Hi everyone, a quick question.

[Paper Roses]

Has the IRS changed the $600 limit for sales of anything you have without getting a 1099-K? I'm not in the business but I must downsize. Have had a household of stuff for the 54 years I've lived in this house. No receipts. Who the heck saves a receipt from years ago?

This new (Jan 2022) ruling has put many of us in a tough spot. Not only will I lose money if I try to sell anything but there is no market here for formal furniture. The household misc. can add up too. I can try to sell on local Facebook pages but just a few things will add to the $600 limit. I will lose in both ways. I know I'm not the only one who is concerned.

Who's bright idea was this horrible limit? Any changes? It used to be $20,000 before you got the 1099. Now down to $600.00. Not fair to those of us who want or need to sell any household stuff.

I understand the limits if you are in "the business" but those who are keep records. The rest of us get screwed.

[MichMan]

1. Nope, still $600

It was included as part of the American Rescue Plan passed in March 2021. The IRS can't unilaterally change federal law.

[bucolic_frolic]

2. Sort and sort some more

Clutter's Last Stand was a book if you can find a copy. Or maybe you have one under box #119.

Take the worst 10% of it and put it to the road with a donation box.

Look for bulk buyers on Craigslist wanted section.

America is awash in everything you can name. Sadly.

[Grasswire2]

3. such a ridiculous rule...

...while the wealthy and corporations are the biggest beneficiaries of tax loopholes and laws.

Screw the little guy selling off flea market stuff, or someone unloading grandma's collectibles.

It's really something awful.

[IbogaProject]

4. Estimate the cost basis

Research each item and estimate cost plus sales tax. Any other expenses also count. Just inventory everything and make list on paper or a spreadsheet. Actually you just need to estimate year and know where to find digital catalogs like Sears, JC Pennies, Montgomery Ward use any of those after you sell something. It will only matter if you break $600 somewhere. You can put the stuff on a Schedule C, where you can take business expenses off the top before and normal income deductions.
Not accounting advice, just ideas to direct your research. Use DuckDuckGo to look for current advice about selling personal items bought years ago. If your reselling stuff it will be tougher.