I copied the following from Droneted on a "sister program" on this forum stating the following
We have a new administration in DC. That means new rules for us to try to follow. The old rule for selling on eBay was anything over $20K in sales and you get a 1099 and have to pay taxes on the profit. This means you have to keep track of everything just like a real business. Now the IRS has changed it to $600. So if you live in the USA and you sell an old drone on eBay for $700, be prepared to pay taxes on $700. Casual sellers are getting screwed badly unless they can prove what the real profit was. That means you have to find receipts for anything you sell on eBay. Sell a lot of small crap on eBay over the next year and it adds up to over $600, you will need receipts for every little item. I know lots of people that sell on eBay that are in this boat with me. We are all dropping eBay as it is not worth the hassle. I am not going to get political but DC just killed off a lot of casual sellers. Most are old like me and were just trying to get by on Social Security. At 77 my time was limited anyway so it is not a big deal for me. I expect I will assume room temperature in the very near future.
We have a new administration in DC. That means new rules for us to try to follow. The old rule for selling on eBay was anything over $20K in sales and you get a 1099 and have to pay taxes on the profit. This means you have to keep track of everything just like a real business. Now the IRS has changed it to $600. So if you live in the USA and you sell an old drone on eBay for $700, be prepared to pay taxes on $700. Casual sellers are getting screwed badly unless they can prove what the real profit was. That means you have to find receipts for anything you sell on eBay. Sell a lot of small crap on eBay over the next year and it adds up to over $600, you will need receipts for every little item. I know lots of people that sell on eBay that are in this boat with me. We are all dropping eBay as it is not worth the hassle. I am not going to get political but DC just killed off a lot of casual sellers. Most are old like me and were just trying to get by on Social Security. At 77 my time was limited anyway so it is not a big deal for me. I expect I will assume room temperature in the very near future.