sale?
Aug 27th, 2009 at 10:33am
 
Yesterday on the internet I traded a piece I turned for a "sargent welch" vacuum pump.  I pick it up tomorrow. Does this count as my first sale?  Grin Grin Grin

I guess next week I'll have to start on one of Ron's vacuum chucks.

Don
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better to die in armor than live in chains!
 
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Brendan McAreavy
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Re: Does this count as first sale?
Reply #1 - Aug 27th, 2009 at 11:59am
 
I imagine so because the value of the pump became the value of your piece or the other way round.  Whatever way you look at it, in the end the pump owner had a number in his head for the $ value of the pump so he was satisfied to pay that for your work.

And that brings me to a more important point - already, in your woodturning journey, your work has become desirable.

Well Done.
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JimQuarles
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Re: Does this count as first sale?
Reply #2 - Aug 27th, 2009 at 3:31pm
 
And if Canadian tax laws are the sam as the US, you have income of the value of the pump, and a depreciatable purchase of the same amount.

JimQuarles
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Don Andrews
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so many projects - so
little time

Posts: 388

Niagara Falls, Ontario, Canada
Niagara Falls
Ontario
Canada

Gender: male

Delta Milwaukee 1944 lathe upgraded with 3 inch risers for 18 inch capacity, One-Way banjo, Leeson 3 HP 3 phase drive motor
Re: Does this count as first sale?
Reply #3 - Aug 27th, 2009 at 6:39pm
 
Thanks Brendan!

Jim I never thought about the tax aspect. I will have to check, a friend does tax and investment counseling and is a turner, who better to ask!

Don
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better to die in armor than live in chains!
 
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