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Personal Finance and Investing

Lettuce Be

(2,339 posts)

4. This only applies to the sales of new goods or used goods for profit not selling your belongings

Reply to Paper Roses (Original post)

Tue Apr 19, 2022, 05:16 PM

Apr 2022

There is no taxable event if you sell a used item for less than you paid to obtain it for instance. Sellers have always needed to report over $600 in sales but they didn't require the platforms to report it. Now they do.

It's meant to tax the sellers on Ebay and Etsy, etc. No matter what they do, no one is going to pay any taxes to the IRS for garage sales and whatnot. I'm not, and you shouldn't either.

Don't use apps for payment if you are worried, just ask for cash. Hope that helps ease your mind a bit.

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In reference to the new levels of sales of property @ over $600, does anyone know: [View all] Paper Roses Apr 2022 OP

It was passed a year ago in March as part of the American Rescue Plan MichMan Apr 2022 #1

Keep your shipping receipts , they are costs you can deduct questionseverything Apr 2022 #2

Estimate what you paid, that's what IRS will do if hey think you Hoyt Apr 2022 #3

This only applies to the sales of new goods or used goods for profit not selling your belongings Lettuce Be Apr 2022 #4

Selling Stuff Online? Taxes for Etsy, eBay, LetGo, and More progree Apr 2022 #5

Who has receipts and proof of payment Meowmee May 2022 #10

If we can't increase estate taxes then why are they going after the little guy--who already paid tax hlthe2b Apr 2022 #6

Update on 1099-K if you are selling as an individual or dealer: Paper Roses May 2022 #7

When I list non cash donations on 1040 Itemized deductions and Turbotax guides me question everything May 2022 #13

Surely your accountant had some advice on this? Estimate of "capitol gains" on the items or hlthe2b May 2022 #16

Have a DIY yard sale. Or hire someone to do an estate sale... brush May 2022 #8

Sell for cash only Meowmee May 2022 #9

Craigslist isn't where the buyers are though. mahina May 2022 #11

I have sold many things via craiglist Meowmee May 2022 #12

Not any more evidently w eBay reporting income though? mahina May 2022 #14

I am not sure what is going on there Meowmee May 2022 #15