More like an individual (not a business) selling a few old items they don’t need anymore for less than what they paid new. Hope everyone saved their original receipts.
My consignment shop lets me stock my stuff and they process the sale. I get cash, or a check, which is recorded, monthly, from what sold.
My stuff is old items, surplus to me as part of cleaning up and paring down. I have no receipts. I suspect I will surpass $600 this year (that’s only $50 per month average). Sounds like I may get one of those 1099-K things. I will ask the shop owner if she is aware of this, and what does she think will happen.
Oh, I sold an old truck for over $1000. But that was cash, privately. Will the DMV provide the selling prices, which are disclosed for tax purposes at time of sale, to the IRS?
This is not good. Just the added layers of paperwork will stifle these small personal ‘economies.’