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Re: Anyone get this message from Paypal? [Re: TJP] #2984103
11/11/21 12:56 PM
11/11/21 12:56 PM
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Crook County, ILL
Mastershake340 Offline
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Originally Posted by TJP
Quote
I would not be surprised to see sellers only accepting money orders

iagree

A couple of possibilities would be prepaid visa etc. cards or the feasibility of setting up a transfer system outside the US whistling shruggy popcorn


Bitcoin!

Re: Anyone get this message from Paypal? [Re: Mastershake340] #2984305
11/11/21 10:09 PM
11/11/21 10:09 PM
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Originally Posted by Mastershake340
Originally Posted by TJP
Quote
I would not be surprised to see sellers only accepting money orders

iagree

A couple of possibilities would be prepaid visa etc. cards or the feasibility of setting up a transfer system outside the US whistling shruggy popcorn


Bitcoin!

Don't know much about them.
How does one buy and sell ?
Are commissions involved ??
Is it digital currency
How do you convert back to us Dollars if wanted?

When doing so is that tracked or reported?

Re: Anyone get this message from Paypal? [Re: TJP] #2984405
11/12/21 08:48 AM
11/12/21 08:48 AM
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Hunt Valley, Maryland
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Be careful when clicking links from "PayPal"
The email from one I got the other day was paypl.com

Re: Anyone get this message from Paypal? [Re: 1fastrunner] #2984672
11/12/21 10:08 PM
11/12/21 10:08 PM
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Originally Posted by 1fastrunner
Be careful when clicking links from "PayPal"
The email from one I got the other day was paypl.com

iagree And always go directly to the site or google before even opening the message. And 99.9% of the time the address is something like
PAYPALnotice@schmuck.com

Re: Anyone get this message from Paypal? [Re: TJP] #2984868
11/13/21 04:14 PM
11/13/21 04:14 PM
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New York
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For those who want to know. Here is a link from PayPal's site that answers a lot of the questions about 1099-K reporting changes that will go into effect on January 1, 2021

https://newsroom.paypal-corp.com/20...ing-Requirements-Your-Questions-Answered

Updated: The change goes into affect on January 1, 2022 and and not 2021 as I stated above...

Last edited by rarefish; 11/15/21 11:38 AM.
Re: Anyone get this message from Paypal? [Re: rarefish] #2984872
11/13/21 04:27 PM
11/13/21 04:27 PM
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Nice link, pretty straight forward. Closer monitoring on an individual basis and more tax money collected. confused


STOP POTATO HATE!
Re: Anyone get this message from Paypal? [Re: Mr PotatoHead] #2984876
11/13/21 04:51 PM
11/13/21 04:51 PM
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Crook County, ILL
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The link makes the policy clear, but not how items sold at a loss get documented.
I buy a couch for $1200. Several years later I sell it for $800. No tax required. But I don’t keep old receipts so can’t actually prove I paid $1200. So now do I need to pay tax on $800 income?
I buy a part for $50 cash at a swap meet. I find out after I get home it’s the wrong part, I already had one and forgot I did, or later I find a better part to use instead, so I sell the one I bought at the swap meet online. I only get $40. I didn’t get a receipt when I bought the part, so do I owe tax on $40 on top of losing $10 on the part?
A record keeping pita that makes it more trouble than it’s worth to sell online anymore.

Re: Anyone get this message from Paypal? [Re: rarefish] #2985269
11/14/21 09:54 PM
11/14/21 09:54 PM
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Originally Posted by rarefish
For those who want to know. Here is a link from PayPal's site that answers a lot of the questions about 1099-K reporting changes that will go into effect on January 1, 2021

https://newsroom.paypal-corp.com/20...ing-Requirements-Your-Questions-Answered


Uhh did you mean January 1, 2022 ? beer

Re: Anyone get this message from Paypal? [Re: TJP] #2985370
11/15/21 11:41 AM
11/15/21 11:41 AM
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New York
rarefish Offline
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Originally Posted by TJP
Originally Posted by rarefish
For those who want to know. Here is a link from PayPal's site that answers a lot of the questions about 1099-K reporting changes that will go into effect on January 1, 2021

https://newsroom.paypal-corp.com/20...ing-Requirements-Your-Questions-Answered


Uhh did you mean January 1, 2022 ? beer


Thanks for pointing that out. I have edited my original post.
I'm usually only off by only a month or two, but a year is not good....

Re: Anyone get this message from Paypal? [Re: rarefish] #2986857
11/19/21 03:22 PM
11/19/21 03:22 PM
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they want all 600 dollars deal to let irs know deposits withdraws any thing you buy but i think it didnt pass

Re: Anyone get this message from Paypal? [Re: dk426] #2987001
11/19/21 10:13 PM
11/19/21 10:13 PM
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Originally Posted by dk426
they want all 600 dollars deal to let irs know deposits withdraws any thing you buy but i think it didnt pass


the 600.00 bank account monitoring did not but the paypla, venmo, ebay thing did and will take effect 1-1-22

Re: Anyone get this message from Paypal? [Re: TJP] #2987013
11/19/21 11:23 PM
11/19/21 11:23 PM
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Florida STAYcation
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This is way Way WASAAAAY of an overreach by our so called public servants tsk

Re: Anyone get this message from Paypal? [Re: Mastershake340] #2999395
12/29/21 07:43 AM
12/29/21 07:43 AM
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It seems like this message is fake. I suggest you do not pay or have any transactions indicated in that email because you may be stolen by money or even have your bank details or personal data leaked. This happened to my mother when she had to perform an ein number. A gang of hackers sent you an email suggesting that she left the data in the form. Of course, they were going to take advantage of her. Thanks to the state support, she identified that it was a fake message and, in fact, understood that EIN is done only once and is always valid, without the need to re-enter the data in any form.

Last edited by Lemair; 01/03/22 11:32 AM.
Re: Anyone get this message from Paypal? [Re: Lemair] #2999407
12/29/21 09:36 AM
12/29/21 09:36 AM
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Detroit area
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Since I originally posted this topic, I have received the email from Paypal I mentioned 4 or 5 times, most recently a couple of days ago. When this takes effect in a few days I am done with Paypal. I don't really care if I am paid by a money order, etc. for parts I sell but I will miss using Paypal to pay for things I am purchasing.

Re: Anyone get this message from Paypal? [Re: 6PAX] #2999458
12/29/21 11:50 AM
12/29/21 11:50 AM
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I agree 100,000%.
Watch for an upcoming post on my current Ebay nightmare

Re: Anyone get this message from Paypal? [Re: 6PAX] #2999595
12/29/21 05:16 PM
12/29/21 05:16 PM
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New York
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Originally Posted by 6PAX
Since I originally posted this topic, I have received the email from Paypal I mentioned 4 or 5 times, most recently a couple of days ago. When this takes effect in a few days I am done with Paypal. I don't really care if I am paid by a money order, etc. for parts I sell but I will miss using Paypal to pay for things I am purchasing.


I'm thinking that for those in the know about the new lower IRS reporting threshold that can trigger a 1099-K at the end of the next year will probably stop taking PayPal payments. Accepting only money orders will be the new norm.

Re: Anyone get this message from Paypal? [Re: rarefish] #2999669
12/29/21 08:31 PM
12/29/21 08:31 PM
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Originally Posted by rarefish
Originally Posted by 6PAX
Since I originally posted this topic, I have received the email from Paypal I mentioned 4 or 5 times, most recently a couple of days ago. When this takes effect in a few days I am done with Paypal. I don't really care if I am paid by a money order, etc. for parts I sell but I will miss using Paypal to pay for things I am purchasing.


I'm thinking that for those in the know about the new lower IRS reporting threshold that can trigger a 1099-K at the end of the next year will probably stop taking PayPal payments. Accepting only money orders will be the new norm.


Will PayPal Friends and Family be considered taxable income? They're really 'gifts'....

Re: Anyone get this message from Paypal? [Re: Powerflow] #2999722
12/29/21 10:02 PM
12/29/21 10:02 PM
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Originally Posted by Powerflow
Will PayPal Friends and Family be considered taxable income? They're really 'gifts'....


At this time they are not. But I suspect that may change. In addition, I suspect Paypal may start charging fees for those transactions as it will likely be used to avoid Uncle Joe's gret idea. Some selling formats like sleazebay are going to require the funds be paid through them and they will of course charge an additional fee and in some case sit on the $$ for up to 30 days. But they claim they're not making any additional money while sitting on it. whistling Sure I believe that, who wouldn't ? laugh2
I mean after all it's an HONEST American company right whistling Rumor has it they may change the name to GREEDBAY
I honestly hope uncle joe's idea buries the company violin ozbbq

Re: Anyone get this message from Paypal? [Re: TJP] #3000016
12/30/21 04:33 PM
12/30/21 04:33 PM
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Doesn't care what this says anyway
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Ploypal is also sending messages saying that they're going to start charing for accounts that are dormant for a year. If it gets to that I'll just ditch them.

Re: Anyone get this message from Paypal? [Re: fastmark] #3000047
12/30/21 06:19 PM
12/30/21 06:19 PM
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Originally Posted by fastmark
Well, I hope the voters get a belly full of this soon. They need to have an irs official booth set up at these stores in CA where all of the shoplifting is taking place.these legal thieves need to pay taxes on this merchandise they are taking.




They do have to report what they stole.. LMAO

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