eBay announced on Dec. 20 that the online marketplace will be required to collect Social Security numbers — or Individual Tax Identification numbers — from all sellers who sell product (over the course of the year) worth more than $600.
Effective Jan. 1, 2022, eBay sellers will receive a 1099-K if they sell at least $600 of goods through the e-commerce platform in 2022, with no minimum transaction level. This is down from the current income threshold to be issued a 1099-K by eBay, which stood at $20,000 in annual sales with a minimum of 200 transactions. This may impact the 2022 tax return filed in 2023.
Once the $600 threshold in annual sales is reached, eBay will require sellers to provide their full 9-digit Social Security number or Individual Tax Identification Number before they can continue to sell on the platform. Failure to provide this information will result in payouts being put on hold and the ability to list on the platform may be restricted. eBay may also deduct backup withholding from future payouts.
finance.yahoo.com/news/ebay-announces-mandatory-collection-social-183053624.html