Thinking of re-joining Pay Pal

[SilentSquirrel]

I understand now.
All those people that don't need to sell something to afford buying something else get away scot-free.
Now that's trickle down.

 

[Scotay42]

I don’t think the tax aspect is correct (I could send my daughter as much money as I want without either of us being taxed - HOWEVER the important thing is that using F&F provides no protection, so why not

I'd be curious how they plan to do this with any level of accuracy. My name and tax ID are not associated with my profile on this site in any visible way which would be publicly visible. I already paid taxes on the money I used to purchase the airgun - how would this not be double taxation if I had to pay taxes again on the sale?

Regardless - this is why I only use PP F&F. The G&S is the one subject to the $600 limit. And that goes for any service with a good and services purchase option. The $600 limit, while noted in user agreement and terms, was supposed to go into effect for the 2022 tax year but was delayed.

From irs.gov website:
"The American Rescue Plan of 2021 changed the reporting threshold for TPSOs. The new threshold for business transactions is $600 per year; changed from the previous threshold of more than 200 transactions per year, exceeding an aggregate amount of $20,000. The law is not intended to track personal transactions such as sharing the cost of a car ride or meal, birthday or holiday gifts, or paying a family member or another for a household bill.

Under the law, beginning January 1, 2023, a TPSO is required to report third-party network transactions paid in 2022 with any participating payee that exceed a minimum threshold of $600 in aggregate payments, regardless of the number of transactions. TPSOs report these transactions by providing individual payee's an IRS Form 1099-K, Payment Card and Third-Party Network Transactions.

The transition period described in Notice 2023-10PDF, delays the reporting of transactions in excess of $600 to transactions that occur after calendar year 2022. The transition period is intended to facilitate an orderly transition for TPSO tax compliance, as well as individual payee compliance with income tax reporting. A participating payee, in the case of a third-party network transaction, is any person who accepts payment from a third-party settlement organization for a business transaction.

The change under the law is hugely important because tax compliance is higher when amounts are subject to information reporting, like the Form 1099-K. However, the IRS noted it must be managed carefully to help ensure that 1099-Ks are only issued to taxpayers who should receive them. In addition, it's important that taxpayers understand what to do as a result of this reporting, and tax preparers and software providers have the information they need to assist taxpayers.

Additional details on the delay will be available in the near future along with additional information to help taxpayers and the industry. For taxpayers who may have already received a 1099-K as a result of the statutory changes, the IRS is working rapidly to provide instructions and clarity so that taxpayers understand what to do.

The IRS also noted that the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect."

I may be wrong, but according to them you are supposed to declare all of it,hell they ask if your grandma gave you christmas money. An audit in the 3letter law is different from what it should be on our level as citizens. It also changes every year. Yes they hired and fired 75000 agents last year,they plan to double and keep thatnumber next year.

 

[ctshooter]

I may be wrong, but according to them you are supposed to declare all of it,hell they ask if your grandma gave you christmas money. An audit in the 3letter law is different from what it should be on our level as citizens. It also changes every year. Yes they hired and fired 75000 agents last year,they plan to double and keep thatnumber next year.

And they get to carry guns now - cause pay up or we'll shoot you? Our country is such a tattered state of affairs bleeding money and ........ I'm just gonna stop here or I'm going to get a slap on the hand for going political.

 

[Trucker3573]

Aw man I admired you in the last thread for sticking to your guns. Hey, I get it though I never deleted them as it is just too convenient for buyers. I just hope everyone stops and realizes yes it is convenient but don’t believe 100% you are going to be covered for anything in this hobby. We all know these entities don’t distinguish between AirPower and powder power so if you ever file a claim for an airgun you will be violating their policies. Maybe it slips by . Maybe they don’t cover it . Maybe they lock and freeze the sellers account . Due to the last statement I never keep any balance in my PayPal account. Any funds are immediately withdrawn or transferred.

 

[SilentSquirrel]

And they get to carry guns now - cause pay up or we'll shoot you? Our country is such a tattered state of affairs bleeding money and ........ I'm just gonna stop here or I'm going to get a slap on the hand for going political.

My apologies in advance @Nomadic Pirate
But misconceptions, like the quote above should be corrected.
And this is not a "political" opinion, but a statement of fact
IRS agents are not armed so they can enforce a ""pay up or we shoot" policy.
They carry so that they can go after organized crime, money launderers, and etc.
And bust them on their home turf.
Also, only Field Agents in the specialty divisions of the IRS carry.
Just my two taxable cents
Edward

 

[WNYBill]

The tax thing, PayPal is doing for you what you are supposed to do BY LAW! So many cheated and the government forced it on all sellers.
We have three credit cards which are paid in full each month. One for Pay Pal and on line purchases, one for Amazon and one we use daily. Wife is an old banker so everything is reconciled each month and it better balance or I am on the phone! If you get scammed, you make the call, cancel the card and still have 2 to use while that one is replaced and that happens all the time.

 

[Pale_Rider]

Please,!!
Just take all of your make-believe-US$ ( cash, check, electronic, credit/debit card etc) and send them to me.
There are plenty of make-believe mattress to stuff them into for safe keeping.
PP F&F, VENMO. CASH, USPS MO all accepted
Address upon request

I don’t give away my money when I’m playing monopoly! As long as we’re all playing the game I’ll pretend play too for as long as the Ponzi scheme lasts. Just make sure you don’t have all your money tied up in dollars in the bank when the house of cards fall i.e. hyper inflation.

 

[jps2486]

It's the principal of the thing. I will not re-join Paypal. Any company that discriminates against me for exercising my rights to make legal purchases doesn't deserve my business. Just because some of those snowflakes that work for Paypal don't like my legal hobby and holds my finances as hostage is tyranny, IMO. There are plenty of other ways of transferring money. I vote with my wallet.

 

[Nomadic Pirate 66]

The tax thing, PayPal is doing for you what you are supposed to do BY LAW! So many cheated and the government forced it on all sellers.
We have three credit cards which are paid in full each month. One for Pay Pal and on line purchases, one for Amazon and one we use daily. Wife is an old banker so everything is reconciled each month and it better balance or I am on the phone! If you get scammed, you make the call, cancel the card and still have 2 to use while that one is replaced and that happens all the time.

Why should I possibly pay taxes for selling a used item way cheaper then what I bought it for and already payed taxes for it at purchase,...makes no sense and I'm not playing that game

 

[adamworkinghard]

Haven't used Paypal in over 10 years.

Bitcoin.
Get onboard or get left behind.

yea i really like btc, eth, bnb, etc. but for the masses.. its more technical to do a transaction.. and if users leave $1,000 bucks for next time use.. they can come back to $5,000 worth of crypto or $350. most people would expect to come back to the same amount of money they put in rather than a surprise abiet sometimes in your advantage.

 

[adamworkinghard]

As we have already seen, pros, cons and strong opinions about PP. Definitely flawed system, yet with its flaws it seems the only broadly accepted way of protecting both buyer and seller in a transaction.

Other options that are pretty much cash tranfers (Venmo, PP F&F, USPS money order, etc ) only protect the seller. Buyer has no recourse if screwed in the transaction.

protecting both parties are essential in any transaction

 

[Geezerhood]

protecting both parties are essential in any transaction

The only payment method / system for online sales that I am aware of that protects both parties is some kind of a broker who accepts the payment from the buyer then tells the seller to release the shipment when the payment has arrived. When the seller receives the item and tells the broker he is happy with it, the broker then sends the money to the seller. There is some kind of name for this service but my mind is drawing a blank at the moment. I am sure it is not without flaws just like all the others, but seems to offer the best protection for both parties. Both parties are putting their trust in the broker.....and I remember at least one service like this that went south some years ago.

I think about 99.44 percent of all banks and credit unions offer Zelle payments. It is nothing more than a free and instant ACH. It is no different than sending a money order or cash, but you don't have to leave the house. Zero protection for the buyer, very good protection for the seller.

 

[baranjhn]

protecting both parties are essential in any transaction

You have absolutely zero protection when sending money F&F or using Venmo.

 

[ChRiSiS]

Just so you know the American dollar is make believe too. It’s value dictated by a group that isn’t even apart of the govt: the federal reserve. By the name federal reserve you’d think they would be a facet of the govt but NOPE. Don’t get me started on quantitative easing which is essentially printing money out of thin air; legal counterfeiting. The dollar is FIAT. Used to be backed by gold but now it’s just backed by promises lol.

Yup. It IS FIAT. But frankly, it always was. The idea that is was backed by gold is a fiction. There was never any mechanism to cash your dollars out for the gold equivalent, at least not from the government. You could sell gold, at the time supposedly for $32 per ounce, but in fact you had to buy it from private sellers and ended up paying more that $32. The government would buy it from you for $32. as far as that goes, you can still buy and sell gold, just at a market price.

All major currencies are FIAT.

 

[Pale_Rider]

Well that’s what

Yup. It IS FIAT. But frankly, it always was. The idea that is was backed by gold is a fiction. There was never any mechanism to cash your dollars out for the gold equivalent, at least not from the government. You could sell gold, at the time supposedly for $32 per ounce, but in fact you had to buy it from private sellers and ended up paying more that $32. The government would buy it from you for $32. as far as that goes, you can still buy and sell gold, just at a market price.

All major currencies are FIAT.

I don’t know about exchanging money for gold at banks. But I do know it was backed by gold as a way to convince Americans to turn in their gold for “promissory notes” aka dollars.

 

[baranjhn]

Yup. It IS FIAT. But frankly, it always was. The idea that is was backed by gold is a fiction. There was never any mechanism to cash your dollars out for the gold equivalent, at least not from the government. You could sell gold, at the time supposedly for $32 per ounce, but in fact you had to buy it from private sellers and ended up paying more that $32. The government would buy it from you for $32. as far as that goes, you can still buy and sell gold, just at a market price.

All major currencies are FIAT.

Actually, prior to 1932, you could go into any bank with a $20 bill and receive a $20 gold piece. After 1933, when FDR signed an executive order making private gold ownership illegal, you could still receive silver in exchange for $1, $2 and $5 silver certificates until 1964 ($1 = 1 Troy Ounce).

In 1972, Nixon finally decoupled the last remnants of the dollar from gold and it was pegged to oil = the petrodollar.

 

[EncoreUneFois]

The only payment method / system for online sales that I am aware of that protects both parties is some kind of a broker who accepts the payment from the buyer then tells the seller to release the shipment when the payment has arrived. When the seller receives the item and tells the broker he is happy with it, the broker then sends the money to the seller. There is some kind of name for this service but my mind is drawing a blank at the moment. I am sure it is not without flaws just like all the others, but seems to offer the best protection for both parties. Both parties are putting their trust in the broker.....and I remember at least one service like this that went south some years ago.

I think about 99.44 percent of all banks and credit unions offer Zelle payments. It is nothing more than a free and instant ACH. It is no different than sending a money order or cash, but you don't have to leave the house. Zero protection for the buyer, very good protection for the seller.

The word you are searching for is escrow.