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Re: Good alternative to PayPal? [Re: roadntrack] #3039488
05/03/22 07:42 PM
05/03/22 07:42 PM
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Originally Posted by roadntrack
[quote=5thAve]
Quote "The thing that put me off paypal is when their latest agreement update said they're going to start charging a fee if you don't use your account for a year. "

How much is the fee for in-active account?


$20. Looks like it hasn't hit the U.S. yet but has other countries including Canada. Their site says that even just logging in within a year avoids it so that's something anyway.

Re: Good alternative to PayPal? [Re: Satilite73] #3039519
05/03/22 09:28 PM
05/03/22 09:28 PM
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Any income you make on electronic pay that totals $600+ a year means a tax form from the government. PayPal, EPay, Venmo, EBay, etc is not considered income. I’m having trouble trying to get rid of stuff I bought 20+ years ago with no recipes since it was all swapmeet stuff.

Re: Good alternative to PayPal? [Re: migsBIG] #3039652
05/04/22 11:40 AM
05/04/22 11:40 AM
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Originally Posted by migsBIG
Any income you make on electronic pay that totals $600+ a year means a tax form from the government. PayPal, EPay, Venmo, EBay, etc is not considered income. I’m having trouble trying to get rid of stuff I bought 20+ years ago with no recipes since it was all swapmeet stuff.


The above bolded statement is confusing as my understanding is the opposite confused Unless you can provide receipts to offset the sales price and get the net income below 600.
I understand the receipt dilemma and might suggest, estimate (if allowed), or have friends make you receipts from Joyhn Walters, George Sides, Jim Inzauro etc. those would allow you to show a loss wink beer

I can only imagine the nightmare this will create for individuals as well as CPA's, not to mention the CPA will probably charge 600 to do the flippin forms, wonder if that's an allowed deduction from "SALES" income shruggy

Last edited by TJP; 05/04/22 12:01 PM.
Re: Good alternative to PayPal? [Re: TJP] #3039653
05/04/22 11:46 AM
05/04/22 11:46 AM
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If I have way know of the person im dealing with ive been sending the parts and having them use a priority envelope with cash in it. Ive never had a priority envelope never make it in the last 10 years. A few caught in stupid USPS loops and came back to me but never a bad deal where I didnt get paid.

Ive also sent parts and a summit order for my payment to be sent to me. Even been paid in a gift card.

Still ways around things.


STOP POTATO HATE!
Re: Good alternative to PayPal? [Re: Mr PotatoHead] #3039660
05/04/22 12:10 PM
05/04/22 12:10 PM
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I use paypal for all my online purchases. It's wonderful! Double layer of protection by using credit card as payment source. It you have a problem it gives them a couple of weeks to fix it and if they don't then contact your bank and they will void the charge on card. I had 1 fraud charge and they PP refunded it in a day.

Re: Good alternative to PayPal? [Re: Mr T2U] #3039699
05/04/22 02:38 PM
05/04/22 02:38 PM
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Originally Posted by Mr T2U

in my OPINION. if the seller won't accept paypal goods and services payments this is the biggest red flag of it being a scam. if they don't accept paypal goods and services method i won't buy from them unless the transaction is done in person.


Same here, big red flag.


Trying to enjoy life!
Re: Good alternative to PayPal? [Re: calmopar] #3039736
05/04/22 04:39 PM
05/04/22 04:39 PM
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I never used PayPal other than to purchase something until twelve days ago to sell a vintage NOS motorcycle part to a guy in Australia. PayPal put the buyer's payment into a hold until he received the item because I had never sold anything via PayPal. He received the item in ten days USPS shipping ($95) and the very next day I had the choice of a bank transfer or leave the money in PayPal.............easy, peezy! I guess the next best alternative to PayPal that I'm surprised no one has mentioned it $$$CASH$$$ wink grin

Re: Good alternative to PayPal? [Re: calmopar] #3039858
05/05/22 01:15 AM
05/05/22 01:15 AM
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Originally Posted by calmopar
Originally Posted by Mr T2U

in my OPINION. if the seller won't accept paypal goods and services payments this is the biggest red flag of it being a scam. if they don't accept paypal goods and services method i won't buy from them unless the transaction is done in person.


Same here, big red flag.


I've been here how many years??? I no longer accept purchase transactions via paypal, still make me a risk for buying items?

Know your seller is the key.

I don't need the nanny reporting stuff going on via IRS. This all under the guise of ferreting out money laundering. As though big money folks that need money laundered have been doing it under the old rules in the under 20K levels. LOL



Originally Posted by TJP

The above bolded statement is confusing as my understanding is the opposite confused Unless you can provide receipts to offset the sales price and get the net income below 600.
I understand the receipt dilemma and might suggest, estimate (if allowed), or have friends make you receipts from Joyhn Walters, George Sides, Jim Inzauro etc. those would allow you to show a loss wink beer

I can only imagine the nightmare this will create for individuals as well as CPA's, not to mention the CPA will probably charge 600 to do the flippin forms, wonder if that's an allowed deduction from "SALES" income shruggy


It is ABSOLUTELY an expense that you could write off against the 1099K income. Like I said in another thread, use the new rule to YOUR advantage!

And Bingo on the receipts... do you think for a minute that an IRS agent know what a 70 340 auto carb goes for in the market, or a six pack intake... please... write up a fricken receipt and move on make 20% on the sale and have it turn into a huge loss with all the expenses you can hammer against it. Like your trip to spring fling, hotel, mileage etc... YOUR ADVANTAGE

Problem solved
[Linked Image]

Last edited by crackedback; 05/05/22 01:24 AM.
Re: Good alternative to PayPal? [Re: crackedback] #3039868
05/05/22 06:45 AM
05/05/22 06:45 AM
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"I've been here how many years??? I no longer accept purchase transactions via paypal, still make me a risk for buying items?

Know your seller is the key.

I don't need the nanny reporting stuff going on via IRS. This all under the guise of ferreting out money laundering. As though big money folks that need money laundered have been doing it under the old rules in the under 20K levels. LOL"


Same here.

Re: Good alternative to PayPal? [Re: 6PAX] #3039880
05/05/22 08:29 AM
05/05/22 08:29 AM
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Crook County, ILL
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For some reason I got a 1099 for 2020. Apparently several states including my useless state required the reporting a year earlier.
I didn’t get one for 2021, after the stress of getting the one for 2020 I learned my lesson and no desire to do that again.
I’m not a business, I’m a guy whose lived in the same house for 30 years and have a lot of stuff I’ve gathered over my life I’d like to find new homes for.
I typically have no idea or record of what I paid for a car part I bought in the 90s and never used, or a die cast car I bought 20 years ago. Or what the “cost” of something I inherited from my dad is.
I still sell a few things on car sites from time to time, only will take friend and family or a check with wait. Don’t like it or trust me? No problem, but sorry don’t buy from me. Again, I’m not making a living from this , and already have enough stress so don’t need the hassle. If something is more trouble than it’s worth, I won’t do it.
Set up at a swap meet for the last first time last year and will be doing that again in the future. Some stuff I have will eventually end up in a landfill or goodwill.
Thanks government for making life even more difficult for little guys just trying to unload their old unused clutter!

Re: Good alternative to PayPal? [Re: crackedback] #3039914
05/05/22 10:39 AM
05/05/22 10:39 AM
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Originally Posted by crackedback
Originally Posted by calmopar
Originally Posted by Mr T2U

in my OPINION. if the seller won't accept paypal goods and services payments this is the biggest red flag of it being a scam. if they don't accept paypal goods and services method i won't buy from them unless the transaction is done in person.


Same here, big red flag.


I've been here how many years??? I no longer accept purchase transactions via paypal, still make me a risk for buying items?

Know your seller is the key.

I don't need the nanny reporting stuff going on via IRS. This all under the guise of ferreting out money laundering. As though big money folks that need money laundered have been doing it under the old rules in the under 20K levels. LOL



Originally Posted by TJP

The above bolded statement is confusing as my understanding is the opposite confused Unless you can provide receipts to offset the sales price and get the net income below 600.
I understand the receipt dilemma and might suggest, estimate (if allowed), or have friends make you receipts from Joyhn Walters, George Sides, Jim Inzauro etc. those would allow you to show a loss wink beer

I can only imagine the nightmare this will create for individuals as well as CPA's, not to mention the CPA will probably charge 600 to do the flippin forms, wonder if that's an allowed deduction from "SALES" income shruggy


It is ABSOLUTELY an expense that you could write off against the 1099K income. Like I said in another thread, use the new rule to YOUR advantage!

And Bingo on the receipts... do you think for a minute that an IRS agent know what a 70 340 auto carb goes for in the market, or a six pack intake... please... write up a fricken receipt and move on make 20% on the sale and have it turn into a huge loss with all the expenses you can hammer against it. Like your trip to spring fling, hotel, mileage etc... YOUR ADVANTAGE

Problem solved
[Linked Image]


smile Agreed

But still a PITA, So like others I will no longer take payments via PP, E bay or other TPO's. Not worth the nightmare IMO in addition to what my CPA will bang me frown
To my knowledge Ebay and others are still fighting for a rewrite on the amount but until it is accomplished, I'll stay out using other methods
twocents

Re: Good alternative to PayPal? [Re: TJP] #3039945
05/05/22 11:43 AM
05/05/22 11:43 AM
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Yes a PITA

They have opened the door for folks to write off most if not all your hobby losses.

This is going to flood the IRS with more potential audits. LOL As long as your ducks are in a row, you almost always walk out without an issue. It just has to make sense and be NICE...

Re: Good alternative to PayPal? [Re: crackedback] #3040046
05/05/22 06:39 PM
05/05/22 06:39 PM
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Originally Posted by crackedback
Yes a PITA

They have opened the door for folks to write off most if not all your hobby losses.

This is going to flood the IRS with more potential audits. LOL As long as your ducks are in a row, you almost always walk out without an issue. It just has to make sense and be NICE...



i agree.
your internet service provider bill will also be partially deductible.
you might even be possible to deduct your cell phone bill.
depending on where you store the parts you could be looking at deducting some of your home expenses for storing the parts also.
how much of the above depends on how aggressive the person doing your taxes is and how good your receipts are.

on the receipts for the sold parts purchase values. you might just find some of then that magically appear in your notebook laying on your desk if you look close enough. how will the IRS prove they are incorrect


perception is 90% of reality
Re: Good alternative to PayPal? [Re: Mr T2U] #3040058
05/05/22 07:10 PM
05/05/22 07:10 PM
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Originally Posted by Mr T2U
Originally Posted by crackedback
Yes a PITA

They have opened the door for folks to write off most if not all your hobby losses.

This is going to flood the IRS with more potential audits. LOL As long as your ducks are in a row, you almost always walk out without an issue. It just has to make sense and be NICE...



i agree.
your internet service provider bill will also be partially deductible.
you might even be possible to deduct your cell phone bill.
depending on where you store the parts you could be looking at deducting some of your home expenses for storing the parts also.
how much of the above depends on how aggressive the person doing your taxes is and how good your receipts are.

on the receipts for the sold parts purchase values. you might just find some of then that magically appear in your notebook laying on your desk if you look close enough. how will the IRS prove they are incorrect


Exactly... most of the agents don't know squat about anything. Primarily care about the reported numbers having supporting documents that tie out. They only care that the recording and submission is consistent with tax code.

Pay for a storage facility? There are so many things that can be written off against the 1099K. Run it exactly like a business. Walking in with a shoebox full of unorganized garbage display you are NOT business like and raises more flags for the agent.

Set up a nice spreadsheet with columns for sales price, cost of goods and gross profit/loss (P&L) column. Total at bottom. Make it so they end up giving you BACK an even larger refund or minimize your liability. Make it your benefit, not theirs. Just takes a little time to get it going. Have all your buy and sell info paired up...

Going to Hawaii, look at some cars you may consider purchasing... oh look a tax write off for the trip. Make sure they are on separate islands so those hop fares are decductible too. LOL Think outside the box. DON'T BE LAZY and roll over and take it. Take the hour(s) you spend wasting on the internet and pay yourself using the gift you've been provided. It's all perspective.

Before the penalties for tax preparers, you could run games that distract. Same as race car inspections. Leave obvious stuff out in the open, nail you on that and miss the real important bending of the rules. LOL I could tell you 8-9 figure tax jobs that got pulled over the years. Oh look there is a 250-500K mistake... pay up... yeah you missed the 2-3 million over there.... all good, see you next year... Only thing, once you got through one with little damage, lots of times they left you alone.

Last edited by crackedback; 05/05/22 07:24 PM.
Re: Good alternative to PayPal? [Re: crackedback] #3040080
05/05/22 08:17 PM
05/05/22 08:17 PM
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Key point is to have your own business....
Then one can write off certain expenses relative to the respective income of the business...
Example...
A few years ago the IRS struck down writing off the expense of a tax preparer, EZ response just make the tax preparer a subcontractor.. cool

Just my $0.02.... wink

Re: Good alternative to PayPal? [Re: Sinitro] #3040136
05/05/22 10:34 PM
05/05/22 10:34 PM
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And your "new business" can loose money for 3 years in a row without throwing any flags, if one gets close to breaking even, or may make a few bucks (pay the taxes), you could loose money again and not draw any attention. Generally it takes 3-5 years for a business to break even, longer if there is real property or a sizeable investment involved. The government is pretty understanding, just don't make too much, or loose too much on a yearly basis.

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