Were all going to be paying tax on things we've owned all our lives, passed down, Gifted or bought used and are now selling .
I can tell you in most cases where people are downsizing or selling just to "Get By" may be selling for less then they paid and be taking a loss with the tax hit.
Those who have businesses here probably were already claiming income so I don't know what the gain will be for the Feds other than most seller's over $600 annually will have to pay the tax,
Find and save and match up receipts for individual items if you can to help you save tax money.
Carry a logbook with you and log every cash transaction garage sales, local internet purchases where you picked up and paid cash.
Print out your monthly statements and take your losses, defects shipping charges or corrections , donations Printer Paper Tape Boxes, Gas to go drop off at the post office.
Next election think about what your doing and look at their actions not what they tell you on the campaign trail.
I don't imagine the new tax laws will effect Soros, Gates. Biden's Obama's or the Trump's, but remember republican's didn't do it.
If you made more then $600 you are now a capitalist and in Business, welcome to the real world.
I hope we all survive the next few years, I feel sorry for those gig workers or the lady selling tamales on Facebook marketplace when the IRS comes to her house to pick up the party tray of Tamales.
don't be hating on me or Trolling my account I'm on your side. just been alive long enough to have known the American Dream.
My suggestion is , Pay the Tax and keep Pristine Records, the alternative is not great. Peace
