Originally Posted by 2fast4yourBrain
If you are selling something over $600 from a private person, you may want to ask the buyer to give you funds in $500 chunks.

Otherwise, you'll be paying taxes.

If you sell something on ebay for >$600, you then are screwed.


Start tracking what you pay for goods so you have a basis for what you paid for the item so that you only get taxed for the difference (zero taxes if sold at a loss obviously).


It doesn't matter anymore, if it is over $600 cumulative FOR THE YEAR you WILL get taxed and sent a 1099 now!


The funny thing about science is that if you change one miniscule parameter you change the entire outcome to the way you want it.

JB Rhinehart, Realist

A-Body's RULE!