What a rip. Have to claim a gain but can’t take a loss. Talk about having their cake and eating it also!
I will point out that it’s the same with your personal residence - you can’t take a loss, but have to claim a gain - some or all of which may be exempted - but not always. I’ve had to pay capital gains taxes on the sale of a personal residence before.
If they are going to pull this kind of nonsense, there should at least be a way to claim it as personal items sold without faking a business Sch C!
Since 2022 is the first year that this rule will be in place, they may be working on something to do so. Or they may give guidance on how to report it on a different form later in the year, when we get closer to 2022 tax filing. We’ll just have to see.
AJ