To all you Ebay sellers out there...

[diggummup]

How many of you have received an email similar to this one? ---

Dear XXXXXXXXX, (Name removed to protect the gulity)

We're asking for your tax ID number due to new IRS rules. Your tax ID
number is one of these:

- Your Social Security number
- Your Individual Tax Identification Number
- Your Employer Identification Number

We'll use your tax ID number to send tax Form 1099-K to you and the IRS
when the payments you receive exceed both of these milestones in a calendar
year:

- $20,000 in gross payment volume for goods or services
- 200 payments for goods or services

We want to help you continue to sell with PayPal and to avoid any
interruption to your account. It's easy — here's how:

1. Log in to your PayPal account.
2. A message will appear asking you to update your information.
3. Click Provide Now.

If you have multiple PayPal accounts, repeat these steps for each account.

We appreciate your help in complying with these IRS rules. For more
information, see our FAQs on the IRS reporting requirements:
www.paypal.com/irs

Sincerely,
PayPal

 

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[brendan1414]

unless you are selling 20 grand in goods, i wouldnt give anyone a thing. looks to be a good scam to me.

 

[famous turtle treasures]

I have not received one, but then again they already have my social security number and I am over the $20,000.00 mark for the year.

 

[diggummup]

I'm nowhere near 20k in sales. I may be close to 200 payments.

 

[brendan1414]

I'm nowhere near 20k in sales. I may be close to 200 payments.

It says you must exceed BOTH criteria, so you should be safe

 

[creeper71]

i thought this was one of those scam emails til I googled an found this
https://cms.paypal.com/us/cgi-bin/marketingweb?cmd=_render-content&content_ID=marketing_us/IRS6050W

 

[famous turtle treasures]

I'll be looking out for that tax form.

 

[diggummup]

Yeah, it's legit but I don't understand why they want my ss# when I don't even have 10k in sales. It's not something I like to hand out freely. Matter of fact you kinda gotta twist my arm.

 

[famous turtle treasures]

I had to give it to them so they would remove the $500.00 cap for transfers. I wouldn't give it to them if I were you.

 

[creeper71]

I had to give it to them so they would remove the $500.00 cap for transfers. I wouldn't give it to them if I were you.

I did the same exact thing Turtle

 

[diggummup]

I have 2 paypal accounts. Come to think of it I believe they already have mine too, I can transfer more than $500 and I have a debit card. I think I gave it to them years ago. This is on my newer (micro) account that I use for items $!0 and under. Maybe they don't know i'm the same person?

 

[Brian B]

New federal laws. I sell on Amazon, and I received the same thing, and had to apply by the new year. It was 20g or 200 transactions for the law, but Amazon is requiring it for any number of transactions over 50 as their own policy.

 

[Fla-Gal]

Big BROTHER_ the feds and states will soon be requiring that $$$--taxes be paid for all online sales.....soon they will be checking for those who do "yard Sales" like antique dealers who do not report/charge sales tax. HUGE amts of LOST tax revenue that is now needed to help pay for O-CARE,ETC. GOTTA LOVE IT......

 

[Rooter]

The link says you must exceed $20K in sales and 200 payments (not or 200 payments). They also say they will combine the multiple PayPal account totals. I guess they'll be monitoring the "Barter" section of "Craigslist" next.

 

[woodstock]

Don't blame Ebay. Blame the sticky fingers of our fine Government. Besides that, if your selling so much that your a business then why shouldn't you have to pay taxes like a business? I've had a small business and had to pay my share. And they will never regulate garage sales so to post that was just silly venting. This was bound to happen when 1000's of people are making money without tax regulation. As Americans we are free but not free of taxes. For awhile it was a free ride and many enjoyed the freedoms of turning profits without being taxed. Now their making people who make lots of money and have whats considered a on line ebay business pay their share. If that's wrong to you then try another way to make $20,000 in a business tax free and then do it. Find somewhere else to sell your stuff to a worldwide market and good luck with your search. IMHO, Woodstock

 

[Grebo]

It is a scam and I recieved one in my spam box few days ago. Look at the full header and you will see that it was from paypall.com with two L's. I hope you didn't give them any information.

 

[woodstock]

Good that you pointed this out. A good what to check is just go to ebay and read your messages. If it's offical then it'll be there. HH, Woodstock

It is a scam and I recieved one in my spam box few days ago. Look at the full header and you will see that it was from paypall.com with two L's. I hope you didn't give them any information.

 

[Rooter]

Grebo, I not sure what you received but the link provided above looks legit. I will have to check on that myself.

Woodstock, I didn't see anyone blaming EBay or PayPal for the recent change in reporting.

I personally don't like the fact that I have to pay sales tax on a used item or why sales tax must be collected everytime a used item changes hands. Sales tax should be charged on an item 1 time when it is sold new.

I pay income tax on my initial earnings, sales tax when i purchase an item, and now they want me to pay income tax again when I sell it. If I sell an item for less than I paid can I get a deduction? JEEZ!

 

[creeper71]

Grebo, I not sure what you received but the link provided above looks legit. I will have to check on that myself.

Woodstock, I didn't see anyone blaming EBay or PayPal for the recent change in reporting.

I personally don't like the fact that I have to pay sales tax on a used item or why sales tax must be collected everytime a used item changes hands. Sales tax should be charged on an item 1 time when it is sold new.

I pay income tax on my initial earnings, sales tax when i purchase an item, and now they want me to pay income tax again when I sell it. If I sell an item for less than I paid can I get a deduction? JEEZ!

I agree they should let us buy a ebay license so we can buy our stuff for tax free..lol

 

[woodstock]

Grebo, I not sure what you received but the link provided above looks legit. I will have to check on that myself.

Woodstock, I didn't see anyone blaming EBay or PayPal for the recent change in reporting.

I personally don't like the fact that I have to pay sales tax on a used item or why sales tax must be collected everytime a used item changes hands. Sales tax should be charged on an item 1 time when it is sold new.

I pay income tax on my initial earnings, sales tax when i purchase an item, and now they want me to pay income tax again when I sell it. If I sell an item for less than I paid can I get a deduction? JEEZ!

I agree they should let us buy a ebay license so we can buy our stuff for tax free..lol
I have to agree about taxes, but even resale shops have to pay them at the end of the year unless there not for profit. Now if they sold a ebay license what would you be willing to pay for it? And would you agree to paying a yearly fee to keep it current? Just wondering. HH, Woodstock