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!
Take friends and family is one way to avoid the 1099.
If you can't figure out how to get rid of the income being reported to you in a business type environment. Put it on sch C and hammer away with expenses. Just a bunch more paperwork and effort which sucks. Be creative and aggressive. The sheer number of additional tax forms the IRS will receive from this one reporting change is going to be an avalanche on them. All you money laundering criminals out there... LOL
I thought I saw that venmo was no longer free in some cases. Charging a fee now in similar fashion to paypal.
