Paypal Changes for 2022

I suspect one would have to be careful doing so, but the possibility might exist to receive multiple payments in lieu of one larger lump sum (e.g., three $500 transactions in lieu of a single $1,500 transaction). Of course, you would incur additional fees in doing so and the IRS might view this is some sort of "structuring". Hard to believe they would target hobbyists, but in this day and age, nothing would surprise me.

Such a bummer, glad I sold most of my old gear last year. I have a few more items to sell and will probably require cash in person, multiple payments, or BTC. 

I bought a Fender Stratocaster for $1600 in 2019 and sold it for $1400 two weeks go.  Will I get to deduct that $200 loss?

@audioelevations If you're buying/selling $200K in audio gear a year, hats off to you btw, I think you've jumped from hobbyist to being a small dealer. Good for you doing all cash transactions otherwise you would already be paying tax.

@dadork Stop the nonsense rants nothing that you're saying is anything but rhetoric devoid of fact. Try reading up on some real statistics regarding poverty sometime the truth minus any myths is pretty harsh,

Yes the truth about poverty is complex with many factors. @dadork I do like your story and find it both inspiring and humbling. Well done sir.  

For most of us selling used gear, there likely should be a loss, so keep your receipts of purchases which again for most of us are in our outlook, or other online service.  If you are fortunate to sell something at a gain, I’m pretty certain you can’t net against other losses unless you have a business and file schedule C, etc.