Go to www.irs.gov and search for 1099K. The IRS lists several FAQ on the subject of the new regulations on the 1099-K forms that third party payers will issue for amounts greater than $600 for tax year 2023.

Basically, your net gain (income received less your cost (what you paid for the item plus selling fees and shipping expenses) will be added to your regular income to determine the tax bracket for that gain. For anything you have sold that you owned for more than a year, use schedule D to treat it as long term gain to minimize tax owed. Losses for non-business sales of personal property are not deductible.

This is just my personal assessment of how to deal with the 1099-K forms that we will receive. I am not a CPA or a tax expert, so please take that into consideration when dealing with this subject.