| Author |
 Replies: 25 / Views: 6,083 |
Page 2 of 2
|
|
|
|
Pillar of the Community
United States
2335 Posts |
My wife got one of those emails also. I think they are sending them to anyone that meets either one of the requirements.
|
|
Pillar of the Community
United States
759 Posts |
Their systems probably trigger automated requests for said information when one of the thresholds is approached or passed, as trdhrdr007 mentioned. You shouldn't receive a 1099 unless both thresholds are exceeded. You may not have a choice to withhold your SSN and still keep the account active. By initiating a call yourself, you can get answers and also mitigate the privacy concern. Good to hear you mention that you claim your gains, as required by law.
|
|
Pillar of the Community
 United States
570 Posts |
I think after all is said and done my gains are only around $1K, so its not like its going to bump me in the next tax bracket or anything. I just don't like giving out my SSN when I don't absolutely have to. It's more for privacy concerns and my own bank doesn't even ask for that.
|
|
Moderator
 United States
188770 Posts |
Quote:
I think they are sending them to anyone that meets either one of the requirements. I believe this is the case. They are trying to stay ahead by gathering the information now. It is possible that a lot of people will cross those thresholds in the final weeks of the year (after holiday sales). Having most of this required information available makes it easier to meet tax deadlines. Actually, I am surprised they do not require this information from everyone regardless of activity levels. That being said, I think it is no big deal that they want it from you now. |
|
Pillar of the Community
United States
3592 Posts |
I would definitely log in and give the information instead of responding to an email...just a good habit.
|
|
Pillar of the Community
2224 Posts |
Would that be annual requirements or total sales history?
|
|
Bedrock of the Community
United States
19961 Posts |
Quote:
They are trying to stay ahead by gathering the information now. It is possible that a lot of people will cross those thresholds in the final weeks of the year (after holiday sales). Having most of this required information available makes it easier to meet tax deadlines.
Actually, I am surprised they do not require this information from everyone regardless of activity levels. That being said, I think it is no big deal that they want it from you now.
Yea, you nailed it bro. I'm WAY past 200 transactions which is why they wanted mine. I don't understand why anyone would resist giving it to them. Paypal has a DIRECT line to your bank account, them having my SS# is no big deal. All banks and most creditors have it anyway. Just be sure you log directly into their website and don't use email links......I don't trust ANY links and always go directly to websites requesting personal info. There's just way to many cleaver phishing scams in the world. |
|
Pillar of the Community
Canada
1554 Posts |
 We'll all need to pay more taxes to fund the Never Ending war! Glenn  |
|
Moderator
United States
188770 Posts |
Quote:
I would definitely log in and give the information instead of responding to an email...just a good habit. Quote:
Just be sure you log directly into their website and don't use email links......I don't trust ANY links and always go directly to websites requesting personal info Most definitely.  |
|
Valued Member
United States
372 Posts |
I have a problem with the SSN thing. I did some selling for a widow of a collector which totalled over the past year totalled over $20K and 200 transactions between my items and hers. I don't want to get slammed by the IRS for that and I really don't know what to do.
Mike
|
|
Bedrock of the Community
United States
19961 Posts |
Mike - You have no choice. They will report your income to the IRS at tax time and you will have to pay taxes. You'll receive a form 1099 from PayPal around tax time. I think failing to complete the SSN request could have some pretty nasty consequeces.
|
|
Forum Dad
United States
24166 Posts |
So you have to pay income tax on gross sales now?
|
|
Valued Member
344 Posts |
Wow this is really really scary. Yet another reason paypal is getting worse and worse as time goes on. Nowdays you must pay 12% of your sales to ebay and they now want to report you to the IRS too? The best key would seem that we must simply stay away from small items. Not only does it lessen the ebay tax greatly sense ebay caps at $100 but if we stay at 199 transactions or less they will not report us. I mean I already have to worry about the Gov stealing my assets, or gold, or silver, but not the measly few bucks I make on ebay they will try to make it seem like I am netting tens of thousands because of big sales when in reality I made like 100 or 200 off that big 4k item? Man ***Staff Edit: NOT COOL*** the GOV and the IRS. I am moving to south pole! |
|
Bedrock of the Community
United States
19961 Posts |
Yea, it's great isn't it. Write thank you letters to Obama, Peloci and Reid.
Lincoln Cent Lover!VERDI-CARE™ INVENTOR https://verdi.care/
|
|
Bedrock of the Community
United States
17884 Posts |
Quote:
So you have to pay income tax on gross sales now? No, but it gives the IRS the Gross figure that you then have to apply your costs and deductions to to justify your net figure that you do pay taxes on. Keeps people from under reporting the gross so as to end up with a smaller net figure. |
|
Page 2 of 2
|
Replies: 25 / Views: 6,083 |
Page 2 of 2
|
First Page
Posted 10/04/2011 10:40 am
