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Thread: Now e-Bay wants my SSN and bank account info . . .???

  1. #111

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    AZ
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    Re: Now e-Bay wants my SSN and bank account info . . .???

    Taxing casual sales was until recent times a technicality, but never enforced. Flea markets, "cash only" barber shops and similar venues, yard sales, auto sales, crop sales (roadside produce stands) were all left alone by the IRS. Today, with everything monitored, tracked, and required on the internet, the loopholes are closing.

    My father-in-law is very anal about "capital gains", and has dutifully reported anything he sells. Actually, he usually gives it away, warning his kids and anyone that listens that "you cannot sell that [old bike, antique dresser] without reporting capital gains!" I've heard him for 30 years, and always ignored the worry. But when you are ID'd and tracked online, it's much easier for the IRS to force your hand (and their outstretched hand).

    My point is for as long as we've had sales tax (not that long really), 90% of the people don't pay it, and no one every noticed.
    Last edited by goamules; 30-Aug-2021 at 13:43.

  2. #112
    Paul Ron's Avatar
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    Aug 2004
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    Re: Now e-Bay wants my SSN and bank account info . . .???

    exactly why cashless society is being pushed. its all about our uncle sam getting his take. i had an uncle like that, he sold glass insurace to stores.

    .

  3. #113

    Join Date
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    El Pueblo de Nuestra Señora la Reina de los Ángeles de Porciúncula
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    Re: Now e-Bay wants my SSN and bank account info . . .???

    Paying taxes is an obligation of a citizen. Paying only tax that is owed is a right as a citizen. Paying too much tax is not being financially responsible. Avoiding taxes by nefarious means is a crime.

    Not everyone agrees with all of those, hence the increased oversight. It is what it is.

    Learning how to address the issue via the appropriate mechanisms (sched c, d or just "eating it" and reporting as income if it takes more effort to do the forms than the tax "savings" will be) is a smart thing to do.

    Voluntarily paying tax on sales not documented by a 1099, for example, is an ethical issue that depends on each persons individual ethics.

  4. #114
    Jeffery Dale Welker
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    Re: Now e-Bay wants my SSN and bank account info . . .???

    As the astute Lennie Pike (aka Jonathan Winters) observed in the 1963 classic movie It’s a Mad, Mad, Mad, Mad World; “Even businessmen, who rob and cheat and steal from people everyday, even they have to pay taxes.”
    "I have this feeling of walking around for days with the wind knocked out of me." - Jim Harrison

  5. #115
    ic-racer's Avatar
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    Feb 2007
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    6,362

    Re: Now e-Bay wants my SSN and bank account info . . .???

    Quote Originally Posted by Oren Grad View Post
    Here's the sum total of what the article says on that:.
    Reads like the intent is to crack down on 'flippers.'

  6. #116
    Tin Can's Avatar
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    Dec 2011
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    20,124

    Re: e-bay and PayPal . . .what-the-heck?

    When I was selling SNAP-ON TOOLS in the poorest part of Chicago

    Many immigrants simply refused to pay Sales Tax

    Police demanded free tools, I gave them Slim Jim door openers and a screwdriver with my name on it

    Drunken large Native Americans sometimes got on my truck and would not leave, wanted to be noticed

    All of these folk needed extra attention

    but nobody attacked me

    nobody killed me

    2 guys in suburbia were found dead with empty trucks

    back then hookers smiled as they flashed


    I had a big tool box unsecured right at the only exit

    I could squash one man if rolling

    Glad I never did
    Tin Can

  7. #117

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    Nov 2022
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    200

    Re: Now e-Bay wants my SSN and bank account info . . .???

    California new law anything over $600 IRS is coming after you and taxing you unless you can show you made no profit.

  8. #118

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    Mar 2020
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    Delaware, USA
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    Re: Now e-Bay wants my SSN and bank account info . . .???

    Quote Originally Posted by Califmike33 View Post
    California new law anything over $600 IRS is coming after you and taxing you unless you can show you made no profit.
    It’s a Federal law, and it went into effect 1/1/22.

  9. #119
    Tin Can's Avatar
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    Dec 2011
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    20,124

    Re: e-bay and PayPal . . .what-the-heck?

    Worse

    As I do not drive anymore, my State ID aka DL has expired

    Now my Credit Union says I must get a new ID to do any banking...
    Tin Can

  10. #120

    Join Date
    May 2002
    Location
    nyc
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    495

    Re: Now e-Bay wants my SSN and bank account info . . .???

    Quote Originally Posted by drj52 View Post
    It’s a Federal law, and it went into effect 1/1/22.
    And it's not just eBay. They have been tracking all bank transactions and online payment sites including PayPal, Venmo and CashApp in 2022. Anything over $600.

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