This is going to be such a massive issue in this hobby when it finally applies. There’s probably so many people that are just oblivious to it I imagine
Absolutely love this. Hopefully the law is changed in 2023!
Got a week to sell everything you can, bc its just the same issue next year people had this year fearing what would happen.
I don’t sell full time. Maybe 3-5 cards a year if that. I can’t imagine hiding financials from the IRS. This is going to be chaotic when this is live with no setbacks. Otherwise you’ll need to get a pretty good lawyer.
I’m 100% positive this is going to get legislated into a higher number. Something like 2500-5000 would be my guess. The $600 threshold was first selected in the 1950s and never grew for inflation but yet that number always seems to come back…
It will most likely go back to its previous threshold: 200 transactions per year and an excess of $20,000.
This is some nice peace of mind before the holiday. Will be curious if/how the threshold changes.
And agree with PFM, I think the ignorence is high with this one. I can only imagine the uproar in the Facebook groups after Jan 31 if this would have happened. Government trying to ruin the hustle… lol
No shot but I like the optimism lol. They are negotiating 10k as we speak.
Sorry to be the grinch but keep in mind you are still legally required to report your profit. Don’t think that 87,000 additional IRS employees will only be auditing the top 1%. So if you are under that $20,000 threshold and 200 transactions does not mean you do not have to report anything, it means it is not automatically being reported. I am not a licensed CPA but if anyone needs any advice feel free to DM me here or on IG @gemcases.
@pokecollectoramy If they’re proposing $10,000, they’ll probably end at $5,000. 
@ccrntrade Correct, though compliance is likely near 0% for those who are not issued a 1099-K. 
“An(other) unexpected expense has come up and I must sell my collection”
I’m all for paying taxes owed, but the bigger concern for me is how they changed the tax law under the American “Rescue” Plan. This literally pursues tax compliance from those trying to work harder for some pocket money, especially at the time with the pandemic going on.
PFM approved for me to bump this thread. Another year boys.
You are required by law to report income from card sales regardless of if you get the 1099-K or not.
Like any of us aren’t deep in the red on this hobby.
Solution: never sell anything!
I could have guessed this would happen… again. The $600 threshold is a hot mess and would wreck so many people unaware of it.
Is there a threshold for canadians? Cant seem to find it but im probably just looking in the wrong spot