What is the problem here? The IRS is merely looking for ways to make ebay sellers follow the law. Spare me the pearl clutching.
Regular online merchants should have accounted for their cost of goods sold and expenses as this is a source of income for them. Iirc the threshhold was previously 200 transactions adding up to at least 20,000, if it delights you, correct me if my recall is off.
A person that makes a one-time sell of something they may have had for many years, been given as a gift, etc., will not.
At least from your post I see this brings pleasure to the Gestapo types.
What is the problem here? The IRS is merely looking for ways to make ebay sellers follow the law. Spare me the pearl clutching.
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The problem is that a lot of people sell their old stuff on Ebay, and they don’t have the original receipts.
That is unclear: since this new reporting requirement also applies to someone is buying goods using a peer-to-peer payment platform then it could include buyers whose purchase total over 600.