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New Ebay Tax Requirement/Form For 2022 - USA Sellers

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Pillar Of The Community
United States
686 Posts
Posted 03/15/2022   08:52 am  Show Profile Check 3193zd's eBay Listings Bookmark this reply Add 3193zd to your friends list  Get a Link to this Reply
this is from Forbes:
And while this rule applies to most third-party payment networks, Zelle said it's not subject to this law.
Early Warning Services, LLC, the network operator of Zelle, said in an email statement that Zelle doesn't settle funds but rather provides messaging between a financial institution and people making the payments.


Here is info straight from the Zelle site.

Does Zelle® report how much money I receive to the IRS?

Zelle® does not report transactions made on the Zelle Network® to the IRS. The law requiring certain payment networks to provide forms 1099K for information reporting does not apply to the Zelle Network®.

Does Zelle® tax me on money that I receive?

Zelle® is a payment platform. Zelle® does not impose taxes on transactions made on its network. If payments you receive on the Zelle Network® are taxable, it is your responsibility to report them to the IRS. If you have any questions about your tax obligations, please consult with a tax professional.

Will Zelle send me a 1099K form?

Zelle® does not issue 1099K forms for payments made on the Zelle Network®.
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Michael Darabaris
Valued Member
United States
393 Posts
Posted 03/15/2022   12:02 pm  Show Profile Check johnsim03's eBay Listings Bookmark this reply Add johnsim03 to your friends list  Get a Link to this Reply
re: Zelle

I, personally, would not bet on Zelle being able to elude these reporting requirements for very long...

The company is based in Arizona, USA. They can blather all day long about what services they provide, and what they are responsible for, but when the G-Men come after them, they'll quickly change their tune.

John
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United States
10538 Posts
Posted 03/15/2022   12:30 pm  Show Profile Check 51studebaker's eBay Listings Bookmark this reply Add 51studebaker to your friends list  Get a Link to this Reply
Zelle is owned by seven of America's largest banks (Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, U.S. Bank and Wells Fargo) and these companies have a LOT of influence in Washington.
Don
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Pillar Of The Community
United States
1166 Posts
Posted 03/15/2022   1:52 pm  Show Profile Bookmark this reply Add Parcelpostguy to your friends list  Get a Link to this Reply

Quote:
...In my opinion, if the system were to use a fantasy "Stamp Smarter Scheckel" as currency and if it were remain relatively small, it would represent 'more work than it is worth' to come after it (by using a fantasy currency calculating 'value' becomes a much larger time suck for the taxman). But it certainly is a risk and the understanding would be that the system might one day come under the scrutiny of the tax man.

I have two issues with investing my time in something like this; first is the jerks in out hobby. The 'know it alls' who have a grudge and would not think twice in trying to take down the work which a system like this represents. Second is the ethical issue of dodging taxes. Staying under the radar does not make it right nor does the perspective 'everyone dodges taxes'. Real business owners, those who are setup with the IRS as a business, should not have to shoulder the tax burden while 'wannabe dealers' skate. So a system like I imagine would be only for true hobbyists looking to only barter a few things each month. No 'stores' or unlimited listings, there would be a cap on the number of transaction or "Stamp Smarter Scheckels"....

Don


Yet more Russian sanctions come home to roost on the shoulders of Americans to help Ukrainians.


Senator Warren seizes on fears over crypto and sanctions with new bill (3-9-22)

If passed, Elizabeth Warren's new draft crypto bill will require local crypto exchanges to submit "detailed records" to the Treasury Department of customers' identities and transfers to private crypto wallets. https://cointelegraph.com/news/sena...ith-new-bill
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18 Posts
Posted 04/20/2022   11:21 pm  Show Profile Bookmark this reply Add caspian65 to your friends list  Get a Link to this Reply
Zelle is a bank to bank transaction as mentioned, but like a wire transfer, there are no 'take-backs', once the $$ goes out of the account, that's it. Card payments and Paypal/Venmo normally have some recourse.
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