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Paper Roses

(7,526 posts)
7. Update on 1099-K if you are selling as an individual or dealer:
Wed May 11, 2022, 01:05 PM
May 2022

You may have seen my prior post about the new IRS rules about selling goods you own.
Since I'm trying to downsize for a potential move, this is important to me and may be to you.

First, I'm not a dealer and what I need to sell are household goods. Mostly furniture and decorative items. Maybe some small value items. I've had these things for 40 or more years.

Today I called my accountant to check the status of the new 1099-K rule. No change. Anything you sell over any on-line venue over $600.00(that includes all of them), you will receive a 1099-K form combined..

Over $600.00 is considered income. You'll get a 1099-K from the IRS. Since my stuff has been around here for years, I have no receipts. Who saves then after a while?
There is no way to prove what you paid. Since this is a down market, I will lose but I can't prove it because receipts are long gone.

Keep this in mind if you post on any on-line sales page. (combined)
I'm stuck. No receipts..can't sell any accumulation of over $600.00. Best to you if you want to sell anything. FB, eBay, or any of the other outlets.

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