I'm Just Trying To Clear Out Some Stuff

Question

It has been several years since I did a little selling on ebay. Things sure have changed! I currently have a bunch of things that were my son's that have some value that I need to clear out and am thinking of selling on ebay.

I am not a business and am not selling for profit, just to clear out collections. Is there a particular way I need to set up my account, financial payouts, etc. so that it is optimized for my situation (not a business)?

Thanks for your input.

MM

jacbarcollectibles · Answer

The accounts are set up the same way in general. As long as you have set it up as a personal account you will still have to give the same information to eBay as a business. All sellers are paid through the Managed Payments System so you need to verify a checking account that has the exact same name as you set your account up with. Please not that this cannot be an online bank. You will also be required to provide your SSN to satisfy IRS and Banking regulations. Currently sellers will only receive a 1099-K if they have at least 200 transactions with a value of at least $20,000. You will still need to keep records since your eBay income is still reportable to the IRS even if you do not receive a 1099-K.