Not Sure About Ebay

[Marty Bufalini]

I got a notification from ebay to update my info so I can get paid. I know they are no longer using PayPal. But when I went to update my personal info, ebay wants my social security number, which I am very uncomfortable giving them.

Is this on the up and up?

Thanks.

[tictalk]

Unfortunately it is , I finally gave in and did it last month

[epigramophone]

eBay and PayPal are no longer associated companies, so eBay are now deducting their ever increasing fees at source and paying the net sale proceeds into the seller's bank account. It follows therefore that if you wish to continue selling on eBay you will have to give them your bank account details, which for security reasons I am not prepared to do. In the UK they have not yet demanded our National Insurance numbers, but I would not put it past them to try.

Most business sellers have had to knuckle under, but I as an occasional private seller who does not need the money can choose not to. If I ever decide to resume selling on eBay I will open another separate account with a different bank, purely to receive their payments which will then be transferred elsewhere.

[52089]

I got a notification from ebay to update my info so I can get paid. I know they are no longer using PayPal. But when I went to update my personal info, ebay wants my social security number, which I am very uncomfortable giving them.

Is this on the up and up?

Thanks.

Yes, it's necessary because eBay will be reporting your sales info to the IRS on a 1099-K each year if you meet or exceed the Federal or State reporting thresholds. Since the data is used for reporting (potential) income, your SSN is required. The Federal threshold is actually $20K or 200 sales, so if you're just selling a few things here and there you probably won't get data sent to the IRS. However, some states have a threshold as low as $600 (including mine, unfortunately).

You'll need to start keeping records about what you sell, associated fees and expenses, cost of goods sold, etc. so that you can file appropriate forms and pay taxes correctly.

[gramophone-georg]

I got a notification from ebay to update my info so I can get paid. I know they are no longer using PayPal. But when I went to update my personal info, ebay wants my social security number, which I am very uncomfortable giving them.

Is this on the up and up?

Thanks.

Marty-
It is, but there's a workaround. You can apply for an EIN number for free and get one within minutes, even just as an individual:
https://www.irs.gov/businesses/small-bu ... ein-online

Use this for your eBay Managed Payments account rather than your SSN if you prefer. As long as the name on the EIN, attached bank account, and eBay account all match, you are good to go.

Hope this helps.

[oliver]

So does eBay now send you a Form-1099 for the proceeds of your sales? I haven't sold anything in years.

[bigshot]

They're required to report to the IRS over a certain amount.

[Marty Bufalini]

Gramophone Georg

I have an EIN and the site wouldn't accept it.

Thanks,

Marty

[gramophone-georg]

Gramophone Georg

I have an EIN and the site wouldn't accept it.

Thanks,

Marty

That's strange- they say they accept it:
https://secureir.ebaystatic.com/cr/v/c1 ... rsize2.pdf

[travisgreyfox]

Great, more taxes.