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Why would someone ask for PayPal Friends and Family as the only payment?

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woogie_man said:
It actually goes against Paypals terms and conditions to ask someone to go the F&F if they are not family. So bear that in mind.

Typically I will still add the 3.5% to cover my own butt in the case of something happening. It is a little bit of coverage to make sure that you don't get screwed. Typically if selling anything just figure that cost in to your sale price and go from there.
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Just remember if the payment is for any type of airgun this is most likely futile as buying “guns” also violates their policies.
 
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The way I see it, Friends and Family are for transactions with individuals we trust and Goods and Services are for transactions with businesses, and individuals we dont trust. There is a individual choice to be made. I fail to see how "dodging fees" falls into the equation.

Also, a 1099K is simply a reporting of a transaction with third party Payments. For for us airgun hobbiest, (No total payment receipt of funds over $20,000 AND 200+ in transactions), you will only receive a 1099K for any single transactions over $600. Unless you made a NET-Profit after expenses on a $600+ transaction, it is not a taxable event.

For example. If you purchased a $1000 rifle. When you sell that $1000 rifle for $1000 or less, you will receive a 1099K if your sale was over $600. Your tax preparer would indicate in your tax return that the sale was on used personal property. They would also indicate that the "cost of goods sold" was $1000, and the selling at a loss (adjusted basis) did not incur a net profit gain subject to taxation.

Hope this helps.

1099K: https://www.irs.gov/businesses/understanding-your-form-1099-k
Gain or Loss on the Sale of Personal Property: https://www.irs.gov/publications/p544
 
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You could be the most honest person on the internet, but the guy who's buying your item is a scammer. You better hope he's paid friends and family, chances are he's not gonna pay like that!

Once he receives your mint condition item and try's to resell it for a profit and it's damaged (when he try's to ship it)or he use's it for parts, he files a claim with pp and your out of your money and possibly your item. I seen it happen several times, PP sides with the buyer in most cases. I dropped my PP 12 years ago. If you must use PP always pay using goods and services but always sell using F&F when you can.

Talk about scary, I've made 3 purchases with personal checks on an audio forum but the folks have a feedback system with pos FB and I talk to them over the horn first.
 
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Deltaman said:
You could be the most honest person on the internet, but the guy who's buying your item is a scammer. You better hope he's paid friends and family, chances are he's not gonna pay like that!

Once he receives your mint condition item and try's to resell it for a profit and it's damaged (when he try's to ship it)or he use's it for parts, he files a claim with pp and your out of your money and possibly your item. I seen it happen several times, PP sides with the buyer in most cases. I dropped my PP 12 years ago. If you must use PP always pay using goods and services but always sell using F&F when you can.

Talk about scary, I've made 3 purchases with personal checks on an audio forum but the folks have a feedback system with pos FB and I talk to them over the horn first.
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LOL, then there is the guy that bought stuff on ebay from private sellers and then sued them. A guy just wanted to sell his doohickey and then got sued, who has time for that.
 
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jarmstrong said:
I AM moving back,, towards paying by check or money order, to heck with the boys making money off me and using the platform against US.
I got time to wait while my check clears, as a buyer I am in control of my money,,, will ya take silver rounds as payment???
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Silver as payment!?!?! Yes, please and thank you! Silver is money, all else is Fiat.
 
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dens228 said:
If I buy something for $100 and sell it for $75 that is not income. Not paying taxes via PayPal is not tax evasion in that instance. No different than selling my no longer wanted or needed items at a garage sale. I don't know about you but I haven't sold anything on here for more than I paid for it. I should be so lucky.
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PayPal, Venmo and others are required by law to send a 1099K for any money collected as goods and services regardless if you sold the item for a loss. That means you have to claim that 1099k on your taxes. In order to write off the loss you'll need receipts for proof to be submitted with your taxes too. Then you'll need to itemize and hopefully meet your standard deductions. Luckily, soon there will be 87,000 new IRS agents able to help you through the process.
 
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pbike257 said:
let's say, I bought a rifle for $1000.... I want to sell it because It didn't really fit my needs after reworking the rifle and doing a "bunch" of labor to it. Sales tax is on the product, not the labor. It turns out I will sell this rifle at a huge loss just to get rid of it. I will sell the rifle for a dollar, but you have to pay me the $999 labor I did to it.

?
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Your $999 in labor is a service and taxable under the new IRS rules
 
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This horse has been beaten several times. Round up the usual suspects.

Classified sales and PayPal

Not trying to be a cranky SOB, but I have done plenty of sales on the members classified section. I n regarding PayPal F&F or goods. Yes , it’s only 3.5 percent BUT , many prospective buyers flinch at the higher price if I incorporate it. I , for one, hate specifying it on the sale. So “ why...
www.airgunnation.com www.airgunnation.com

PayPal and friends and family?

Sorry to bother. I really did try and search for the answer to my question, but the search pulled around 500 forums and the 2 pages I perused did not address my question. Which is, what is the "friends and family" thing about when trying to do a purchase? I know what PP is, but never heard of...
www.airgunnation.com www.airgunnation.com
 
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Huntersglen said:
PayPal and Ebay are going to have 1099 B for you to download and report as income from a sale ( above $600 ) for the year. I think Ebay starts January 2023
New or used stuff all will count as income. And 84000 IRS agents with firearms too
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But…but…we’ve all been told that those new agents will only be going after only the wealthiest members of society! I simply can’t conceive that we’re not being told the truth, and that this army of IRS drones might actually target the middle class.

It couldn’t be. That’s just crazy talk.

Just remember to keep your receipts so that in the highly unlikely, exceedingly rare, and almost nonexistent (wink, wink) chance that you’re audited, you’ll be able to show that you lost money on the sale of your used airgun equipment.
 
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