mam98031 • Volunteer Community Member • Buyer/Seller since 1999
@organicbrightblueeyedlori wrote:It's totally understandable I may stop selling here too. Don't like the new process at all, the instant Paypal payments were the main reason I use eBay. The point is everything I sell is my own personal property that I already paid for and paid taxes on when I purchased it. Why should I have to pay taxes on what I get for selling it now that I don't use/need it. Selling it is kind of like getting a refund on what I no longer want. I see this as an online garage sale.
It appears you have a misunderstanding. You were ALWAYS suppose to be claiming the money you were paid on Ebay on your Federal Tax Returns. This is not something new and has nothing to do with MP or how they report. Whether your money runs through PP or MP, it makes no difference. The IRS rules are the IRS rules.
Because you see it as an online garage sales doesn't mean IRS does, nor does your definition over-ride IRSs.
MP and PP operate under the same rules and laws of IRS and the Federal government.
https://www.findlaw.com/tax/federal-taxes/do-you-need-to-report-your-online-sales-to-the-irs.html
https://www.irs.gov/pub/irs-prior/p525--2019.pdf
@sogoodgreen wrote:Is the simplicity of the system being mucked up? My wife maintains our checking account with a fierce overview and the idea of having ebay sales, adjustments, refunds etc reported on the account register is really upsetting. With PP I have always tried to sell enough to pay for my purchases on ebay; without the sales revenue I would have to fund PP from my banking account and that interferes with my buying; As for the security of the information given to ebay, I have read the policies and could find nothing that related to the security of SS #'s, reporting requirements, etc. It is I am sure covered somehow in the "general" language! With PP I have a high degree of trust ...Over the years, I've noticed that more and more merchants accept PP and it helps to reduce the need to give our credit card info online; oh well!!!!!
I'm not sure how I can help you. Once you are in MP you will need to fund your PP account if you want to use it to purchase stuff or use a credit card, your choice. Sounds like a heart to heart with the wife is needed on the subject.
IDK what policies you've read. Maybe just not the right one as there are so darn many of them to choose from.
https://pages.ebay.com/securitycenter/index.html
https://pages.ebay.com/seller-center/service-and-payments/managed-payments-on-ebay.html
Yet I bet you reap the benefits of what those taxes provide. Something as simple as roads and bridges, what would you do without them?
@etroxel wrote:Pay pay is a bank. eBay is not. The only three institutions that should have your ss is your financial institutions you deal with, your employer and of course IRS. Giving it to any one else leaves you open to identify theft.
PayPal is NOT a bank. They are NOT FDIC insured. They are registered as a Money transmitter, that is not the same as a bank. Ebay is also registered as a Money Transmitter.
It is absolutely fine to fight giving MP your SSN, you have the right to do that. However it will change nothing no matter how hard you fight it. Either you enter MP to continue selling on Ebay or you can't continue to sell on Ebay once they notify you it is time to move into MP.
Ebay is required by LAW to get the SSN. Both because of the 2020 Anti Money Laundering Laws and because of IRS requirements. Just like PP is and all other sites that have their own money processing system.
Anytime you share information like this ups your risk of identity theft no matter who you are supplying it to. So you are wise to be very cautious of who you give this info to.
@madisonjames wrote:Responses that address tax reporting miss what concerns me more - one more location with me SS number and other personal information that a hacker can access. YES, Paypal has my SS. Why should I have to give it to Ebay another hacker target simply because of some corporate decision that benefits them, not me?
I would VERY much like to not give my SS number to match my address, and phone number to yet another institution to suit their whims. To repeat the point, PayPal works just fine. What is the benefit to me of this change?
You can continue to sell on Ebay. Well if you consider that a benefit.
@madisonjames wrote:I object to having another HACKABLE company holding my SS number, my name, my phone number, my address!! Don't tell me EBay is unhackable!!
Why this change? It doesn't benefit me. Is this some corporate spat between Ebay and Paypal? AND at my expense. Another site with everything a hacker needs to steal your identity?
What else will a hacker need to steal my identity? NOTHING MORE NEEDED TO STEAL MY IDENTITY!!!
PEOPLE, PROTEST!!
OK, ANY internet site can be hacked. ANY of them.
Ebay is 25+ years old. Ebay has had plenty of info stored over the years on some sellers that could cause identity theft. And they have protected it very well for all those years. We can all only hope that this record continues to be true as more and more of us entrust them with more information. There is no reason to believe they won't.
The WHAT IFs of life can drive you crazy. If this is something that you want to hang you hat on to justify to yourself why you do not want to go into MP, it simply is NOT necessary. You don't need any reason other than you don't want to. That is enough as it is your decision to make, no one else. The fact you don't want to is a good enough reason if you need to have a reason.
