On any sales over $600 in a calendar year. seriously?
The tentacles of the IRS will reach everywhere eventually.
IRS wont get any of us in Australia
Our taxes are paid here, we don’t have to and would never have to register for anything in the USA.
Our own government wants their share of our pie.
No worries, if you have to report sales of your used gear on your tax return, you can also write off the amount you originally paid for the gear (which is normally more than you sold it for). In accounting it’s notated as COGS which is “Cost of goods sold”. You only pay taxes on net profits, not gross sales, and you most certainly don’t pay taxes on losses.
I wouldn’t sweat it.
Yeah this is no big deal. Technically everyone was in violation for not reporting it to begin with. No one does though so eh.
Hasn’t eBay done this for a long time?
eBay reports when you hit $20,000 in sales. I know this because my mom sells on eBay and has to switch to her partner’s account this time of year ish
$600 is a joke, I assume Etsy is doing this too then?
Thanks for the tip @PamPurrs!
I sold $17k since Covid-19. It’s supposed to be a a hobby. Plus I do have my restaurant and the cafeteria. My cpa is going to have a lot of fun doing ny tax next year, lol.