well, well! IRS has withdrawn the requirement of reporting $600 for selling your old stuff

[W_HAMILTON]

40. You report it on your taxes like you would other similar transactions.

You report how much you paid for it (or a reasonable estimate) and report the proceeds that are being reported by eBay to the IRS. Ta-da, you've now legally complied with the new reporting requirements.

The IRS is not going to hound you for a receipt showing you paid $50 for a sweater a decade ago that you sold for $5. They're just not. Now, if it's a big-ticket item or you are essentially in the business of selling personal goods, you probably want to keep better records, but that goes without saying.

For the vast majority of people, this entire exercise will be reduced to their tax software/CPA asking them if they received an IRS form reporting they received proceeds over $600 and then whether or not the money they received represented a taxable gain or taxable income. The IRS may not even require you to report the individual transaction items once they figure out how to implement it; they could simply ask you to "check the box" that the money was not a reportable taxable gain/income.