Consigning/buying with The Real Real TRR

[bababebi]

If you are selling your items at a LOSS, i.e. for less than the original purchase price, there is no income. No tax is due. If you sell your items anywhere on any site or even to your next door neighbor for more than you paid to acquire them that is indeed income and may need to be reported.

I don't see that TRR is in a position to make any determination that the proceeds paid to their consignors from sales on their site are income. I am sure that for most of their consignors there is no income at all. Just an amelioration of loss.

I think it might be jumping to conclusions to think that tax reporting is the reason they asked for SSN and DOB.

We will see.

 

[momoc]

I've been asked for it too. They say it's only required it if you select "direct deposit" as your payment method, so I changed my payment method to a check (via mail), but they somehow are STILL asking me to submit the information. It makes me wonder why...

ETA: I believe I also got an email but it's not just the email - if you log in and go to "my sales" on their website, there is a banner asking you to provide the information too.

 

[jennlt]

I've been asked for it too. They say it's only required it if you select "direct deposit" as your payment method, so I changed my payment method to a check (via mail), but they somehow are STILL asking me to submit the information. It makes me wonder why...

ETA: I believe I also got an email but it's not just the email - if you log in and go to "my sales" on their website, there is a banner asking you to provide the information too.

Have any of you ever sold anything on TRR? I have, so I'm wondering if they want this information for tax reasons - e.g., if you sell over $x amount, they would send the IRS and you the tax form??? Uggh .. HATE THAT!

The payment method for my sales is by check and maybe that's why I didn't receive an email. It's also been about six months since I've sold anything. I will find somewhere else to consign if they require that information in order for me to keep selling with them.

 

[momoc]

The payment method for my sales is by check and maybe that's why I didn't receive an email. It's also been about six months since I've sold anything. I will find somewhere else to consign if they require that information in order for me to keep selling with them.

Yeah I also have an item I’m currently selling so that could also be why. Still this makes me not wanting to sell any more with them from now on.

 

[1LV]

There is no way I would provide this info to anyone who requested it via email. Go to their website, get the phone number and call them to ask if they sent a request and why.

 

[CeeJay]

I've been asked for it too. They say it's only required it if you select "direct deposit" as your payment method, so I changed my payment method to a check (via mail), but they somehow are STILL asking me to submit the information. It makes me wonder why...

ETA: I believe I also got an email but it's not just the email - if you log in and go to "my sales" on their website, there is a banner asking you to provide the information too.

CORRECT .. but why would there be a difference re: "Direct Deposit" versus a Check??? .. that makes NO SENSE to me whatsoever!

 

[CeeJay]

There is no way I would provide this info to anyone who requested it via email. Go to their website, get the phone number and call them to ask if they sent a request and why.

I have not done it and have ZERO plans to do it!!! I have not consigned anything to them in a very long time because of all the F/U's that occurred with too many of my sales! The worse is that they "LOST" 3 pieces and for six months did nothing; I had to call in an attorney (thank god he is a dear friend - so no payment required) .. to send a letter (and my email) to their CEO. Next day, I got payment on the "lost" (they were actually stolen by TRR staff) items .. but alas, they still got their 20%!

 

[CeeJay]

If you are selling your items at a LOSS, i.e. for less than the original purchase price, there is no income. No tax is due. If you sell your items anywhere on any site or even to your next door neighbor for more than you paid to acquire them that is indeed income and may need to be reported.

I don't see that TRR is in a position to make any determination that the proceeds paid to their consignors from sales on their site are income. I am sure that for most of their consignors there is no income at all. Just an amelioration of loss.

I think it might be jumping to conclusions to think that tax reporting is the reason they asked for SSN and DOB.

We will see.

BOOM!!! .. this is WHAT I HATE!!! Nowadays, most folks do not make a profit .. at least I haven't in a very long time! So, why should I have to pay taxes on what I've sold! As I said before, when I have bought the item, I'm paying Sales Tax .. and then I have to pay Income tax when I sell it .. HECK NO!!!

 

[Cosmopolitan]

I sold items on the Real Real as recently as last month, and I’ve always used direct deposit, and I haven’t received any such emails and I see no pending request for my info when I log into my account. Weird. In fact I still have a few small items for sale there.

 

[lulu212121]

Have any of you ever sold anything on TRR? I have, so I'm wondering if they want this information for tax reasons - e.g., if you sell over $x amount, they would send the IRS and you the tax form??? Uggh .. HATE THAT!

Yes I have sold on their platform. It's been almost a year (April), though.

I've been asked for it too. They say it's only required it if you select "direct deposit" as your payment method, so I changed my payment method to a check (via mail), but they somehow are STILL asking me to submit the information. It makes me wonder why...

ETA: I believe I also got an email but it's not just the email - if you log in and go to "my sales" on their website, there is a banner asking you to provide the information too.

When @CeeJay posted, I logged into my account and there is nothing asking me to update my info. I do have my payouts as a check. Not sure if this makes a difference like you posted.

My items were sold at a severe loss. I know this going in, though.

ETA: I've been selling since 2014. Not sure if that makes a difference either.

 

[jyyanks]

I didn't receive an email and I sold a couple of Hermes bags on TRR. I requested my payment in the form of a check.

 

[QuelleFromage]

eBay doesn't take your SSN and DOB (any least they've never asked for mine and I sell bags there frequently), why would TRR?

 

[CeeJay]

eBay doesn't take your SSN and DOB (any least they've never asked for mine and I sell bags there frequently), why would TRR?

Oh yes they do .. IF you are a "Business" .. hence the reason why I have never set up myself in that manner! In addition, I believe that if you sell over a certain amount ($20k maybe - not sure) .. they will send you a 1099, so they will ask for your SSN.

 

[TraceySH]

I am just now at 6 figures selling with them (about 5k a month or so for quite some time) and they've never asked me this. Could it be the state you're in requiring something from them for taxes?

 

[kbell]

Why don’t you just call them and ask them:

A. Did they actually send that email?
B. WHY do they need your SSN?

??