Author |
Message |
67rustavenger Samba Member
Joined: February 24, 2015 Posts: 9771 Location: Oregon
|
Posted: Mon Jan 10, 2022 6:43 pm Post subject: Re: Anything About Paypal |
|
|
Loren wrote: |
Looks like PayPal has to report any sales over $600 to the IRS. Wonder how this will effect sellers here on the Samba? |
That would be $600 for all sales over the year. Not just a single sale of $600.
The IRS rule used to be $20,000 cumulative sales over the year.
The new rules are gonna change the game for third party money transfers.
Of course, the "Friends" sales don't get reported. If I'm understanding the new IRS rules. _________________ I have learned over the years.
Cheap parts are gonna disappoint you.
Buy Once, Cry Once!
There's never enough time to do it right the first time. But there's always enough time to do it thrice.
GFY's Xevin and VW_Jimbo! |
|
Back to top |
|
|
Glenn Mr. 010
Joined: December 25, 2001 Posts: 76939 Location: Sneaking up behind you
|
Posted: Mon Jan 10, 2022 6:44 pm Post subject: Re: Anything About Paypal |
|
|
I don't use Paypal. _________________ Glenn
74 Beetle Specs | 74 Beetle Restoration | 2180cc Engine
"You may not get what you pay for, but you always pay for what you get"
Member #1009
#BlueSquare |
|
Back to top |
|
|
babysnakes Samba Member
Joined: August 19, 2008 Posts: 7107
|
Posted: Mon Jan 10, 2022 6:49 pm Post subject: Re: Anything About Paypal |
|
|
Same goes for Venmo, Cashapp, Zelle or any other third party payers. |
|
Back to top |
|
|
Glenn Mr. 010
Joined: December 25, 2001 Posts: 76939 Location: Sneaking up behind you
|
Posted: Mon Jan 10, 2022 6:57 pm Post subject: Re: Anything About Paypal |
|
|
https://www.cnet.com/personal-finance/taxes/fact-o...o-in-2022/
Quote: |
If you own your own business or have a side hustle and get paid through digital apps like PayPal, Zelle, Cash App or Venmo, earnings over $600 will now be reported to the IRS. A provision from the 2021 American Rescue Plan, which went into effect on Jan. 1, directs third-party payment processors to report transactions received for goods or services totaling over $600 per year to the IRS.
Prior to this legislation, a third-party payment platform would only report to the tax agency if a user had more than 200 commercial transactions and made more than $20,000 in payments over the course of a year. |
_________________ Glenn
74 Beetle Specs | 74 Beetle Restoration | 2180cc Engine
"You may not get what you pay for, but you always pay for what you get"
Member #1009
#BlueSquare |
|
Back to top |
|
|
Jimone Samba Member
Joined: August 01, 2021 Posts: 370 Location: Kansas
|
|
Back to top |
|
|
Manfred58sc Samba Member
Joined: October 05, 2009 Posts: 3382
|
Posted: Mon Jan 10, 2022 7:19 pm Post subject: Re: Anything About Paypal |
|
|
^^^^Not wanting 1099K's to complicate ones tax profile does not make them a tax cheat. _________________ Fat chick owner/operator |
|
Back to top |
|
|
16CVs Samba Member
Joined: February 22, 2004 Posts: 4026 Location: Redwood City, California
|
Posted: Tue Jan 11, 2022 11:43 pm Post subject: Re: Anything About Paypal |
|
|
I use Pay Pal and take payments without any fees as designed. When people ask for fees to be paid I move on. Since I suck up the fees I feel as though I woulkd be paying on both sides of a transaction.
I sold a car for a customer years ago on Ebay and paid Pay Pal buyer was a jerk. Car was described honestly. buyer decided to ask for a refund. Since I kept no money in my account they snuck their way into my checking account and forced a sizeable overdraft to settle the chargeback.
During this time the car was in New Jersey, I'm in CA and the owner in Florida. The owner refunded my loss and had the car shipped to him in Florida. All the while I would was dealing with P.P., I sent them Ads and pictures of the car as well as personal Nasty E mails from the buyer. They never really said much about it. One day I get a notice of a full refund from Pay Pal, E bay sided with me and gave me 100% of my chargeback. At this point I had an inside phone number to Pay Pal to a Rep I had been dealing with. I called her up and told her that we had picked the car up a month earlier as we thought it was over. I have to say she was quite surprised. I expected them to ask for a refund or just take the funds. Nothing ever happened. I sent the funds to the owner In Florida and he ended up getting paid and keeping the money.
So that has taught me to never leave a door open for them, but in the end they did the right thing.
Stacy _________________ 1987 Syncro Westfalia Triple knob (bastard)
1989 Syncro Tristar Triple knob "Swedish"
2013 Jetta Hybrid a true "Zwitter"
Samba member # 14980
Call anytime number 650 722 4914 .
Keep Your van running and upkept tastefully for the love of the hobby.
Don't let your van end up in an "abortions" thread. |
|
Back to top |
|
|
Abscate Samba Member
Joined: October 05, 2014 Posts: 22670 Location: NYC/Upstate/ROW
|
Posted: Wed Jan 12, 2022 12:29 am Post subject: Re: Anything About Paypal |
|
|
If a 1099 is too complicated for you once a yearl, don’t drive. _________________ .ssS! |
|
Back to top |
|
|
Typ3nut Samba Member
Joined: October 08, 2002 Posts: 1192 Location: MI, MotorCity ManCave
|
Posted: Wed Jan 12, 2022 4:56 pm Post subject: Re: Anything About Paypal |
|
|
Remember before PayPal ?
Money Orders and Wire Transfers ( for large sales amounts).
Do you think it will go back to that, to avoid Uncle Sam from having his hands in everyone's pockets?
PayPal programed everyone into using their service, their so called safe haven, Distrust between Seller and Buyer is what PayPal founded their business on, they've made a fortune.
Uncle Sam see's this fortune and wants his due.
I work and pay tax, I save and pay tax, I buy and pay tax, I sell and pay tax. Their hands are out but what are they doing for you.
Gimme, Gimme, Gimme ! |
|
Back to top |
|
|
Glenn Mr. 010
Joined: December 25, 2001 Posts: 76939 Location: Sneaking up behind you
|
Posted: Wed Jan 12, 2022 5:08 pm Post subject: Re: Anything About Paypal |
|
|
Typ3nut wrote: |
Remember before PayPal ?
Money Orders and Wire Transfers ( for large sales amounts). |
Once got a bad Western Union. I called them and they said "Yes it's counterfeit" and that was it. They didn't care and I was out the money. I then had to pay a fee to my bank for a bad deposit. _________________ Glenn
74 Beetle Specs | 74 Beetle Restoration | 2180cc Engine
"You may not get what you pay for, but you always pay for what you get"
Member #1009
#BlueSquare |
|
Back to top |
|
|
skills@eurocarsplus Samba Peckerhead
Joined: January 01, 2007 Posts: 16879 Location: sticksville, ct.
|
Posted: Wed Jan 12, 2022 7:55 pm Post subject: Re: Anything About Paypal |
|
|
Typ3nut wrote: |
Remember before PayPal ?
Money Orders and Wire Transfers ( for large sales amounts).
Do you think it will go back to that, to avoid Uncle Sam from having his hands in everyone's pockets?
PayPal programed everyone into using their service, their so called safe haven, Distrust between Seller and Buyer is what PayPal founded their business on, they've made a fortune.
Uncle Sam see's this fortune and wants his due.
I work and pay tax, I save and pay tax, I buy and pay tax, I sell and pay tax. Their hands are out but what are they doing for you.
Gimme, Gimme, Gimme ! |
dunno what the answer is other than cash in person. again, these policies shoved up our collective asses by the party in charge only go to hurt the poor and lower middle class.
i have a huge problem being triple taxed on the same dollar earned. i don't sell a whole lot and that is because of a time thing, but now having to run that aspect of my life as yet another business makes me wonder if it's worth it.
bottom line is for casual sellers it may very well either end selling online for them all together but know this, there will be a price increase for those that continue to sell _________________
gprudenciop wrote: |
my reason for switching to subaru is my german car was turning chinese so i said fuck it and went japanese....... |
Jake Raby wrote: |
Thanks for the correction. I used to be a nice guy, then I ruined it by exposing myself to the public. |
Brian wrote: |
Also the fact that people are agreeing with Skills, it's a turn of events for samba history |
|
|
Back to top |
|
|
Abscate Samba Member
Joined: October 05, 2014 Posts: 22670 Location: NYC/Upstate/ROW
|
Posted: Thu Jan 13, 2022 12:59 am Post subject: Re: Anything About Paypal |
|
|
Adam Smith, In “ wealth of nations” calls making money without adding value “ rent seeking” and warns why it’s bad for capitalism.
That’s buying crap low and selling it high, aka flipping.
If cons actually read their economic Bible, the world might be a better place.
Uncle Sam has the hand in seven state pockets to bail out the other 43. Where’s your State in thst process? Ask your Senator ? _________________ .ssS! |
|
Back to top |
|
|
Manfred58sc Samba Member
Joined: October 05, 2009 Posts: 3382
|
Posted: Thu Jan 13, 2022 5:33 pm Post subject: Re: Anything About Paypal |
|
|
usps postal money orders will answer the call ( amazing history on those BTW ), personal checks for small amounts also OK. Crypto also may offer a solution. Now if the banks have to report on transactions over $600 ( part of this next BBB plan ), there will be a run on the banks and safety deposit boxes. Mark my word.
Adam Smith is deader than dead in the modern economy, its like watching a horse drawn cart to understand cars. _________________ Fat chick owner/operator |
|
Back to top |
|
|
RJ'sVW Samba Member
Joined: March 31, 2004 Posts: 91
|
Posted: Sun Jan 23, 2022 6:17 pm Post subject: Re: Anything About Paypal |
|
|
It will be a big adjustment for everyone. _________________ If there's a will there's a way and determination will make it happen,never give up.
Last edited by RJ'sVW on Mon Jan 24, 2022 2:27 pm; edited 1 time in total |
|
Back to top |
|
|
skills@eurocarsplus Samba Peckerhead
Joined: January 01, 2007 Posts: 16879 Location: sticksville, ct.
|
Posted: Mon Jan 24, 2022 12:36 am Post subject: Re: Anything About Paypal |
|
|
this isn't the first ad i've seen here and probably won't be the last:
for many selling stuff is a hobby. this doesn't have any effect of a full blown business.
this is going to make a lot of folks think twice about listing stuff, especially 'casual' sellers.
i don't sell a whole lot here but from time to time i will list some stuff. i have to sit down with my accountant and see if the juice is worth the squeeze _________________
gprudenciop wrote: |
my reason for switching to subaru is my german car was turning chinese so i said fuck it and went japanese....... |
Jake Raby wrote: |
Thanks for the correction. I used to be a nice guy, then I ruined it by exposing myself to the public. |
Brian wrote: |
Also the fact that people are agreeing with Skills, it's a turn of events for samba history |
|
|
Back to top |
|
|
EverettB Administrator
Joined: April 11, 2000 Posts: 69827 Location: Phoenix Metro
|
|
Back to top |
|
|
skills@eurocarsplus Samba Peckerhead
Joined: January 01, 2007 Posts: 16879 Location: sticksville, ct.
|
Posted: Mon Jan 24, 2022 1:55 pm Post subject: Re: Anything About Paypal |
|
|
EverettB wrote: |
The above ad text was remove for violating the politics rule of the site.
|
so does that go for members who change their sig lines every few days? i have seen many that have been doing that.
i know...it's your house...your rules. got to admit no matter what "side" you're on this is having a negative impact on ALL of us. _________________
gprudenciop wrote: |
my reason for switching to subaru is my german car was turning chinese so i said fuck it and went japanese....... |
Jake Raby wrote: |
Thanks for the correction. I used to be a nice guy, then I ruined it by exposing myself to the public. |
Brian wrote: |
Also the fact that people are agreeing with Skills, it's a turn of events for samba history |
|
|
Back to top |
|
|
EverettB Administrator
Joined: April 11, 2000 Posts: 69827 Location: Phoenix Metro
|
Posted: Mon Jan 24, 2022 9:53 pm Post subject: Re: Anything About Paypal |
|
|
skills@eurocarsplus wrote: |
EverettB wrote: |
The above ad text was remove for violating the politics rule of the site.
|
so does that go for members who change their sig lines every few days? i have seen many that have been doing that.
i know...it's your house...your rules. got to admit no matter what "side" you're on this is having a negative impact on ALL of us. |
If it's political then Yes.
Otherwise it's ok to change your signature whenever you want. _________________ How to Post Photos
Everett Barnes - [email protected] | My wanted ads
"Water is the only drink for a wise man" | "Communication prevents complaints"
Stop dead photo links! Post your photos to The Samba Gallery! |
|
Back to top |
|
|
TDCTDI Samba Advocatus Diaboli
Joined: August 31, 2013 Posts: 12858 Location: North Carolina
|
Posted: Mon Aug 22, 2022 3:59 pm Post subject: Re: Anything About Paypal |
|
|
New policy changes at PPal, Zelle, & others are now adding charges to transactions & reporting to IRS.
Link
_________________ Everybody born before 1975 has a story, good, bad, or indifferent, about a VW.
GOFUNDYOURSELF, quit asking everyone to do it for you!
An air cooled VW will make you a hoarder.
Do something, anything, to your project every day, and you will eventually complete it. |
|
Back to top |
|
|
Abscate Samba Member
Joined: October 05, 2014 Posts: 22670 Location: NYC/Upstate/ROW
|
Posted: Mon Aug 22, 2022 4:54 pm Post subject: Re: Anything About Paypal |
|
|
If you don’t want to sell stuff because you have to pay taxes , don’t sell stuff.
Don’t use the internet, roads , or anything else publically funded in your business either _________________ .ssS! |
|
Back to top |
|
|
|