argar Offline Upload & Sell: On
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guyharrison wrote:
How does this tax thing work? Is it that Pay Pal reports the sale to the IRS as "income" even if I am liquidating used gear? Would I have to somehow document what I paid for the gear in order to avoid taxes? Even if I am not buying and selling as a business, but just an individual?
For example, if you purchased a lens for $1000 and sold it for $800, this amount would not be subject to income tax, you won't owe taxes on the sale.
This isn't a tax change, it's a reporting change and it will not affect most people, unless you buy and sell for profit.
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