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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
chicagoblue1977's avatar
chicagoblue1977
224 posts
 
I know I have received several emails on eBay’s change in “how you get paid” 

Have not bothered to read these notices because I have not sold anything on their platform in some time.

Next we will have a VAT Tax.....oops before you get your panties in a wad I am kidding. 
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fiesta75
1,378 posts
 
Haven't heard about ebay asking for SSN, but did hear about bank info and password on THIS forum. I wouldn't provide your SSN, but yes they will send the irs info on your sales and you'll need to pay taxes on that amount. I don't sell on ebay any longer and won't go back. Audiogon, Reverb and Bonanza is the what I use.
mtrot OP
804 posts
 
It looks like there is a threshold, currently $20,000, beyond which platforms such as ebay are required to send you a 1099 form.  But, starting in 2022, the threshold will drop to $600.  It looks like the earliest you would receive a 1099 form for sales over $600 will be in early 2023. And you will have to account for any payments over the $600 threshold on your tax return, although you may not owe taxes on it.  But still, I'm not interested in the hassle of having to fool with that.  

https://www.cnbc.com/2021/03/26/its-going-to-get-harder-to-avoid-telling-the-irs-about-income-from-o...
mtrot OP
804 posts
 
@fiesta75
It actually won't matter if you use Audiogon, Reverb, etc., if you receive payment through PayPal.  PayPal will be subject to these regulations as well, as I understand it.
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