mam98031 • Volunteer Community Member • Buyer/Seller since 1999
@bghunter916 wrote:dont let others kid you, pp does not have everyones ssn , fact "" they dont have mine n wont get it either. not saying they dont try to get it but if you dont want to give it "DONT"..
MP is only requiring the last 4 digits unless it is clear that the seller will require a 1099K for 2021. For those giving the last four digits, MP will contact you again for your full SSN when and if it appears you will hit those thresholds for a 1099K as they are required to follow federal law.
@u_cant_take_it_with_u wrote:I'm afraid that may not be
@mam98031 wrote:
@lucy10sammy wrote:my question is this (you seem to be more willing to help)...for tax year 2020, if I go over the $20,000 total sales, with MM and PP will they 1099 me? or do they figure seperately? so I can say do $12,000 each with MM and PP, I hope I have explained this right. thanks for the help.
They are completely separate companies with no access to each others business records. They couldn't combine these numbers any more than if you sold on Amazon, Etsy or any other site. They do not reach out to each other to try and find out if any given seller has hit the thresholds. Each company is responsible for for THEY process, nothing more and nothing less.
You are doing fine. If you had $12,000 processed by PP and $21,000 processed by MP, you would received a 1099K from MP but not from PP. However both amounts still need to be represented on your tax returns.
Whether or not a 1099K is issued is NOT the decision point of when income goes on your taxes. All income is to be claimed on your taxes. IRS does not have a minimum threshold for this anymore. Years ago it was $600 or so, but they did away with that.
Feel free to keep asking questions until you completely understand. I'm happy to help if I can.
Not entirely true. I have been selling on eBay almost since it's infancy and I have never given my SS number to PP. Also, eBay would like us all to believe that they have no connections to PayPal anymore, which is not 100% true. If they want to extract money from your Paypal account, (which would be similar to one tapping into their ex-spouse's checking account, long after they've been divorced) they can do it for whatever reason and do it easily. So favor me on how eBay could possibly do that unless there wasn't a little bit of canoodling left between them and PP? This is not a rhetorical question, as I would really like to know the answer to it. And as far as this relationship (or UN-relationship), between eBay and PP, it's rather like saying a little bit deceased....One either is, or isn't. And if eBay does still have a finger in PayPal's pie... Why all the skullduggery to cover it up? This is just how I see it being on the outside looking in.... If I'm [verifiably] out to lunch on this, I can respect that
My post you are referring to didn't say that.
There is a difference between having an operating agreement with PP to process payments on Ebay and what that entails from having access to private account information. The two just aren't the same. Certainly Ebay can require PP to put money on hold, why shouldn't they have that option??? Can Ebay require PP to turn over private account information, NOPE!
Ebay has never said they have "no connection" with PP anymore. That would clearly be a very silly thing to say when we all know that PP is still the primary money processor for most sellers and that buyers are free to use PPs services. Of course they have connections, but again, those connections don't allow them to share private account information.
"Why all the skullduggery to cover it up? " I don't know what you are referring to here. You'll need to be more specific. I can tell you that there is a lot of bad information on this subject on the threads that is for sure.
@dthurston wrote:Maybe I don’t want to hand over my ssn to eBay because I don’t trust them with that info. I didn’t give my ssn to PayPal.
MP is only requiring the last 4 digits of your SSN if you have a history of not meeting the threshold for 1099Ks needing to be created for your account. At a later date they may require your entire SSN if that changes.
@dapper921 wrote:I, for one, have never given paypal my ssn. Also, the idea that because you have already given your ssn to paypal you should have no problem giving it to ebay, doesn't give me confidence. Ebay has been hacked (at least) once. Thieves and hackers knowing that ebay now has millions of ssn's, makes them an even more lucrative target. perhaps ebay has made a statement about security of your ssn, but I have not heard it. will it be stored independently of your other data? encrypted? written into their privacy policy?
in short, don't trust them. I sell only 1or2 items a year. For me, it's not worth the risk. If I must give them my ssn
to sell, I"ll stop selling. Not a great loss, but inconvenient.
You are correct, Ebay has been hacked once. In 2014. And because of the security Ebay had on our information, not a drop of financial information was breached by the hackers. So that should make you feel better not more concerned. The encryption on the info held up.
Not a great idea to pass around incomplete information either.
@docsi5 wrote:Everybody is talking like the intent is tax evasion. I'm mainly very concerned about identity theft.
I never gave my social security number to Paypal. After a few years Paypal suddenly changed it so I had no cash account with them and couldn't keep money there as I had been previously doing. Everything came and went directly to/from my credit card or bank account. When I said I wanted to have some money in Paypal again for quickie payments (not related to eBay), or refunds or whatever, Paypal said I needed to provide my SSN. So I did NOT do that; I kept everything as it was.
I do not trust eBay in any way with my SSN information. And other areas have been moving away for years from making individuals provide their SSN. It used to appear on our Driver's Licenses; they did away with that due to identity theft concerns. eBay is going in the wrong direction on this.
I think that is a bit unfair. You are correct there are SOME posters talking about that and for good reason, there are some sellers that used PP to hide income. Some posters have even come out and said that on various threads.
But to say "everyone" it talking like everyone is trying to commit tax evasion, is a real stretch and would certainly be inaccurate.
You can easily fund your PP account from your checking account anytime you want to. It is just a simple transfer to accomplish that.
Drivers licenses are ONLY needed when MP is having trouble identifying someone's identity. MP is now only requiring the last 4 digits of the SSN unless you have already proven to be a seller in which a 1099K will be required. Then if that is the case, MP will require your full SSN.
Ebay has kept are info secure for over 25 years. There is no reason to believe that suddenly because they are implementing MP across the platform that they are going to reduce security. However it is always a good idea to be cautious as ANY internet site can get hacked.
@dapper921 wrote:you're right, no financial info was stolen (not sure who knows that, absolutely, but...), but they DID get email, password info, birth dates, and mailing addresses, sorry if that doesn't make me feel better.
Back in 2014 when this happened, our email addresses were given to every single person we had a transaction with. This wasn't top secret information by any stretch of the imagination.
Yes they got passwords, but they were Encrypted and they were NOT able to break the code so they could get to more sensitive information. We are 6+ years on the other side of this and no seller that I'm aware of reported any ill effects of this.
