If you resold Taylor Swift Eras Tour tickets, the IRS is watching — A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty::A new rule from the IRS is punishing those who resold tickets for more than $600 in profit with a tax penalty.
Never said it was a bad system in general. But as a normal citizen not engaging in business I think paying taxes possibly 4 times (federal income tax, state income tax, sales tax when first bought new, sales tax when sold as used) on the same item is wrong.
You should not be paying tax unless you turned a profit on the sale.
You’re right but, If you bought the bike years ago there’s a strong chance you no longer have the receipt/invoice.