Paypal Changes for 2022

So, what's the solution?  Do we have to keep track of what we paid for an item vs. what we sold it for or won't that matter?  If you sell $5,000 worth of equipment this year, you'll get a 1099-K for $5,000 for additional income?

Unfortunately there is no way out. You have to keep track of everything and report everything. I had a thread running in here last year: 

Got it.  It looks like we have to file a schedule C to list cost of goods sold and can write off travel expense, packing materials, etc.  Seems like a real pain, but the only way to keep from paying tax on the total amount listed on the 1099. 

🤦‍♂️

As always, not just audio, crazies take over / hijack all discussions