1099-K requirements hit Chrono24 for private sales...

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likeuplifting
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Sold a watch in 2021 on the platform for a small profit, sold another on eBay for a small loss. This makes these platforms much less attractive for hobbyists now that they report via 1099-K...really creates a headache come tax time, as it gets reported as income (need to show the original purchase price as an expense to net out)

I'll be sticking with Craigslist and WatchExchange on Reddit from now on.

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Yup, IRS is gonna see a record number of Schedule Cs to process now as many people who sell over $600 of items are going to be sole proprietorships or LLCs now.

Totally. TurboTax are going to make out like bandits too - I have to fork over another $30 to declare expenses in the software 😡. They got it all figured out.

Seems like Chrono24 got caught off guard...they only notified me today! Maybe because they're based Germany they were off the radar for the IRS.

Same will be coming in EU under DAC7.

Ah, good to know our friends across the Atlantic get to share in our pain 😉. I get it though, there's lots of money moving around these platforms and the tax man wants his cut.

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