PayPal/Venmo and selling guitars

[jthomas]

Selling guitars that cost more than $599.99 is going to get more complicated.

https://www.cnn.com/2021/11/09/success/ ... index.html

[fuzzking]

from what I gathered, it just became less easy to dodge taxes?

[UlricvonCatalyst]

from what I gathered, it just became less easy to dodge taxes?

Well there's always eBay now that they've gone for an Etsy-style payment system.

Obviously we don't have the IRS in the UK, but my understanding is that hobbyists don't really need to worry too much about the tax authorities. As far as I know a reasonable amount of selling/trading is tolerated without evoking the Capital Gains Tax spectre.

[burpgun]

I wonder how this is going to go. I live in a big city and pretty much insist anything I sell be done in cash and warded off a venmo guy about a month ago. The downside to this, and I wonder if anyone is noticing it, but Craigslist seems to be a deadzone now. I post stuff with reasonable prices and it just sits there, only messages from obvious scammers. Did Facebook market do CL in, with some Reverb thrown in there?

[fuzzking]

(...) As far as I know a reasonable amount of selling/trading is tolerated without evoking the Capital Gains Tax spectre.

Same here. One might run into trouble with the if one sells a ton of stuff in the same category, or a lot of stuff one has only held for a short time. But in case you're on welfare and have to even sell some real mundane hosuehold items / clothes / whatever to get along, you'll have to avoid any online transaction, or you'll get in damn trouble.

[fendertweed]

This has zero effect on your (my) tax *liability*…. Only reporting.