StockX and GOAT will die out for sellers due to Biden's American Rescue Plan Act

[TDski]

My hope is there would be some sort of compromise for 2023. As in reconsider the $600 threshold and possibly settle somewhere between $600 and the $20k/200.

 

[wallyhopp]

Ugh I barely sold this year because of it. I was hoping for a last minute amendment/change in policy. Hopefully congress does something in 2023

Same. I basically stopped selling odds and ends entirely. The prospect of finding a receipt for a $25 item that I then sold for $40, all to get back $10 was far too daunting. Multiple this by say 16 items and the $640 would trigger at minimum a 10% income boost. Trying to offset this $64 tax bill with receipts showing it should only maybe be a $30 tax bill is a big reason it seems like resell was way down this year.

It’s obviously worth doing the schedule C and such at a much higher threshold of $20k/200 transactions. But much more of a burden when it’s basically yard sale items

 

[TDski]

So, will it go by sale date or payout date? If sell between now and Dec 31, you know payouts will likely post in early January, possibly end of December.

 

[aquatic barefoot]

So, will it go by sale date or payout date? If sell between now and Dec 31, you know payouts will likely post in early January, possibly end of December.

Not an accountant, but I believe the tax burden is triggered when income is received, so payout date.

 

[biggie62]

Not an accountant, but I believe the tax burden is triggered when income is received, so payout date.

You are correct. The IRS tracks things on the cash basis. Meaning when was cash received.