Imagine selling an old bike for $800 that cost you $1,500 a few years ago. Since you didn’t make a profit, the IRS doesn’t consider that taxable income. But under this new law, you’re still going to get a 1099-K. And now you’ll have to prove to the IRS that you don’t actually owe any taxes on that sale, which makes for complicated accounting work.
Ebay, Face Book Marketplace and PayPal all are stuck with this reporting to the IRS
And since IRS will still consider your sales as as a hobby you will not be able to show a loss , so from a tax stand point it will be a mess
