So I buy a pair of speakers for $5000 & sell them a few years later for $3000 on Audiogon using PayPal, isn’t that then a $2000 “loss” that I can deduct from my taxable income? It should work both ways of at all. That $3000 Isn’t income or a capital gain. Our government is so corrupt
Paypal Changes for 2022
If I understand this correctly, Paypal, along with all on-line payment sources like Venmo, etc. will now be sending out 1099 forms for all payments totaling $600 you receive in 2022 for goods or services. The only way around this is to use Paypal friends and family for payment which eliminates any buyer protections. Is everyone aware of this?