Don’t forget to report your classified sales to the IRS!

Ucsdryder

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Jan 24, 2015
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This is going to be a mess. I hate checks and money orders but it seems like the best options unless you want to keep all receipts and report sales as a loss.
 

Dazzler

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Apr 14, 2019
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And your trades where you had a net gain based on current value.


Sent from my iPhone using Tapatalk
 

bsnedeker

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May 17, 2018
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MT
I'm going to take my chances and see what happens....I think I sold right around 600 bucks worth of stuff this year, none of it for a profit. My taxes are super simple and have been for a long time so I'm not worried about an audit. If they want to run an audit on my for 600 bucks they'll just be wasting their own time.

I'll report back on my results if they audit me!
 

mattferg84

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Aug 2, 2017
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Colorado
I'm going to take my chances and see what happens....I think I sold right around 600 bucks worth of stuff this year, none of it for a profit. My taxes are super simple and have been for a long time so I'm not worried about an audit. If they want to run an audit on my for 600 bucks they'll just be wasting their own time.

I'll report back on my results if they audit me!
*The IRS has entered the chat*
 

Tahoe1305

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Jun 9, 2019
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I'm going to take my chances and see what happens....I think I sold right around 600 bucks worth of stuff this year, none of it for a profit. My taxes are super simple and have been for a long time so I'm not worried about an audit. If they want to run an audit on my for 600 bucks they'll just be wasting their own time.

I'll report back on my results if they audit me!
Doesn’t start till 2022 return….so just need to start accounting by next week if you wanted to play the game.

You’re good for this years stuff
 

hunt1up

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Mar 2, 2012
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Central Illinois
This was already the case in IL last year. I got 1099s from ebay, facebook marketplace, and paypal. I think I had 10k or so in income but profits were probably only a few hundred bucks. My accountant had me get pretty close and that was that. I might start keeping track of sales in a little spreadsheet going forward just for good measure. That being said, the IRS trying to keep track of this sounds like a complete joke. What % of the population sells stuff online? It has to be a rather large number.
 

wyosteve

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Jul 1, 2014
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1,597
While it's true most sales are at a loss, you still need the receipt showing the original purchase price to support the loss. That's going to be the biggest pain.
 

Rob5589

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Sep 6, 2014
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N CA
Me thinks the ammo scalpers better start keeping financial records.
 
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beachbunny

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Oct 12, 2013
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love how its called the american rescue plan.....
whats the warm and fuzzy name where they can take everything? i forgot.
brave new world,1984 stuff
 
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slowelk

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Aug 17, 2017
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Western MT
Luckily 2021 transactions are not subject to this, it kicks in 1/1/2022.

This is timely, PayPal was just asking for my SSN. **** that.
 
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