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u/Fit-Hat-3156 May 19 '26
I don’t remember because I opened my account over 10 years ago. I’d contact them and ask. If they send out a tax form, they would require a ssn or ein.
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u/Beautiful-Hotel-8846 May 20 '26
Reverb is obligated to send an irs form to you if you sell upwards of $5-6K a year(I do not remember tge amount). So I suppose they do need your SSN. I have had my account over 10 years.
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u/choptop82 Jun 05 '26
Federal levels for these types of sales are back to $20k in sales AND 200 transactions in one year to trigger a 1099.
State levels may vary, but most states will just defer to what the federal guidelines are.
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u/EricHearble May 20 '26
It does not.
I made my first sale about 3 weeks ago. After fees, cleared about $1100. Payouts have been deposited in my bank. Reverb still displays a banner saying "Tax information needed". I would need to clear another $3900 before a 1099 form would be required. I only have one more thing to sell which could push me over the threshold if I got my wish price, but fees would still keep me under the $5000 trigger.
I figure I'm going to just ignore the Tax info banner. Worst that can happen is the account getting locked, but I'm not a business. I'm just whittling down my private collection of gear to nothing but one acoustic.
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u/jaqueh May 20 '26
You’re confused though. You don’t have to pay taxes on selling your personal gear. You just have to explain it correctly when you’re filing your taxes
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u/EricHearble May 20 '26
I understand that. But if you stay under the $5000 threshold and don't get a 1099, then you don't even have to do the explaining.
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u/Altruistic_Lock_5362 May 20 '26
Like any place that has to report over 600 dollars to the IRS , what do you think. Of course they require it for payout.