Do you really think you'll get $20,000 from market during one year?
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No of course not! I sell my cards for like cents. I then used the money I made to get cards for the badges I do want.
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Then I believe you have nothing to worry about :)
I filled it out and I'm always very cautious when it comes to stuff like this (as you can see here) so ;)
Edit: But then again I'm not from the USA so I didn't have to provide them any SSN or anything like that. I totally forgot about this.
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They have to put that there because taxes and customs are very weird and big, so they are like "Ok, we can send you this stuff for testing, but we cannot account for all the taxes and weird stuff that happens, that's up to you, all right?"
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You don't have to fill it out, They just need it before you can sell more than 200 items.
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https://store.steampowered.com/account/forms/6050w/ That's the URL the form they want my to fill out.
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Stolen credit cards, buy stuff, sell for PayPal. It happened a lot with TF2 keys months / years ago IIRC.
And sorry about very late response, just noticed someone bumped a necro topic.
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Yes, you have to fill it out or else you can't sell anything more.
Also don't forget that you have to buy something from the Steam store at least once a year or else they'll block you from the market. Even if you've given them your SSN. It's crap.
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I know that, but do I give them my SSN or my parents?
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Technically this is to charge you tax on your income. This started with online sellers (eBay, Amazon) who do not pay taxes and the government not having a way to stop them, 200 transactions or $20,000 and you get a 1099-K from PayPal or Amazon and have to add the income to your taxes. On the plus side you can mark the games you buy as a deduction! (THAT IS A JOKE! DO NOT ACTUALLY MARK A GAME DOWN AS A DEDUCTION (unless you only buy it just for the cards to sell, and do not play it for your own enjoyment, then it becomes a business expense.))
With the amount some items get there might be at least a few people this year who get a 1099-K. That will be a funny day.
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Do I have to fill it out though? If I do I give my SSN or my parents?
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First: I am not an accountant and I do not have any knowledge of taxes outside my own experience selling on eBay, so everything I say may be wrong. You give your SSN, but if you have to ask if you give yours or your parents you are young enough shouldn't be giving yours.
Do you have to fill out the form? I would say no, and just sell more 37 cards / items this year. That puts you at 190 which gives you room to for a couple more in case you get a high priced foil or TF2 item. Just make sure to keep it under 200.
Again, I am not a professional and I know nothing. Remember this: "a dude on the internet said..." is not something the IRS wants to hear and does not stand up in court.
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Presumably if the income is taxed, your expenses (ie PC depreciation and maintenance, a portion of your electricity bill, and arguably maybe even a portion of the cost of the games you bought which gave rise to the trading cards whose sales they are attempting to tax) would become tax deductible.
I'm not familiar with US accounting, but if New Zealand decided to treat my Steam trading income as a taxable activity, under current accounting laws I'd have made a thundering loss on the venture, and would be entitled to a rip-roaring tax deduction to offset against my self-employment income :)
Hopefully the NZ IRD will classify Steam trading as a taxable activity in the very near future...
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I had to fill that form out a couple months back because i hit the 200 limit. It's completely legit, and is required by US tax law. Bottom line is if you don't give them the info, you're limited to 200 item sales per year, period. You will not get in any kind of trouble, you just won't be able to list any more items on the market. If you give them the info, you can sell more than 200 items per year. Nothing will come of it unless you make a ridiculous amount of money through the steam market, like tens of thousands of dollars. What happens on the very rare chance that this occurs is that it becomes taxable income you have to account for when filing your income taxes. In your case, it's not ever going to effect you, so if you think you will need to be able to sell more than 200 items in a year, put in your SSN and other info, and forget about it.
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thegaminglyfe when you put in your information that you are a canadian resident, what happened after.
im asking this because i just hit 200 listings and im curious if i should put in my information
will it give me more than 200 listings?
will i be safe?
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Yes. They require an SSN because they want confirmation that you are indeed a U.S. citizen if you say you are because of laws.
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As I said below, 8 months ago...
"It's completely legit, and is required by US tax law. Bottom line is if you don't give them the info, you're limited to 200 item sales per year, period. You will not get in any kind of trouble, you just won't be able to list any more items on the market. If you give them the info, you can sell more than 200 items per year. Nothing will come of it unless you make a ridiculous amount of money through the steam market, like tens of thousands of dollars. What happens on the very rare chance that this occurs is that it becomes taxable income you have to account for when filing your income taxes. In your case, it's not ever going to effect you, so if you think you will need to be able to sell more than 200 items in a year, put in your SSN and other info, and forget about it."
If you're outside the US, it just asks you for the information to verify that you do not live in the US and are not subject to US income tax laws. Put in the info and you can make more giveaways.
Also, if you live in the US do not put in false information or use a proxy/vpn to trick it into thinking you're outside the US, as that could be looked at as tax fraud which is super serial and could get you fucked in the ass by the government.
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So I was going to the steam market to buy a few trading cards. Then I see this notification,
("You have created 153 listings this year. Before you can sell or list more than 200 items in a calendar year, we are required to collect certain information from you. Please click here to provide the necessary information. To find out more about this requirement, please visit the FAQ." )
So I understood this, I can only sell 200 items per year.
So after reading that I clicked the link they have provided.
So this is what I got.
Information Required by IRC Section 6050W
Under Internal Revenue Code section 6050W, the U.S. Internal Revenue Service requires us to determine whether you are a U.S. citizen or resident alien before permitting you to sell more than 200 items in the community market in a single calendar year. If you are a U.S. citizen or resident alien, the IRS also requires us to collect your Social Security number or other Taxpayer Identification Number. Please note that we are not required to report this information or information about your sales to the IRS under section 6050W of the Internal Revenue Code unless you engage in more than 200 sales in a single calendar year AND the gross sales proceeds from those sales exceeds $20,000 in a single calendar year. For more information, you can view the Community Market FAQ here.
To verify your citizenship status, and if required, to verify your taxpayer information, please respond below.
*I am a U.S. citizen or a U.S. resident alien.
*I am not a U.S. citizen nor am I a U.S. resident alien.
They want me to fill out my billing address and then they want me to put in my social security. So after all this I'm paranoid now. What will happen if I choose not to post my social security? Will I get in trouble? Do I have to fill the form out? What if I just wait a year to sell again? These are the questions that running through my mind at the moment. If anyone has any input on this or information that is helpful I'd appreciate it. Please I don't want to get in serious trouble. Also I forgot to state I'm 15. Thanks for reading this and I appreciate any help provided by you. Thanks.
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