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Looks like you have until the end of 2021 under the old rules... If you are cleaning out your attic this would be a good time to do it without getting taxed on it.
 
A question....
If you purchase say a lawnmower for $1,000, and then after using it a couple time you decide to sale it online for $800, will you have to pay taxes if someone pays you by Paypal or other online payment??? I mean you lost $200 in the transaction. In my opinion you should get tax credit for $200!!!
 
A question....
If you purchase say a lawnmower for $1,000, and then after using it a couple time you decide to sale it online for $800, will you have to pay taxes if someone pays you by Paypal or other online payment??? I mean you lost $200 in the transaction. In my opinion you should get tax credit for $200!!!
I am talking completely blind here, but I would ASSUME that if you sell it via a merchant such as eBay or Mercari, etc. you would be taxed. Just “sending” funds via friends and family wouldn’t count…I don’t think. I send money via PayPal friends and family almost daily. That doesn’t mean the transaction was necessarily a taxable sales transaction. Just my two cents, ain’t worth much
 
I am talking completely blind here, but I would ASSUME that if you sell it via a merchant such as eBay or Mercari, etc. you would be taxed. Just “sending” funds via friends and family wouldn’t count…I don’t think. I send money via PayPal friends and family almost daily. That doesn’t mean the transaction was necessarily a taxable sales transaction. Just my two cents, ain’t worth much

What if you sold the lawnmower on ebay???...lol. Joking aside, I did buy one off ebay once-a-upon-a-time....seriously.
 
I am talking completely blind here, but I would ASSUME that if you sell it via a merchant such as eBay or Mercari, etc. you would be taxed. Just “sending” funds via friends and family wouldn’t count…I don’t think. I send money via PayPal friends and family almost daily. That doesn’t mean the transaction was necessarily a taxable sales transaction. Just my two cents, ain’t worth much

I'm sure they will want to tax the recipient on that income!
 
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