My take is that this will effect the way I can sell Archived Message
Posted by SandyNY on January 6, 2022, 10:46 am, in reply to "New tax reporting rules and doll sales >>>"
The irs will be looking for lots of documentation on purchase prices if you are reporting your sales as a loss especially. This is a big issue because of lack of documentation with older items. Not sure how others will be handling this. It will effect us when we do our taxes in 2023. It makes me sad that small sellers are basically being treated as a business. I am not a dealer and this is not a business I am just a private long time collector. Most of the time I lose money on my sales too but without sufficient documentation I will have to pay taxes and that opens up a whole can of worms.
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Message Thread:
- New tax reporting rules and doll sales >>> - Kathleen in NKY January 6, 2022, 9:15 am
- I'm confused...(which is nothing new for me)... - Kathy in Dayton January 6, 2022, 5:36 pm
- I wonder how this will effect selling recently deceased peoples stuff? - George in NC January 6, 2022, 1:48 pm
- You just need to keep realllllly good records>>> - CherylStG January 6, 2022, 1:16 pm
- Yup, I totally agree with Deb and Sandy. I need to research this, but is $600 the just the threshold - Sue in ABQ January 6, 2022, 11:35 am
- I quit selling on eBay & still rec'd an Illinois tax form last year. It showed $$ received thru ..> - IL Deb January 6, 2022, 11:18 am
- My take is that this will effect the way I can sell - SandyNY January 6, 2022, 10:46 am
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