New monies2/20/2023 However, you may be required to show documentation of the original purchase to prove that you sold the item at a loss.īut, if you have a side hustle where you buy items and resell them for a profit via PayPal or another digital payment app, then earnings over $600 will be considered taxable and reported to the IRS. That's because it's a personal item you've sold at a loss. For example, if you buy a couch for your home for $500 and later sell it on Facebook Marketplace for $200, you won't owe taxes on the sale. If you sell personal items for less than you paid for them and collect the money via third-party payment apps, this new legislation won't affect you. Will items sold on Facebook Marketplace be taxed?
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