mam98031 • Volunteer Community Member • Buyer/Seller since 1999
@readabouthorses wrote:
OMG! They don't know how to fix this do they?
Can someone call the MP customer service call me back if they haven't been onboarded yet? I'm trying to get this all figured out before I get jammed into MP because I will have to go open up a new checking account at a new bank to make all this work.
The number of job openings in Payments is concerning. I hope those are new positions and not employees who have gotten discouraged and quit.
Why would you have to do that? You are going to need to be a bit more specific.
Why a new bank? What other issues are going to affect you that you are trying to avoid?
I actually do have a separate checking account [separate from my personal] at the same bank for my Ebay to run into as well as the other sites I sell on run into it. It makes accounting much easier and cleaner IMHO.
@readabouthorses wrote:
@mam98031 wrote:
@readabouthorses wrote:
OMG! They don't know how to fix this do they?
Can someone call the MP customer service call me back if they haven't been onboarded yet? I'm trying to get this all figured out before I get jammed into MP because I will have to go open up a new checking account at a new bank to make all this work.
The number of job openings in Payments is concerning. I hope those are new positions and not employees who have gotten discouraged and quit.
Why would you have to do that? You are going to need to be a bit more specific.
Why a new bank? What other issues are going to affect you that you are trying to avoid?
I actually do have a separate checking account [separate from my personal] at the same bank for my Ebay to run into as well as the other sites I sell on run into it. It makes accounting much easier and cleaner IMHO.
My Credit Union doesn't allow us to use our checking accounts for proceeds from selling. They let me use my savings account as a favor but I can't use my checking account. Thus I will have to find a new bank for a checking account that would work with stupid Managed Payments.
I was trying to get this PO Box thing figured out before I approach a new bank.
At this point I'm really thinking it might not even be worth it. I'm afraid to get too invested in making a bunch of new listings and then get jammed into MP.
Oh I remember you stating that before, I found it odd then and still do. Why in the world would they limit that? They must have a reason.
If they are letting you use your savings account as a "favor" then it can't be a set rule for the CU. Cuz if it were they wouldn't do that either. I'd ask more questions.
Is it a big CU or a more local one?
Do you currently use a PO box or is this something you'd just prefer to move to?
MP isn't going to be able to allow sellers to have a PO box on their Primary / registered address as I'm pretty confident this is a requirement of the Anti Money Laundering laws. But the interesting part of this is what MP is going to do with those sellers that have to have mail to a PO box because they live so rurally that mail is not delivered to their homes.
@readabouthorses wrote:
@mam98031 wrote:
@readabouthorses wrote:
@mam98031 wrote:
@readabouthorses wrote:
OMG! They don't know how to fix this do they?
Can someone call the MP customer service call me back if they haven't been onboarded yet? I'm trying to get this all figured out before I get jammed into MP because I will have to go open up a new checking account at a new bank to make all this work.
The number of job openings in Payments is concerning. I hope those are new positions and not employees who have gotten discouraged and quit.
Why would you have to do that? You are going to need to be a bit more specific.
Why a new bank? What other issues are going to affect you that you are trying to avoid?
I actually do have a separate checking account [separate from my personal] at the same bank for my Ebay to run into as well as the other sites I sell on run into it. It makes accounting much easier and cleaner IMHO.
My Credit Union doesn't allow us to use our checking accounts for proceeds from selling. They let me use my savings account as a favor but I can't use my checking account. Thus I will have to find a new bank for a checking account that would work with stupid Managed Payments.
I was trying to get this PO Box thing figured out before I approach a new bank.
At this point I'm really thinking it might not even be worth it. I'm afraid to get too invested in making a bunch of new listings and then get jammed into MP.
Oh I remember you stating that before, I found it odd then and still do. Why in the world would they limit that? They must have a reason.
If they are letting you use your savings account as a "favor" then it can't be a set rule for the CU. Cuz if it were they wouldn't do that either. I'd ask more questions.
Is it a big CU or a more local one?
Do you currently use a PO box or is this something you'd just prefer to move to?
MP isn't going to be able to allow sellers to have a PO box on their Primary / registered address as I'm pretty confident this is a requirement of the Anti Money Laundering laws. But the interesting part of this is what MP is going to do with those sellers that have to have mail to a PO box because they live so rurally that mail is not delivered to their homes.
It's a credit union for state employees only so they have lots of rules and regulations that normal credit unions don't have. The reason they let me use the savings account was because I am limited on how many deposits per month can go into the savings account and no money can be pulled out except by me or the credit union.
If this is an Anti Money Laundering law then why doesn't PayPal require the same thing?
I use a PO Box because I don't have a rural mailbox ... it got taken out by a hurricane and it was just easier to get a PO Box than it was to put it back up. Rural mailboxes don't fare well around here ... kids like to use them for fun by driving down the road and hitting them with baseball bats plus mail gets stolen out of them all the time. Since it is almost a mile from my house to the main road I can't keep an eye on it so really my mail is much much safer in the PO Box than it is being delivered to a rural mailbox a mile from my house.
My husband and I belong to one of those too as he has worked for our state for many years. I didn't however go to them for my online sales needs as I've always banked with Bank of America so I just stayed with them. I did not know however that they had such rules, still I don't understand why, but then maybe they have a good reason.
Oh wait, they may be thinking you are talking about a deposit every single time someone pays you. For active sellers that could mean 100's of transactions per week. Seems to me if they can do you a favor with your savings account, they can with your checking account. Just let them know [well if this works for you] that there is only ONE deposit per week. That would likely fix their concern.
MP doesn't look to your checking account to fund the MP account unless you have a return that doesn't have the funds to cover it or something like that. They don't just dip in as they see fit. That is simply something that some sellers have been saying to enflame the threads.
There were some changes made to the Anti Money Laundering laws last year. IDK about PP or other sites for those that were enrolled before the changes.
https://www.finra.org/rules-guidance/key-topics/aml/faq
@readabouthorses wrote:
Well I did have a plan in place until eBay threw this PO Box thing into the mix.
I was going to take my $600 stimulus check when it arrived to a local bank and use it to open up a separate checking account that I would then use for Managed Payments when I got "the invite". Now with the PO Box thing that no one at eBay seems to know how to resolve I'm not sure how to proceed. I would also use that same checking account to change it over to my PayPal account to use here until I got the invite and also for other places that I sell that still take PayPal. But now with this PO Box thing I'm sort of stuck.
The PO box thing has been an issue since the beginning. Since we can't get an answer to our question about the PO box on the threads, you have to call the MP customer service to get an answer according to the MP team on the threads. I find that odd but not an unusual response when trying to get info on MP in my experience over the last several months.
If the bank you choose has the ability to put a physical address on your account and a separate mailing address, it should be fine if you have your Ebay account set to the physical address.
Just a note. You will likely get your deposit transfers in your bank faster if you choose a main stream bank. I use BOA and my transfers out of MP arrive by noon the following day. It can take longer for smaller more local banks.
I have a separate account that I feed all the other sites I sell on into. It makes accounting easier for me too so that is a bonus.
I hope everything works out for you.
@theme2655 wrote:Here is the Turbo Tax link. If some one has an occasional garage sale it's not considered a business and not taxed/reportable. BTW I'm over 60 and yes I remember the driver's license on checks.
How does that link support what you were previously saying, that there was some minimum threshold before you had to report income? Which remains incorrect.
What you said was as follows:
According to the IRS Ebay income isn't taxed if it's below $2500 and/or has less than 200 individual sales. If someone is just de-cluttering their garage or closet it's not worth opening-up a identity theft threat by attaching bank numbers and SSN just to make a couple of hundred dollars. If Ebay was trying to get the most sellers they wouldn't ask for bank info if the seller stays below a certain dollar/sales amount. Ebay is doing this because they don't want to pay PayPal fees( that's a two way street). My PayPal account does not have my bank account attached to it just a credit card. I feel safer that way. I'm done with Ebay. And, yeah, I pay taxes.
@fitzgeral_19 wrote:I was planning on selling a few items. Basically, unused home items and items I bought on eBay and didn’t like. I was wondering about 1099 since eBay collects taxes, Based on this thread, I’m wondering if it’s worth it. I’m not trying to set up a business,
Alternatives? Thank you
First it is really important to understand what taxes we are talking about. Ebay is REQUIRED BY LAW to collect and remit sales tax for about 42 states. These taxes are paid by the BUYER, not the seller. So the taxes Ebay collects has shouldn't be a deciding factor for you to become a seller.
Every transaction on Ebay is a business transaction. There are NO personal transactions on Ebay. This doesn't mean you have to be set up as a legal entity or company nor do you have to be registered with IRS as some type of corporation or LLC. Most of us likely operate as Sole Proprietors and report our earnings under our SSNs.
For many sellers that come here just to sell off some stuff they bought at some point but no longer use never end up paying income tax on the money earned here. But that doesn't mean you don't have to claim it / report it. For many sellers once they claim their income on the appropriate form for your Federal Income tax and you take away your expenses, if you are at a break even or loss on selling YOUR used items, then it has no impact on taxes owed. But keep in mind this is for selling your own already owned items. The moment you start selling stuff for others or buy used or new items for purposes of resale this changes.
Track your expenses. All of them. Keep good detailed records. If you don't have receipts for those items you bought on Ebay, you can likely go back into the history of your purchases here and find it so you can print it out.
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