Managed Payments What a nightmare

[7198dave]

Instead of letting me get all my info ebay wants they turn off paypal so I have no way of getting paid until I have MP fixed.

[lamber9347]

Sellers are given a date of when to sign up for MP by. There are numerous emails sent out in advance, all with specific timelines and dates by when one has to sign up. The transition has been happening for well over a year now in stages. If it's your turn to sign up, you need to adhere to the dates. Best of luck to you....

[7198dave]

Um, I wasn't given a date or timeline. I just got an email mentioning managed payments, so I thought I'd check it out. Instead of letting me explore and find out what all I need, eBay decided to end my paypal because I explored too deep into the sign up page which I think is stupid.  

[downunder-61]

You are already on managed payments, so you need to give eBay a cheque account for them to deposit your money into along with any other documentation they require so they can release funds to you

[nguytru-49]

good luck !!!

[readabouthorses]

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@7198dave wrote:

Instead of letting me get all my info ebay wants they turn off paypal so I have no way of getting paid until I have MP fixed.

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Ebay should not be changing sellers listings over to Managed Payments until they have all the information they need to handle the payments. There is something so sleazy and desperate about them doing this ... they have kidnapped your account!

[7198dave]

Thank you. I'm all set up now.

[veronicabooksandart]

Not stupid. Now you are more likely to register.
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It's called a trap door.

[submelar-super]

thank you 

[submelar-super]

thank you for grate explanation 

[usmintjr.]

This will be the death of eBay.   $600 starts2021 & it’s income no offset for the cost, so you sell a $20 gold piece for $2,000 you get a 1099k for $2,000 you cannot deduct or offset the cost basis f say $1,110 for what u sell.  eBay gets 12.35%, plus sales. Tax, you get to als pay INCOME TAX on$2k (less some costs) and SOCIAL SECURITY SELF EMPLOYMENT TAX 16% so say 25% tax, 16%SS & 12.35 eBay Fees so off the $2,000 u pay taxes of approx. 53.35% sounds kinda kommmie huh, and you paid $1,110 but u pay on the whole nut not the $900 profit.  What a cluster pluck.   I have passed on MP just walk away...........

[dhbookds]

you cannot deduct or offset the cost basis

you certainly can deduct the cost basis when you do the tax form..........

[releasethekraken_1]

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@usmintjr. wrote:

This will be the death of eBay.   $600 starts2021 & it’s income no offset for the cost, so you sell a $20 gold piece for $2,000 you get a 1099k for $2,000 you cannot deduct or offset the cost basis f say $1,110 for what u sell.

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What, have you never paid taxes on your sales? Of course you can deduct your cost basis, right there on the Schedule C you should have been filing for years.

Posts like yours are EXACTLY why the government lowered the limit at which documentation is required.

[smh]

[wrong66]

With your understanding of taxes, it would be best if you stopped selling anything. Anywhere.

[powell-memorabilia]

@usmintjr. 

Please do my give tax advice - you are giving really horrible information.  OF COURSE you can deduct your costs from your eBay revenue.  Heck, it is even better than deducting your cost basis - I deduct internet fees, mobile phone, mileage, etc..  you can even deduct some travel expenses.  Not so bad, is it?