Paypal Changes for 2022

Yes this a confusing topic.  Question to the CPA's.  If I sell an item at a loss over the threshold, do I need to even file the 1099-K.  If I don't need to file the 1099-K, do I need to keep documentation and in what form would that documentation take.

If you go into your Audiogon account, click on the BUYING link, then click on the BOUGHT tab you will find the equipment you bought on Audiogon, the price you paid and the date you purchased it.

You can do the same thing for items you sell.

It will take a while to sort out exactly what this new 1099 means for individuals. In the meantime, stay cool and save documentation for purchases and sales.

I pay $450,000 tax on my boat few year ago. Some guy get away with less because they take guy out and call it charter business. I no skirt tax. If people make money here and it business pay tax or don’t sell or be like liberal and make excuse that category no fit way you like and pay people argue. I proponent flat sale tax but I no political leader. I know how tax work just system efficiency like thiel and complicate as system that make Bad recording sound good. Kdl system.

Even if I sell something for more than I paid for it... it will be a loss..

I had to store it in a house I have to pay for... an expense..

I had to pay insurance to protect it... an expense

I had to up keep it, my time is expensive... an expense

I had to spend energy on it with electricity, heating and cooling... an expense

I had to transfer it, car loan, gas, vehicle insurance... an expense

I am sure there are more deductible expenses I am forgetting.

God bless the Black Market. Bureaucrats are stupid. They just increase everyone's paperwork and most of us find work arounds. What this will do is hurt companies like eBay and Audiogon as we will find ways to work around them. Do I really care?