I’m still going to make sure the worn wall unit my mom bought for $1.5K in 1985 (no receipt) and we sold for $620 is accounted for.
I sure wouldn’t want the government to think she made a $620 untaxed profit on such a high value item. I mean that’s just sooooooooooo wrong. She’s been trying to buck the system for years with used clothes, used china, trinkets, etc… how dare she. She damn well should have kept those receipts from 1970s and 80s. 
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I sold a couple of baseball bats my son got over the past year. I have the receipts. $400 bats sold for $250 and $200. That is a loss. It was sold on my same account I sell everything else on. So that means I get to write off loss of $350.
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D-Rog’s dream utopia where everything is perfect… hehe, I like it!
This is why the IRS usually doesn’t care about garage/yard sales. They know you’re selling at a loss most of the time. They’re picking on 3rd parties like eBay, Mercari and such cause a lot of folks there are actual shops/retailers trying to get around the rules.
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Well they say they are doing it to “stick it to the rich” to make sure “they pay their fair share”. But to be honest I don’t. See Elon Musk or Bill Gates selling much on eBay.
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Yours is the “dream” where you expect everyone to abide by all tax laws, like flipping a switch.
I’m just being real in that it’s in the IRS’s best interest to not execute abrupt changes to how the enforce accountability.
I’d give him five bucks for Twitter/X
Elon Musk is a literal piece of shit. He was born rich and hasn’t done anything but throw around his families money.
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Everyone knows you have to pay taxes, so if you don’t educate yourself, you just need to hire someone who knows them. Ignorance of the laws and rules to get around them is not a very good excuse in my opinion.
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I think someone said something along those lines on the afternoon of Dec 16th, 1773.
I can’t even begin to imagine the logistical nightmare implementing this. Just mailing/paper costs.
In my area, folks are selling “goods” more than ever…craft shows, trade fairs, conventions, etc, etc. Every weekend… everywhere. Certainly not all cash sales.
Oh well…I know it is on the minds of politicians in my area. I’ve written, spoke with them. Very fiery topic and they know it.
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I just received notification that the IRS has delayed this incredibly unpopular mandate!
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What exactly did you receive? Something in writing? I thought it was official about a month ago.
A notification from some online selling platforms
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It’s mostly just taxing the relatively poor people by forcing everyone to file a 1099k
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Actually you still have to pay the taxes right now. They’re only talking about who gets paperwork sent involuntarily.
“Even though the delay means that people during the 2023 tax season will only get tax forms if they meet the earlier guidelines of receiving more than $20,000 in payments and making more than 200 transactions in a year, anyone who makes a profit from any sort of income is legally required to pay tax on that money.”
It’s basically making it harder for smaller sellers to cheat the system.
Think of it like this, you’ve been running the same red light 3 times a week for years to get to work on time and they suddenly install one of those camera things and now you start getting tickets. It’s not the camera that’s been doing wrong and putting people at risk. In this case you know the camera is going to be installed, you just don’t know when so just stop running the light now instead of waiting for the first tickets to arrive.
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I always make it clear on my taxes with my detailed paperwork that I did not really make any money. I honestly did not. Any money I make selling Comics goes right back in the comics. If I were a store I would of course claim revenue. I’m just an individual with a lot of Comics, however. That’s why I keep a detailed spreadsheet to show any money made went back in to the hobby.
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Hobby expenses are not tax deductible. You have to be running a business.
I shouldn’t have said hobby, I do have the correct biz stuff too. My fantasy sports stuff is hobby income and not deduction qualifying. Comics are.
Sorry jackass govt, but I don’t retain my receipts from 1978 onward when I started collecting.
It is not I paid “$0” for the comic, because I can’t produce a receipt from 1978. Got it einsteins in the white house?
Make it fair F%& Faces. When the gov’t makes it fair; I’ll play fair. Until then, hello cash