This only applies to “business” transactions and the labels are largely self reported. > Also, if you sell something at a loss; for instance, you purchased a b

This only applies to “business” transactions and the labels are largely self reported. > Also, if you sell something at a loss; for instance, you purchased a bike for $400 and sold it for $300, the amount is not subject to the new law. This effectively guarantees self reporting obligation (even if the buyer reports it as a commercial transaction).