Quote:
Originally Posted by JohnnyHarmonica
But what about the people who have been selling hundreds of thousands of dollars of goods under the radar ? They either have to get multiple accts or limit themselves to sales or report income. We are talking about millions of dollars here. So less sales will equal less revenue for ebay. My unprofessional advice would be to sell ebay stock soon but I am no expert and really don't know anything, I guess time will tell.
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Multiple accounts won't help. Anyone who Ebay determines may be close to the limit will be asked to supply Ebay/Paypal with a Social Security Number (or an EIN, for a business.) Multiple accounts will be liknked to either your specific SSN or your EIN.
Yes, I suppose that some sellers could stop selling on Ebay, but other avenues to sell through are just as easy for the information to be tracked (unless you think there will be a resurgence of weekly card shows.) Other, large auction houses will be next. Any credit card sales are already tracked, through the bank.
I would never advise anyone concerned about paying profits on taxes that the solution is to do less sales. I do wish they would all pay the required taxes on their profits.