The 1099-K reporting is done by any 3rd party that handles the cash transaction for you. If you sell something at a garage sale you would only get this reported if your paid via paypal or similar...
Weather or not you paid 1200 and sold for 800 is up to you to explain / report this on the Schedule C... Of course they wont allow you to take this as a loss...Sounds crazy...yes..all in an effort to get people to explain/show all the financial activity they have...
If you sell something to ANYBODY, ANYWHERE and get paid via EBAy PAy, Paypal, Venmo etc...THIS is what will report to you...Again..They report the TOTAL monies placed into your account..That is all they are responsible to do...YOU have to fill in all the blanks from there...
It is a MASSIVE CHANGE that has taken place from 1 year to the next....
Most people don't even know this is coming. Most people are not even paying attention to what is happening around them...The rest are simply being lied to...Lying by Omission is a horrible thing...
Fasten Your Seat belts...It all changes in 8 days.....
RA
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