[et-al]

It could if you're a hobbyist buying/selling over $600 worth of used goods. Lots of online communities advise buyers and sellers to use PayPal goods & services for its protection.

Now, folks are on the hook for self-reporting. Previously, the thresholds were $20,000 and 200 transactions, which were maybe too lenient. Had lawmakers just halved the threshold to $10,000, I don't think most people would care. The $600 is too low, e.g. guitars easily fetch a grand, and Leica M bodies are easily over that.

Also, what are Nancy Pelosi's stock gains compared to any folks that might have been not reporting their illicit <$20k income?

[cdjk]

Want to know what’s even more fun? Since 2018 if you have income from a hobby you are not allowed to deduct any expenses from it, but do need to pay taxes on any income. So if you make a bit of money from photography, and buy and sell a bunch of camera gear, you you taxes on all the camera gear you sold even if it’s sold at a loss.

[Spivak]

Wait this seems totally logical. Imagine if you could deduct the cost of your car because you used it to drive to a photography shoot once. Or deduct the cost of your personal laptop because you used it for photo editing.

This is basically the separation that sole proprietorships have to go through. Stuff that is exclusively used for your business is deductible, anything for personal use isn't.

[Talanes]

> Stuff that is exclusively used for your business is deductible, anything for personal use isn't.

I think you're working from a different set of assumptions than GP. They were specifically contending that exclusive expenses could not be deducted, even if the overall net value of transactions is negative (because it's not a business, but just a partial recovery of hobby expenditures.)

[cdjk]

It’s more like having to pay taxes on the money you get when you sell your car even though you sold it for less than you paid.