mam98031 • Volunteer Community Member • Buyer/Seller since 1999
@privatecollection7777 wrote:You are right. Most small sellers are just selling stuff they already paid for to clear the house, etc.....Most occasional sellers buy more then they sell and whe they sell and ship they usually break even. There is NO good reason why they must disclose their social security number to do so unless they are a business. And if they are a business, then they need to get a tax ID.
True but the two types of selling are treated differently when it come to claiming income at tax time. So if you do a combination of this type of selling you may want to do it with separate selling accounts.
Stuff that is your own and you are just selling it off to get rid of it, may not be taxable, but check the IRS rules for your particular situation or consult a tax expert to make sure you do this correctly.
But if you buy stuff with the intent to resell, whether that stuff is new or used, that income if fully reportable to IRS and your state. Even if you only break even.
Ebay is required to follow the federal laws, so if you feel you should not have to claim your income, Ebay isn't going to give you a special pass, you are going to have to take that up with IRS.
MP is only requiring the last 4 digits of your SSN unless it is clear you are going to meet the minimum thresholds for needing a 1099K to be filed.
@privatecollection7777 wrote:I made the mistake of putting my bank account onto my eBay account because eBay threatened to disable all my listings! Then they wanted my SSN to verify my identity after I have been buying on eBay for over 2 decades. I refused. I tried to dele my bank account and was told I could not get it off my account even though I was not selling. I took down all my listings and will no longer be buying either. Twice my eBay account was hacked into where my recently viewed listings were those of somebody else. I had to put a block on my bank account because eBay refused to remove it from my eBay account.
Your account getting hacked was NOT the site getting hacked. It was limited to your account. You need to take a look at your firewalls and other security you have on your own system to see where you might be able to improve this. Ebay is not at fault for individual accounts getting hacked.
In a era of wireless and mobile access, we have to be extra careful but sometimes even that isn't enough.
I had my PP account hacked last summer, so I fully understand the stress and anger we feel when something like this happens. But PP was not at fault. We were able to determine how they got in, but I'm not sharing that in an open forum.
Now there is a little test you can run for yourself that may make you feel better. Go into you MP account and look at your financial information. You will likely notice that the number do not show in there entirety. Even when someone does hack into your account, they can't see the full information either, it is encrypted / protected from it being visible to them.
@dnasilver wrote:For 2020 it is 20K and 200 transactions - so you can do 199 transactions and sell 10 trillion and no 1099, unlike 2021 one or more transactions and 600 bucharoos will get you a 1099. Just because you did not get a 1099, if you have taxable income it should be on your return.
Depends on your state too as at least 8 states have now passed laws to have 1099Ks issued. Some of those states have a threshold of 1 transaction and /or $600.
@docsi5 wrote:Yes, my use of "everyone" was a form of expression. Of course not every single poster walking the earth said it was for tax evasion. But I saw many posters making the assumption that the reluctance to use Managed Payments was for tax evasion. I'm sure most reasonable people got my point.
And as other posters have said, eBay HAS HAD data breaches in the past. And now the data will be more enticing to identity thieves as that much desired piece of data, SSN, will now be stored there for every seller (and per eBay, it's SSN or Business Tax-ID for every seller, before you attack the use of the word "every" here as an attempt to undermine the point).
And again, the initial instruction page I read for Managed Payments did NOT say only 4 digits of SSN would be stored. If they want only four digits, that's encouraging. But I haven't see that included in the instructions. Perhaps I'll find that out once I'm forced into the Managed Payments process.
"And as other posters have said, eBay HAS HAD data breaches in the past." Just because others have said this does not make it factual. The Ebay site has been hacked ONCE. And ZERO encrypted information was lost to the hackers or accessed by the hackers. So that should actually give you MORE faith in Ebay's ability to protect the information since they withstood that attack in 2014.
Even when you go into review your own account information you can't see your full SSN or your bank account number. Nor can anyone else that logs into your account.
I didn't "attack" anything. I made a statement about you presuming to speak for "everyone".
Try reading through this.
@all_four_seasons wrote:No your wrong. I did not give my $$# to Paypal. I never give that out. Even at the doctor/dentist office, they ask for it....by law you don't have to give it out. All I provided was my bank account.
And as far as Ebay and their new policies including their STUPID seller tools that they have shoved down our throats just recently.....they can you know what. I am going to get completely away from Ebay soon. No buying and no selling.
Ebay has been hacked so many times and so has Paypal. Ebay should only ask that if you are a power seller and sell "x" amount each year ....but otherwise, these mom/pop sellers such as myself don't feel the need we need to do this.
You are addressing a post that was made last year. You are correct, not every account opened on PP was required to give their SSN.
You need to get your facts straight. PP has NEVER been Hacked. Ebay was hacked ONCE in 2014 and no damaging information was lost during or after that hack.
Now if you are referring to how individual accounts have gotten hacked over the years, that would be correct HOWEVER that has NOTHING to do with Site security but the Security we are responsible for on our own devices. Or sometimes it is a random thing that happens where a hacker uses a program that sends out random passwords or account numbers or whatever they are using to try and gain access to an account until they have success.
MP changed the information they required a few months ago. They do not require your full SSN if you are a seller that does not appear they will need a 1099K to be filed at the end of the year. They are now only requiring the last four digits of the SSN.
@all_four_seasons wrote:Snore
You may be bored with what I said however that doesn't change the facts.
@magrace3171 wrote:My friends and I will shut down ebay if they won't allow us to continue selling without giving away the social security n. ....... With the 3rd world country customer service full of people that sound like they just woke up, cannot understand what you are saying and just lie all the way to the end of the phone call .....(which will last 1 hr) .... I can only imagine if someone get a hold of my SSN ...... I have seen horror stories and I won't put myself in that situation. I started to sell in other local platform and I am selling more no questions asked ......
You are responding to some posts that were posted last year. Some things have changed since then and should be considered for you and your friends.
MP no longer requires your full SSN. They only require your last four digits now.
Ebay is not going to give out your personal info over the phone to anyone. This information in encrypted and the customer service people can't even see the entire information to share it with anyone. Even when I go and look at my own account, I can only see partial numbers because the rest in encrypted for protection.
If you have read some stories of others saying something different. Please share links. I too would be interested in reading about this.
