I am in a financial bind and have been selling stuff I own -- coins, comic books, video games, band merch, toys. It is all stuff I have owned personally, bought for my own personal use, in some cases 25+ years ago.
I have never received anywhere near the 20K threshold in total sales. However, the new $600 threshold fills me with anxiety. I have no idea how to prove how much I bought my 20 year old Sega Genesis and all my games for! Do I owe the full tax burden when I get a 1099? If not, what do I do?
This is crazy. I can't find a single article or news story that details how this will actually work for people like me. It's all "We closed the loophole and stopped the rich!" and people say things like "Just keep good records! Derp Derp!".
Ok, but I was alive before the Internet and digital payments were a thing. We used to buy things in cash from stores -- stores that gave out thermal paper receipts with no digital record -- and we didn't think there would come a time when the IRS would hunt us down for having to sell our Ninja Turtles toys.
