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.
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?
- ...
- 65 posts total
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... |
FROM PAYPAL WEBSITE U.S. citizen or other U.S. person/entity Customers who exceed the reporting thresholds set by the IRS ($20,000 USD and 200 transactions) will be asked to confirm their U.S. taxpayer status and to provide their U.S. taxpayer identification number (SSN, EIN, ITIN) and name. When you need to confirm your U.S. taxpayer status, we’ll let you know by email and by notifications that you’ll see when you log in to your PayPal account. Click the link provided in the email or in the notification and enter the requested information. The information you provide will be compared to the information on file with the IRS. If it doesn’t match, you’ll be able to review and edit the information up to three times. If the information cannot be verified, you’ll be asked to also provide your address and certify your information. (This is the same information collected in the IRS Form W-9.) If you have multiple PayPal accounts, you’ll need to confirm your taxpayer status for each account. If the IRS has notified you that you are currently subject to backup withholding, don’t submit your information online. Instead, contact PayPal Customer Service for assistance with confirming your taxpayer information at 1-888-221-1161 (1-402-935-2050 if calling from outside the U.S.). How do I receive money or get paid via PayPal? Getting paid or receiving money through PayPal is very easy! Someone must send a payment to your confirmed email address, registered to your PayPal account. We’ll send a message to that email address to let you know someone has sent you a payment, so you can claim it. To receive your payment, you must open a PayPal account and confirm that email address. If you already have a PayPal account, you’ll see the recent activity on your Summary page. Click your transaction to view the details. As soon as you receive the payment, you can transfer the money to your bank account. Q, look at the last line …. WHATS THE DEAL asking for your bank account ??? |
- 65 posts total