Ebay tax reporting drops from $20,000 to $600

[BobC]

Originally Posted by Yoda

With the IRS in seeming disarray and brutally short-staffed, I wonder how much attention will be paid to capital gains on the sale of baseball cards. I have to believe the IRS with be looking hard at Covid relief funds fraud and where that money went. Who knows.

John, you're probably more on point with this than you may think. The trick is to not ignore these 1099-K forms people are going to get, and make sure they are properly being reported on their tax returns so that they match up with IRS info, and don't run afoul and get bounced by the IRS' automated system. It likely won't be triggering tons of audits. And for long time collectors who don't have complete and perfect cost basis data, I suggest using your best and most reasonable estimates for costs and basis, and just be sure to start keeping better records going forward.

Now as for specifically looking hardest for covid relief fraud, I think their biggest problem and concern currently is exactly the same as it is for PSA, trying to catch up on their backlog of work. LOL