provide my SSN

Question

Why is it now necessary to provide my SSN for payments. In the past I just used Paypal.

mr_lincoln · Answer

Hi @hubbardbarb

It has been a while then because PayPal was fully phased on in 2020 ... eBay now manages payments and complies with IRS regulations with regarding to the potential for any Seller on internet sales venues to hit the minimum threshold for generating an 1099K for annual sales.

This help page will assist in getting payouts sent to your bank account should you continue to pursue selling on eBay: Getting paid for items you've sold | eBay

Here is the help page on the 1099-K: eBay and Form 1099-K | eBay

lady_madonna · Answer

Paypal is no longer the payment processor for Ebay sellers.

Ebay now processes payouts to the seller's checking account.

You are required to provide your social security number in two situations: (both of which apply to Ebay sellers)

You are doing something that may be reportable to the IRS or your stateâ€™s tax department; and/or

You are engaged in a financial transaction that is subject to the Customer Identification Program. This is a part of a financial institutionâ€™s â€œKnow Your Clientâ€ process that involves verifying a customer's identity and assessing their risk level. KYC helps businesses reduce the risk of fraud, money laundering, and other illegal activities.