Woe, that is crazy. There is never a gain in selling used stuff.... especially hi-fi. So if I wanted to sell my luxman for thousands of dollars I would have to deal with this horribleness. This means also my accountant bill will be higher with extra forms like this. This is all because of the democrats.
Paypal drastic changes
When you’re paid for goods and services, the US Internal Revenue Service (IRS) considers this reportable income.
Once you receive $600 in payments for goods and services within a calendar year, tax laws require us to withhold 24% of such payments when you have not confirmed your taxpayer status by either providing your US tax ID or completing a Certificate of Foreign Status. This 24% is sent to the IRS as backup withholding for any potential income tax due on those payments.
You can learn more about this tax law on the IRS website.
I tried to attach a link , but it wouldn't cooperate.