- Joined
- Dec 5, 2013
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I received an email from Reverb stating, quote, "Beginning January 1, 2022, marketplaces like Reverb will be required to collect tax identification information from sellers who sell $600 or more on the platform in a calendar year."
I believe the previous reporting threshold was $20K in a calendar year but now it has been dropped to $600.
Any seller could sell just one guitar a year, and would potentially get screwed by Uncle Sam, after January 1, 2022.
For folks like myself that sell on Reverb, and similar platforms, I am just a hobby seller aka I am not operating a 'business.'
I see the new requirement as potentially having different consequences, one of which is the death nail of platforms such as Reverb, eBay, etc.
Is that too extreme of a prognostication?
I believe the previous reporting threshold was $20K in a calendar year but now it has been dropped to $600.
Any seller could sell just one guitar a year, and would potentially get screwed by Uncle Sam, after January 1, 2022.
For folks like myself that sell on Reverb, and similar platforms, I am just a hobby seller aka I am not operating a 'business.'
I see the new requirement as potentially having different consequences, one of which is the death nail of platforms such as Reverb, eBay, etc.
Is that too extreme of a prognostication?