[Boatanchors] eBay/PayPal

[Gary Peterson]

Here’s the problem.  Most of the junque I have was purchased with cash and a handshake, pre Wuhan virus days, without any sales receipts.  Some, I break even on.  Some, I might make a slight profit. Some, I loose money on.  I am speaking U.S. dollars, not adjusted for inflation.  If inflation is taken into account, I am probably loosing purchasing power, on almost every transaction.  Often, I buy a piece of gear that I drooled over in catalogs, when I was 13.  I get to play with, repair and renovate it for a few weeks or months and mostly decide that it isn’t a keeper.  I sell it at the next opportunity.

Now, it appears that, if using eBay, I would have to pay federal income tax on everything I sell.  It’s not going to happen.  I will barter, sell for cash or send it to the landfill.  I am not prepared to lose even more money on something that’s been just a hobby, rather than a business.  I have always chalked up my ham radio related losses from buying and selling as entertainment value.

If anyone is going to continue to use eBay, they should maintain a paperwork trail to justify buying and selling activities, in the event of an IRS audit.  As soon as I have to start keeping books to avoid being fined or jailed for tax evasion, it is no longer fun.  Rant mode terminated.
Gary  

Has anyone recently checked the email from eBay? If not, methinks eBay has rolled over for the IRS. Apparently (as I read the mssg) after 2-28-2021 you will be paid directly to your bank account rather than PayPal. In order to do this, you have to "update" your eBay account info including providing your SSAN and DoB. Whatcha wanna bet that that info will be sent directly to the IRS after you sell a piece of gear on eBay? Which means you will have to declare this "income" to the IRS when you file each year.
Comments?.
Rich  K7SZ.