Starting this year, any transaction over 20k in a year, paypal will send a 1099 to IRS.
I wonder if you are trading gear few times a year and it would easily go over 20k, you would need to pay taxes on any money coming in? Even if you are not making profit?
Any thoughts on this? If you are a professional and making a living through photography (part time, full time or supplemental), it would make sense as you can write off your gear as capital investment but what about hobby folks? How would explain you sold 20k worth of equipment here and there, and taxation on this?
I wonder if you are trading gear few times a year and it would easily go over 20k, you would need to pay taxes on any money coming in? Even if you are not making profit?
Any thoughts on this? If you are a professional and making a living through photography (part time, full time or supplemental), it would make sense as you can write off your gear as capital investment but what about hobby folks? How would explain you sold 20k worth of equipment here and there, and taxation on this?