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 Replies: 6 / Views: 2,507 |
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Pillar of the Community
United States
574 Posts |
So, I got notice today from ebay that they wouldn't process my latest payout until I gave them my full 9 digit SSN. As of the beginning of this year it is a legal requirement that they collect this info from any seller that makes more than $600 in gross sales a year and is using eBays managed payments as per new IRS laws that went into effect. I honestly have mixed feelings on this one. On the one hand I really don't like giving ebay this kind of personal information about myself but on the other hand this may actually curtail and possibly knock out a lot of bad sellers on ebay, at least on the domestic side. Any thoughts? Edited by casualcoincollector
01/25/2022 1:44 pm
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Pillar of the Community
United States
881 Posts |
Well...I do believe in paying my taxes and feel others should as well. I'm not sure if this is more a way to motivate people to properly report income and pay their taxes or a way to attempt to combat crimes associated with moving funds around the globe.
Kudos to those who are actually making money, let alone a living, dealing in coins. I can't imagine the amount of data retention it would take to prove that, of all the transactions involved in buying, collecting, and selling coins you actually either made or did not make a taxable profit in any given year.
In any event, I think when a hobby becomes a business it stops being fun.
Edited by PlumCrazy814
01/25/2022 4:21 pm
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Pillar of the Community
United States
5818 Posts |
Make sure receipts are kept in file, I know for sure there maybe issues when dealing with cash, and it can be a hassle.
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Pillar of the Community
United States
1316 Posts |
ebay is just doing what the law says to do. It's not worth the risk to them to be the one who goes again the IRS to make a point and start a legal fight. I'm sure others will. ebay has too much to lose.
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Pillar of the Community
United States
881 Posts |
Curious if the form will be a 1099 and if they document the total sell prices or if they reduce by their fees.
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Pillar of the Community
 United States
5661 Posts |
Looks like they will report gross sales, not reduced by fees. This is from ebay's site: "Your Form 1099-K includes the gross amount of all reportable payment transactions and does not include any adjustments, for example, credits, discounts, fees, refunds, or any other adjustable amounts." |
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Pillar of the Community
United States
881 Posts |
Quote:
"Your Form 1099-K includes the gross amount of all reportable payment transactions and does not include any adjustments, for example, credits, discounts, fees, refunds, or any other adjustable amounts." Definitely going to make life more interesting for those who meet the criteria and selling used items under their cost basis. |
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Replies: 6 / Views: 2,507 |
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Posted 01/25/2022 8:22 pm
