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New ebay payments require SS#?

I received an email from ebay and they now will deposit your amount from a sale directly into your bank account.  So, they require your routing and account numbers.  But they also required my SS number, which I'm not sure I like.  They say the purpose is to comply with government regulations.  Is there any reason to think they would transmit the amount of your sales to the irs and issue you a 1099?  I only occasionally sell used items on ebay and don't consider any amount I receive to be taxable income.  Thoughts? 
mtrot
mtrot OP
804 posts
 
@fuzztone
The problem is, I don't know if other families are similar, but in my family, we send each other money via paypal, back and forth, for various occasions, i.e., birthdays, Christmas, Mother's Day, etc.  So, basically, we are sending money back and forth to each other, such that we don't really net anything from it.  But I guess it's possible that one of us might receive over $600 in one year.  Why should anyone in that circumstance have to explain anything on their tax return? 
oregonpapa's avatar
oregonpapa
4,867 posts
 
I just sold a record and bought two CDs on eBay and there was nothing about my SS# anywhere.
theo's avatar
theo
2,690 posts
 
Back to the topic of eBay, the IRS and 1099’s. How can the IRS justify charging income tax on the sale of an item that was paid for with post tax income, sales tax paid at original purchase and sold at a depreciated price. They should refund the sales tax on the depreciated amount. Time to dump some tea in the harbor!
mtrot OP
804 posts
 
@theo
In that scenario, you would not owe income tax.  Even if you go over the threshold for receiving a 1099, it does not necessarily mean you owe taxes on anything.  It depends on the situation.  If you operate on ebay as a business, then you might.  Or if you sell something that significantly appreciated in value during the time you owned it, you might owe tax on  the appreciated value.  That's the way I understand it.
jl1ny's avatar
jl1ny
419 posts
 
Screw eBay, PayPal and the IRS. there are other ways to complete a transaction. Apple Pay, Venmo, Zelle, crypto and old school USPS money orders. No way am I paying tax on a item I already paid tax on when I initially purchased it. 
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