Can we discuss the new IRS rules on selling, and how it affects sellers?

[Paper Roses]

5. Hi Grasswire2. I just found about this ruling yesterday. So much for plans.

Last edited Tue Apr 5, 2022, 07:12 AM - Edit history (1)

This is grossly unfair. Anything you sell on FB, Marketplace, eBay or other site will be sending you a 1099 if you exceed $600 worth of sales. I believe it also includes postage within that amount.. I had a link to the article but it was already posted. All the stuff you've collected, not just dealers but the general public is subject to this. Who of us has any receipts from stuff we bought years ago. I had already put together some stuff to try and sell on-line . I guess this is not going to happen. A few states have indicated a higher level to meet before the 1099 but I'm not sure how that applies because this is an IRS thing. I think the article is confusing and not written for the average householder.

As I read the article, yes it applies to garage sales, estate sales. I guess it applies to just about anything you want to sell. My stuff is all mine, not bought for resale, many family items that my kids don't want.
I think this is going to be a big boondoggle.

I would like to know how this came about. I sold a few things this year, nothing over $ 20 dollars but I have no idea how much I paid or even where or when I bought them. I had planned to sell a couple on Cast Iron Pans, Guess not. I don't need this baloney!

Best to all as you try and figure this out. The market prices of some of the stuff we might want to sell is very bad now. A couple of pieces of good furniture and you're over the limit.