2. misc-audio
  3. 166691-154

New ebay payments require SS#?

I received an email from ebay and they now will deposit your amount from a sale directly into your bank account.  So, they require your routing and account numbers.  But they also required my SS number, which I'm not sure I like.  They say the purpose is to comply with government regulations.  Is there any reason to think they would transmit the amount of your sales to the irs and issue you a 1099?  I only occasionally sell used items on ebay and don't consider any amount I receive to be taxable income.  Thoughts? 
mtrot
fiesta75
1,378 posts
 
This is not the forum for politics.
OP thanks for that, I don't sell that much, but that's great info.
fuzztone's avatar
fuzztone
5,498 posts
 
Read up. It's not eBay it's IRS. Sell what ever you can this year. Stating in 2022 all transactions over $600 cumulative get a 1099. Airbnb, eBay, Craigslist, blah blah. The you have to supply accrusl cost for all sales on your 2022 tax return. Good luck finding receipts. I would not be surprised if it's not treated just like gambling. Losses can come off of like transactions only.
Migraines for everyone.
mtrot OP
804 posts
 
I see a big Craigslist boom incoming!
mtrot OP
804 posts
 
@fuzztone
The problem is, I don't know if other families are similar, but in my family, we send each other money via paypal, back and forth, for various occasions, i.e., birthdays, Christmas, Mother's Day, etc.  So, basically, we are sending money back and forth to each other, such that we don't really net anything from it.  But I guess it's possible that one of us might receive over $600 in one year.  Why should anyone in that circumstance have to explain anything on their tax return? 
oregonpapa's avatar
oregonpapa
4,867 posts
 
I just sold a record and bought two CDs on eBay and there was nothing about my SS# anywhere.
More to discover