Are Reverb, Ebay, etc., history now?

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guitar hiro

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I received an email from Reverb stating, quote, "Beginning January 1, 2022, marketplaces like Reverb will be required to collect tax identification information from sellers who sell $600 or more on the platform in a calendar year."

I believe the previous reporting threshold was $20K in a calendar year but now it has been dropped to $600.
Any seller could sell just one guitar a year, and would potentially get screwed by Uncle Sam, after January 1, 2022.
For folks like myself that sell on Reverb, and similar platforms, I am just a hobby seller aka I am not operating a 'business.'

I see the new requirement as potentially having different consequences, one of which is the death nail of platforms such as Reverb, eBay, etc.
Is that too extreme of a prognostication?
 
It'll settle down for hobbyists but not for the sneaky business sellers whom are trying to avoid taxes nor the freaky people that think the government want to take control of their minds.
 
I would assume that Ebay won't be collecting taxes, it sounds like they are just tracking income since the economy has shifted so heavily towards e-commerce. That is where the money is.

And I believe that you are taxed on profit, so keep track of your costs. It can be a pain because I have bought guitars and sold them years later and it is hard to find the old receipts.
 
I suppose this new wrinkle may have the potential to impact Reverb more than eBay since eBay sellers sell such a wide array of items but Reverb is pretty much geared toward music instruments, and music gear associated items
 
mdvineng said:
It'll settle down for hobbyists but not for the sneaky business sellers whom are trying to avoid taxes nor the freaky people that think the government want to take control of their minds.

:lol:

WTF?
 

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