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Originally Posted by Stupe the Second Sacker
Great response Bob as always. I didn't consider the 200 transactions component, but even still, I think they'll catch a lot more minnows than tunas. But at least they can defend the $600 with some logic...though it is bad for hobbyists.
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Unfortunately, it is what it is. And as a result, a lot of people selling some stuff on Ebay this year that never before paid taxes on such sales are going to end up reporting that sales activity on their 2022 tax returns. There's going to be a lot of hassles and questions come tax time next year. It ends up creating a lot more work for a lot of taxpayers, and for the IRS. So I'm not really sure anyone is really happy about this.
And don't forget, some of those minnows they are catching today are going to end up growing into the big tunas of tomorrow.