Paypal Changes for 2022

@ghasley 

I agree. However the 1099K would show income of $2300. My question is how do you report this on your tax return? My research seems to indicate "Other Income" on the 1040 and then Schedule 1, Line 2z and then Line 24z for the 2k offset. Then the 2k adjustment on Line 10 would be subtracted from the 2.3k on the 1040 with tax owed on the $300. Only a profit can be taxed. A separate statement/worksheet is suggested to show each transaction.

As always, thanks, Trump voters.

I got my 1099 for 2021. The solution mulifold:

1. Going forward only use PayPal friends and family. Buyer loses buyer protection. But seriously, how much protection is PayPal going to give the buyer? I suspect not much. The real protection I have always relied on is via my credit card issuers and in my opinion American Express is the best. If the buyer wants the protection then they can pay friends and family with their credit card. PayPal let’s buyers do that. The Buyer will be charged the usual PayPal fee that they would have had to include in a goods/services transaction with me anyway. But Buyers real protection is working with sellers who have 95-100% positive feedback over many transactions over years. 
2. The IRS has put us in business now. Submit a scheduled C list the cost basis of everything you sold from your purchase records. Now you can deduct packing and shipping expenses, probably home office or listening room expenses related to evaluations of all the equipment you bought and sold, maybe your Roon subscription and who knows what else. The IRS has made a mistake here. They have messed with the wrong hobbyists. A bunch of middle aged guys with disposable income and probably a bunch of CPAs. As DrCWO from RooExtend says: “Have fun with it!”