As noted by Jerry you won't pay tax if you have a loss, but you need to make sure that you have documentation - original purchase invoice and then your sale transaction documentation. You need to include the transaction on Form 8949 while filing your taxes. If a loss you put zero in the gain/loss column.
Taxation using PP G&S
Can anyone tell me how much you get dinged on your taxes for selling gear through PP G&S? I just had to give my SS# for tax purposes on a $2k sale. Not happy about it. First large PP deal. Now I have another buyer insisting on G&S (for a $200 item!). This is partly why I try to stay 100% local selling and buying. I get it, buyers want some kind of reassurance on the deal.
But, is the taxiing nothing to worry about?
I'm hoping some sellers with more experience than I can shed some light. I did some quick searching but couldn't find any concrete answers.
Thanks