[ctdonath2]

Re last post...

Seriously, if I hold a garage sale and sell $700 in stuff, I have to file the 1099s form and pay confiscatory taxes unless I can produce receipts for the stuff showing I had a loss? Like I’m going to have receipts for books, camping gear, dishes, etc. I’ve had for a couple decades?

They’re drawing a line in the sand where I cannot avoid stepping over it, but somehow it will be my fault...

[KarlInOhio]

1099s are produced by the buyer. Thus is some company saw your garage sale and bought $600 or more from you, they would have to send you a 1099 under the new rules. You don't have to produce one on what you sell.

I don't know what the exact rules are on garage sales, but if you are making a profit (such as making artsy-craftsy stuff and selling it from more than the cost of goods) then you are supposed to report and pay taxes on the profit. If you are selling off old junk for a loss (like most garage sales) then you don't have to report the income. Sorry, I can't quote the exact tax form and if you get arrested for using my advice, please tell me so I can send you a file in a cake.