- Apr 30, 2012
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eBay CEO: ‘I supported the American Rescue Plan–but a little-known provision will hurt millions of Americans who buy and sell used goods online’
If Congress doesn't act, millions of casual sellers could find themselves in trouble with the IRS, says eBay CEO Jamie Iannone.
finance.yahoo.com
Starting next year, ebay and facebook market will send you a 1099 when you sale over $600 for a given year. So don't throw away your receipts or start retreiving them from your trash bin/can. That $2,000 gaming machine you built 2 years ago will be a tax liability if you sale it on the use market for over $600. You'll need those receipts to prove to the IRS you sold it for less than the purchase price to avoid a tax bill. A little extra work for those who like to trade used goods but a small price to pay as Biden goes after those billionaires.