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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
mtrot OP
804 posts
 
Well, according to this, the Dems are changing the reporting threshold to $10,000.  I wonder if that will mean online selling sites like eBay will not be sending you and the IRS a 1099 form for sales over $600?

I, from time to time, sell some item of audio gear for well more than $600, and I don't consider that to be income at all, since I not only paid taxes when I bought it and usually sell it for less than what I paid.
https://justthenews.com/nation/economy/democrats-pare-down-treasurys-irs-bank-reporting-plan-raise-t...
chris_g
23 posts
 

The new threshold starting in 2022 is still $600 in gross sales on any online selling platform, or any type of 3rd party payment processor.  So if you already sold $600 or more online, you are getting a 1099-k in January/February 2023.  

The IRS is also hiring more auditors, so if people in the past have not reported their online sales, getting that 1099-k for the 1st time, could trigger an audit.  The best thing to do is not get a 1099-k.  

kingbarbuda
515 posts
 

@oregonpapa Bravo!!

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