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Per year but $600 is abysmally low. For example you sell an old phone will basically set you to this limit, if you don't have a receipt you are getting income tax applied to it. Did you pay more than what you are selling old electronics for? Most definitely but if you can't prove it you are getting slapped with taxes. People say "well it's to stop tax evasion." but the $600 is piss low that almost anyone who gets rid of old stuff online will hit and get taxed on items they paid more for. It is going to really discourage common place selling and reusing of items as it will be massive headaches to try and log everything you purchase *just in case* you decide to sell it in the future.
"They" say that they're looking out for the "little guy", but this will hurt more than help them.
I would think this would at least be under discussion on Bricklink or on Ebay forums... but it is not being discussed on either. Hmmmm.....
As the years go on I see the 2nd hand market decreasing and becoming more difficult to traverse as a buyer and seller.
I was in no way suggesting people don’t owe taxes for any profits they make. I was simply saying I won’t be surprised if this new $600 1099 requirement gets killed just like it was 10 years ago.
What?!! They had it read to them out loud all 600+ pages of it (per Wisconsin Senator Ron Johnson's delaying tactics)... you mean they didn't all stick around for 10 hours to listen?? I'm appalled.... LOL :-D
You don't have to sell anything to be impacted by that law...