According to Paypal .... https://www.paypal.com/us/smarthelp/article/How-does-PayPal-report-my-sales-to-the-IRS-Will-I-receive-a-1099-tax-statement-FAQ729
And this .... https://www.cnbc.com/2021/03/26/its-going-to-get-harder-to-avoid-telling-the-irs-about-income-from-online-sales.html https://thenextweb.com/news/new-irs-rules-require-paypal-to-report-sales-information The tax seems geared towards those who sell good and services as a business(more than 200 transactions, >$20k a year), not people who sell an occasional used bike frame or other part. Requiring the tax ID number, SSN EIN etc ...... sigh ..... I remember when the SSN was intended to be private way back when.... That said .... is any of this really true ? I ask of myself because in all honesty ..... I call up "the business/organization" and I speak to a representative of the company or organization ..... but never the *actual company* itself. That's right ... the "company" isn't a living being ..... it's a made-up fake entity. A "representative of reputed company" is thus fake too.... (they can only be/represent themselves as there is no other to be than self ). On Tuesday, October 5, 2021 at 2:18:20 PM UTC-4 esoter...@gmail.com wrote: > > Howdy all, > > I just sold a frame to a fellow list member, and the transaction was made > through PayPal goods & services option. I then received an email from PP > with the heading "New IRS requirement – take action now". The body of the > email is as follows: > > [image: D3F78C43-96EF-4845-9A1A-A418640B1F50_1_201_a.jpeg] > > So not only do they want me to provide a tax ID number, but it looks like > they'll now be taxing any transaction over $600! Also, it's not clear > whether this is for any single transaction over $600, or worse, if it's a > cumulative annual total. > > In the past when I've sold something to folks on this list and several > other lists, I usually give the buyer the choice of using friends & family > (FF) or goods & services (GS), letting them know how much I'd like to net > for each item (and letting them know how much extra they would have to add > if they choose GS). Roughly about 2/3 of my selling transactions have been > with FF, usually because this small forum of like-minded folks tends to > foster trust, and most of the items I've sold are less than $200. But the > other 1/3 choose GS, mainly under the guise of transaction security > (especially for a higher priced item). > > But now that we'll apparently be taxed on anything over $600, what other > option(s) are there out there to provide buyer protection without the > seller having to pay taxes or registering an ID number? > > ~Mark > Raleigh, NC > > > > > -- You received this message because you are subscribed to the Google Groups "RBW Owners Bunch" group. To unsubscribe from this group and stop receiving emails from it, send an email to rbw-owners-bunch+unsubscr...@googlegroups.com. To view this discussion on the web visit https://groups.google.com/d/msgid/rbw-owners-bunch/446150c5-c76d-4a1b-99a8-2ade41f8e2c5n%40googlegroups.com.
