While leftists in America, and by that I mean Democrats, are constantly whining about taxing the rich people need to understand who they are really targeting. In 2023, internet portals that allow you to buy or sell merchandise between private sellers are required to report any transactions over $600 to the IRS. Sellers will receive a 1099K, indicating a transaction of $600 or more. That means if you sell your old coach for $600 the IRS will be looking for you to report any profits you earned from the sale. How will they police this? How will they know you paid more for the coach than you received from the sale? Remember those 87,000 IRS agents Biden wants to hire? This law is not about taxing the rich. It is about taxing the middle class. Rich people don't sell stuff on eBay for profit.
When the IRS comes to you and asks for taxes on something you sold, your word does not matter. If you say you paid more than you received you will need to have documentation to prove it. I was going to sell some old guitars I have had for 40 to 50 years on eBay but now I am reconsidering because reporting profits from the sales will basically rob me of the value of the instruments. I don't play much anymore but I will keep them or possibly donate them to charity where I can take tax write-offs on their full value.