Sending Money Via Paypal

[WHX?? 48,815]

Most of us use it but just a friendly reminder when sending money for parts from members here ALWAYS click the friends & family option.

Reason being there is no fee for the buyer or seller. 

I recently sold some parts and the buyers did not do so. Yep PP got their cut. 

Now it's not gonna send me to the poor house so I live with it. Pretty minor so I won't even mention it to the buyers. 

It's just that since PP has total assets to the tune of 80 BILLION I don't think they will miss our cut! 

[lynnmor 7,306]

I quit accepting PayPay for things I sell because they will send me a 1099 so I can pay income tax.  Of course most of us don't sell enough to cause the tax to happen we do need to keep the book work and such to entertain the IRS.

[WHX?? 48,815]

True Lynnmor. I never got a 1099 from them. It was always nickle dime but I'm sure Uncle Sam has got an eye out for @Ed Kennell's & Sylvia's gas can scheme. 

  We need to remember how to write out good old fashioned checks. 

[Ed Kennell 38,176]

23 minutes ago, WHX?? said:

Most of us use

Fine for you old guys.    We younguns like to feel paper.

[elcamino/wheelhorse 9,297]

cash by small mail works for me.

[SylvanLakeWH 25,560]

Gas cans...?  Schemes...? Sounds like a Wisconsin thing... 

 

"Why Mr IRS agent - All my 's are electric sir... well except one  but, you know... they're green... I should get a trophy or something... shouldn't i...?" 

 

[WHX?? 48,815]

Wow that's a huge no no Jimbo. Crooks have dogs trained to sniff out cash in mail.

Forget where it was but a dishonest veteran mailman got busted for keeping mail and steaming it open for cash.

Lost a few wally world gift cards in snail mail too. 

1 minute ago, SylvanLakeWH said:

or something

Well sure mister ... we'll raise the battery tax... 

[squonk 41,118]

I have bought and sold stuff using PP for years. Never gotten any tax forms or knocks on the door. The biggest thing with PP now are the scammers. A lot of folks don't want to buy without buyer protection so they refuse to pay friends and family. A couple of them  accused me of being a scammer because I wanted F and F payment. I had a rare HO train set on FB MP and I sold it like 10 times but when it was time for them to pay they all backed out because of either shipping or F and F.

[lynnmor 7,306]

39 minutes ago, squonk said:

I have bought and sold stuff using PP for years. Never gotten any tax forms or knocks on the door. The biggest thing with PP now are the scammers. A lot of folks don't want to buy without buyer protection so they refuse to pay friends and family. A couple of them  accused me of being a scammer because I wanted F and F payment. I had a rare HO train set on FB MP and I sold it like 10 times but when it was time for them to pay they all backed out because of either shipping or F and F.

This is a recent thing, Google it:

 

You will receive a 1099-K from PayPal for the 2022 tax year if you received over $20,000 in total payments for goods and services and had 200 or more transactions on the platform. Beginning with the 2023 tax season, you will receive a 1099-K from PayPal for over $600 in payments for goods and services on the platform. May 29, 2023

[squonk 41,118]

I don't sell $600 bucks worth of crap in a year. 

[JoeM 7,874]

14 hours ago, WHX?? said:

We need to remember how to write out good old fashioned checks.

Nooooo, talk about handing out all your info, legal name, address and account number wrote on a piece of paper, Noooooo.

 

 

[rmaynard 15,460]

I've used PayPal since the early 90's when they were X.com. Then when I started selling brake linings, I had to get a business account. If someone wanted to send me money, not business related, I was still charged a fee because F&F was not available as an option. Then came tax year 2021. I got a 1099 because my sales were over $600. Then came tax year 2022 and the rules changed. PayPal and eBay both will send you a 1099 if you sell over $600, but they don't report it to the IRS unless you exceed $20,000. I'm not making this up. I spoke to a compliance guy at the IRS. So I said, if I sell over $600, but under $20k, I don't have to report it? He says, taxes are voluntary. You do what you want. How's that for an answer. That's when I stopped using PayPal and eBay. However, I started using them again this year, but when my sales get close to $600, that's when I stop. I've closed the business account, so when asked how to pay for a lining, I tell the buyer PayPal friends, Venmo, or Zelle, all free of fees. Occasionally I will get someone who only pays cash, and the occasional cashiers check which I'm sceptical of because of cashiers check fraud.

[squonk 41,118]

49 minutes ago, Joey Small Block said:

Nooooo, talk about handing out all your info, legal name, address and account number wrote on a piece of paper, Noooooo.

 

 

Month's after I left the Napa store I went into the store to pay my monthly bill. I handed a check to a guy I had worked with for a year. He used my acct info to go on a porn site and buy stuff. I got lucky as in my bank info there was a phone # attached to the invoice. It was easy to track down and I got double what he took from me. 

 

I can't go on about the comical conversation I had with the pretty female sheriff who arrived at my house to take down the evidence as this is a family site.  It's a big show under the tent topic!  Still get laughs when I go into the store or run into the investigator in the case

[rmaynard 15,460]

Just a slight tangent off the subject of PayPal, but I have finally broken my wife of writing checks to pay bills. Anyone who wants a check gets paid via a bill-pay check from my bank. All done on line. Everything else gets paid via our Southwest Airlines credit card, where we earn points. 

[WHX?? 48,815]

Pretty much the same here Bob.