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  • Martin
    replied
    Originally posted by Marmaduke Grigsby View Post

    From eBay: "Sellers can accept a variety of safe and secure payment methods on eBay, including credit cards, debit cards, Paypal, and, if you’re a managed payments seller, Apple Pay and Google Pay."
    I have Apple Pay and they do not have my SS#. I do not use it to accept payments. If I set my account to accept payments they may require my SS#. If the legal requirement will be for the payment processor to manage the tax reporting I can see some processors no longer accepting eBay transactions. It will be interesting to see how this plays out. So basically they have modified federal law to ensure they are they are getting taxes from small online sellers but allow for Nike, Amazon, General Electric and many others to legally pay no federal taxes with accounting tricks. Make perfect sense.

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  • Marmaduke Grigsby
    replied
    Originally posted by Martin View Post

    I was unaware they required your SS# to receive payments on a sale through PayPal. That is interesting. So if the 1099 is coming from the entity handling the payment that simplifies things for eBay. Can you accept payments from other sources on an eBay sale? If you receive payment via Venmo will they also have your SS#?
    From eBay: "Sellers can accept a variety of safe and secure payment methods on eBay, including credit cards, debit cards, Paypal, and, if you’re a managed payments seller, Apple Pay and Google Pay."

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  • Martin
    replied
    Originally posted by Marmaduke Grigsby View Post

    The 1099-K was from PayPal. You have to provide your SS# to them to use PayPal as a seller.
    I was unaware they required your SS# to receive payments on a sale through PayPal. That is interesting. So if the 1099 is coming from the entity handling the payment that simplifies things for eBay. Can you accept payments from other sources on an eBay sale? If you receive payment via Venmo will they also have your SS#?

    Leave a comment:


  • Marmaduke Grigsby
    replied
    Originally posted by Martin View Post

    How did eBay get your SS# to issue a 1099-K?
    The 1099-K was from PayPal. You have to provide your SS# to them to use PayPal as a seller.

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  • Martin
    replied
    Originally posted by Marmaduke Grigsby View Post
    Illinois reduced the threshold to $600 last year and I was unaware of it until I got a surprise 1099-K for in the mail from PayPal.

    I had to go back and try to itemize all of my purchases ad expenses, and fortunately I was able to accomplish that so I didn't have to pay taxes on my roughly $10,000 in PayPal funds received. The unfortunate part was that my wife then saw how much I spent on books and comics.

    I will now try to use eBay and PayPal a lot less, but it does hamper my selling ability to do that. It is a Catch 22.
    How did eBay get your SS# to issue a 1099-K?

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