The biggest issue will be trying to find a 10 year old receipt for an amp or pair of speakers to show the purchase price. What happens then? Vinyl record sale profits are taxed as Capital Gains and taxed at 28% and there are a lot of sellers out there that have no idea what's coming. The fact they won't let you deduct losses is criminal.
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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.
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