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My Paypal was suspended 3rd time this month because I didn't upload tracking info (didn't know it's mandatory ) and I received two gift payments $100 and $200. I had to explain in detail all transactions, what I bought, where I bought what's the purpose of my business, where I keep my stock (the address) and how I operate. I sold like 4 items and mainly the stuff I bought and pay for with paypal. WTF? Are they IRS now? I'm a member for 20 years
Follow Ups:
I said FU to PayPal and their fee many moons ago. No need for them. There's other ways to pay or be paid.
Your interest may vary but the results will be same. (Byrd 2020)
I can't compete with the dead. (Buck W. 2010)
Cowards can't be heroes. (Byrd 2017)
Why don't catfish have kittens? (Moe Howard 1937)
"...company in state on the other side of the country..."???
...you're reply to me is a mistake. Nowhere do I address you or bring up Amazon.
Yes but the comment you quote is my comment to the OP so I responded. That comment was very poorly worded and deserved to be called out. I was simply trying to clarify what I was saying when I used the words that you quoted. No worries.
I just now read your comment in the thread where you originally used the phrase I quoted. For whatever reason, I had it in my mind that the OP had made that quote, hence my reply to him. And, I must say, I'm still trying to unravel the meaning of that string of words "...a company in state across the country...". But, I concur...no worries.
Since you are quoting my post below I'll respond. I did not buy from Amazon I ordered directly from a business. What does Amazon have to do with it? Kind of like when I pay using a credit card are my transactions "powered by Paypal"? What does Paypal have to do with it?
is just the courteous thing to do. I do it promptly because that's what I expect on the buying end.
Directly to buyer. Now Paypal is questioning past transactions which were not disputed in any way but I forgot to update the tracking in the Paypal app itself. Also a gifts transfers once in a while in the amounts of $100 or $200 are out of sudden a big problem.
If I were a new user I could understand but I have it since 2004
with Pay Pal. It's just as quick to update info on their website.
while making money on their services. Also they force you to use "goods and services" and I was told by the rep that there is no choice in that and even if the buyer does not need or want paypal protection (for the fee) he MUST use "goods &services" He must and there is no choice left.
I found that out recently. It's nowhere on my PayPal option now.
You need to use a workaround, like Venmo.
Or create a personal account and see if you can use Friends and Family with it.
-Rod
It was just a singular even that I helped my doctor to sell his audio collection. I have a paypal account for 21 years and never had any issue with them until now. It's the first year they suspend account becuase of pesky couple of hundred dollar F&F payment or not putting the tracking info into their system. It's a payment platform damn it. But now they are the arm of IRS and government and track the sales and dictate what option user MUST chose.
is determined by your actions, not on the platform chosen for sales. Unless of course, you are trying to defraud.
Just like the concept of *refunds* which simply means you've overpaid your liability.
tax on the same item which was sold and taxed multiple times before.
And it does depend of platform. Government own Postal Money order service does not force anybody to disclose anything regarding the payment purpose.
the previous admin's American Rescue legislation either radically lowering the reporting threshold to the IRS over time. With the end goal being $600.
For 2024, it's $5k. Is that a problem?
and he invited me for a fish & chips dinner to express his gratitude. He is a member of Victor's tribe :)
Income: $30K
Less Cost of Goods: $30K
Profit: $0Tax: $0
-Rod
Edits: 03/31/25
it is a red flag for IRS. Now they are going to dig deep into my dark empire of illicit activities involving drugs and girls..What I was thinking :?)
he didn't want to sell them himself!
Just completely lost interest in Hi-Fi and everything related to it.
are yours.
The gear is personal property, not business property subject to income reporting such as retail sales with cost-of-goods offsets. Nevertheless, if Wojciech reports the sale on Schedule D (proceeds of $30K) and also shows the original cost (of $30K), there is no profit or gain. This reporting would only be necessary if he sold the gear on a public reporting entity such as Paypal, an entity that issues 1099's. Otherwise it's just a one-off personal property sale.
Regardless, the net proceeds are ZERO. No tax consequence.
file the added form and retain a copy of original invoice until 2028 should any questions arise. :)
Paypal is not friendly. Once I disputed a $1200 scam deal. Audiogon actually banned the scammer. They still judged me lose. Ever since I try to avoid using Paypal and use my credit card instead.scammer:
https://www.audiogon.com/users/baya
Edits: 03/29/25 03/29/25
Most likely one of the big beneficiaries of the upcoming privatization of government function. As a side note I got my tracking notice from Amazon Mail for an order I recently made from a company in state on the other side of the country.
These kinds of companies actually become more costly, less reliable, and less accountable service providers at the same time as they become less regulated and less transparent government operatives.
Paypal has been showing up in credit card transactions I've been making. I have no idea what Paypal has to do with it.
Nt.
Mark in NC
"The thought that life could be better is woven indelibly into our hearts and our brains" -Paul Simon
"Paypal has been showing up in credit card transactions I've been making. I have no idea what Paypal has to do with it. "There's probably a Customer Service phone number on the back of your credit card. Call it, and ask about the charges. They'll have the info to clarify why it's on your credit card. If you dispute the charge, they may put a "hold" on its payment until the dispute is resolved.
"Most likely one of the big beneficiaries of the upcoming privatization of government function."
I doubt if it has anything to do with any of that, whether real or imagined. Changing of banking laws and regulations isn't done quickly. On the other hand, raising or lowering your credit card interest rate is something which they can do quickly and easily, since that flexibility is already built into the system - just look at your CC terms of agreement.
HTH
*********
We are inclusive and diverse, but dissent will not be tolerated.
Edits: 03/29/25
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