I received a 1099K due to the state of residency (MA) where any amount over $600.00 requires PP notification and development of a form. I did not by any means surpass $20k or transactions. I only had a dozen transactions....
I sold used parts/accessories I had for/from my car that had been sitting around for many years, like 10-15 yrs......They were sold to members in my car club.
Technically speaking, I already paid for these parts items once and THAT income was already reported and taxed upon in a prior 1040A years ago...Now I am just getting that money back again spent many years ago and most of it now at a loss.. How can this be "taxable income" for the IRS when a personally owned / used 10 yr old auto parts sell for less amount than originally purchased....
