[Boatanchors] eBay/PayPal

[Rob Atkinson]

Under some circumstances it may be taxable income but this has more to
do with money laundering prevention.  I did some research.  This has
been going on for a few years.   As I understand it, sellers are being
moved to a paypal managed payment system.  This appears to fall under
regulations similar to those governing wire transfers.  There are
anti-money laundering regulations that involve user identification
that have to be complied with such as obtaining your SSN.  I am
uncomfortable with putting PPI, personal protected information on a
website for ID theft reasons, so I'd probably bow out if it were me.
EBay doesn't need this stuff for example I have never had to supply my
SSN or DOB to buy anything.  It's paypal that needs it I think.  It is
in compliance with the Bank Secrecy Act.   Most countries have similar
requirements.  Paypal has to comply.

Rob
K5UJ

On Mon, Feb 1, 2021 at 5:21 PM Rich Arland <k7sz at live.com> wrote:
>
> Has anyone recently checked the email from eBay? If not, methinks eBay has rolled over for the IRS. Apparently (as I read the mssg) after 2-28-2021 you will be paid directly to your bank account rather than PayPal. In order to do this, you have to "update" your eBay account info including providing your SSAN and DoB. Whatcha wanna bet that that info will be sent directly to the IRS after you sell a piece of gear on eBay? Which means you will have to declare this "income" to the IRS when you file each year.
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