Taxation using PP G&S

Can anyone tell me how much you get dinged on your taxes for selling gear through PP G&S?  I just had to give my SS# for tax purposes on a $2k sale.  Not happy about it.  First large PP deal.  Now I have another buyer insisting on G&S (for a $200 item!).  This is partly why I try to stay 100% local selling and buying.  I get it, buyers want some kind of reassurance on the deal.  

But, is the taxiing nothing to worry about? 

I'm hoping some sellers with more experience than I can shed some light.  I did some quick searching but couldn't find any concrete answers.



They have given you good guidance on the tax aspects. The practical aspects are a non-issue. It takes FAR less time to sell via G&S and the corresponding inquiries about why, than any potential burden of filling out an extra form. 

Think about the sheer volume of transactions that are legitimately being recorded as $0 profit. The IRS won’t have the time or inclination to look into your $2200 of G&S sales that didn’t provide net income. 

Who SHOULD be worried are those folks that are running businesses and taking all payments as F&F. My gut tells me that they are flagging themselves with (example) $500K of purchases over 500 transactions, and claiming that they are all non-income payments from their friends. 

No profit - no taxes. It’s just simple like that and confirmed with my CPA. 

Thanks for all of the responses.  You guys are great.  Sounds like with the small time stuff I deal with there should be no problems.