6/5/2023 0 Comments Reverb lp gift cardSo I decided to list a few things on Reverb this week and this popped up on their site ( US tax reporting rules have changed for 2022.To be honest, when I heard about Reverb LP's closing, I was surprised. We'll need some info from you if you sell $600 or more this year). Hmm, Interesting as I thought the amount was originally 20,000 in sales and you would receive a 1099 and I guess this is the new norm. I pay my taxes and get how it works but my fair share just got to be more than my fair share. WTF I feel this is total bullshit and I guess I may be done altogether selling with Reverb/Ebay, but what's next are they going to monitor PayPal etc? I understand this for a business that sells on there but for the guy who is just buying and selling used gear just to try new things and hardly ever making a real profit if any as I usually take a loss or if I am lucky just break even it seems like overreach and is quite invasive not to mention now I have to prove at the end of the year that I didn't make a profit. If your just buying gear and flipping for feeding your gas addiction and the used gear has already been taxed when it was originally new I see no reason why this is a requirement other than double dipping and taxing us over and over again which is total Bullshit! Yes I realize this is only if you make a profit over 600.On May 19, 2020, we removed Reverb Bucks as a payout option. When an item sells, your funds will simply be deposited directly into your bank account. What happens if I don’t add a bank account right away?ĭon't worry if you don't have a bank account on file-your money will simply stay in your account as your Payout Balance until you add a bank account. How long will it take after I sell something for my money to be deposited into my bank account?ĭepending on your specific bank, payouts may take 1-3 business days to appear in your bank account after initiated by Reverb. On May 19, 2020, all Reverb Bucks acquired via selling will be converted to your Payout Balance. Why are you renaming Reverb Bucks to Reverb Credits? On May 19, 2020, all Reverb Bucks acquired via gift cards will become Reverb Credits. We want to make a clear distinction between money you have on Reverb that can be used to purchase gear (Reverb Credits) and money you have on Reverb from selling that can be paid out to your bank account (Payout Balance). I have Reverb Bucks from a marketing promotion. On May 19, 2020, all Reverb Bucks acquired via marketing promotions will become Reverb Credits. Reverb Credits can be used to make purchases on Reverb but are not withdrawable. I use Reverb Bucks to buy gear directly on Reverb.Īll original terms and conditions of the associated promotion will still apply-for example, if your promotional Reverb Bucks expire on a particular date, the converted promotional Reverb Credits will expire on the same date. Reverb Bucks will no longer be a payout option, and Bucks received from selling prior to May 19 will be converted into your Payout Balance on May 19. When an item sells on or after May 19, your funds will simply be deposited directly into your bank account. Purchases will not be able to be made directly from your Payout Balance. Reverb Bucks acquired via gift cards and marketing promotions can still be used to purchase gear on Reverb after May 19, but they'll be called Reverb Credits starting May 19. Why are you removing Bucks as a payout option?Īs part of our continued commitment to the safety and security of our platform, we are evolving how we handle all payouts on Reverb. We are making this change to create a more consistent payout process across all sellers and improve our accounting practices.
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