New PayPal BS?

[bbassi]

Generally I buy pretty much everything online because I'm a cheapskate. So I have all the order info available to me. My spreadsheet has info on when/where I bought it and for how much. I've lost $3,656 since I started keeping track of it on Jan 1 2022.

Maybe you should beat them at their own game and start a "small business" so you can take those losses on your taxes. I think all you would need to do is film a hunt or 2 and post them on YT as a contributor and get a couple bucks for your effort. Then you could write off all your fun purchases as business losses for the next 5 years before needing to show a profit.

Maybe you should reach out to Hush or Mulie Freak for advise?

 

[displacedtexan]

I'm not defending PayPal. I don't like it. Or use it.

But to play Devil's Advocate...

I don't envy their position of trying to operate in multiple countries and not get fined/sued into oblivion by someone or some government.

I feel like that much exposure just makes things worse for the actual users.

 

[Dos XX]

Whaaa. The super easy way convenient online money pay company that I cheat by using friends and family to avoid paying a fee isn't making it easy for me to sell stuff under the radar and they don't align with my political beliefs.

Don't use them. It really is that simple. How the hell did we sell anything before PP?

 

[Halfmvsquared]

They will likely send you a 1099 at the end of the year, but you do not have to report it unless you truly have profits to report from the sale of these items. I learned this when I sold concert tickets i bought in 2020 that got delayed by COVID until 2023. I bought for around $600 and sold for $1000, but the profit didnt end up being $600. That year I did report it because I didnt know what I was doing, and i ended up filling out these garbage forms about my “business inventory cost” (buying the tickets originally) to offset the apparent profits of $1000 (Turns out i probably did it wrong the first time).

In 2023 i ran into this again after buying tickets to a sporting event which i ended up selling for somewhere around $4k. Since we’d paid twice that for them (multi-day package) there was no real profit. I did some more digging and items bought for personal use which are later sold at a loss do not have to be reported because to offset the income you’d have to claim a loss on the items (which is tax deductible, and you cant take a deduction for loss on items bought for personal use - weird but thats how I read it). Nevertheless the form is a 1099-K and they recently delayed the $600 threshold through 2023, using the old $20k threshold. It will be $5k moving forward in 2024.

IRS delays 1099-K rules for ticket sales, announces new $5,000 threshold for 2024

The IRS again delays law that would have required Ticketmaster, Venmo, and others to issue 1099-Ks to those with more than $600 in revenue in 2023.

www.usatoday.com

 

[Halfmvsquared]

Crypto!

https://cointelegraph.com/learn/what-is-kyc-and-why-do-crypto-exchanges-require-it

Lol it was all a lie. Its not anonymous.

 

[pacoalcracker]

you cant show a business loss for 5 years straight. You must show a profit 3 out of 5 years or the IRS considers it a hobby and you get to deduct nothing.

 

[5MilesBack]

It's interesting that $600 is the government's determination for whether you're running a business, or just selling stuff you've got laying around in your house. So, if you sell too much junk the IRS wants to get involved in your life. If you have a private wine collection and want to unload some or all of it, the ATF wants to get involved. If you sell too many guns, the ATF wants to get involved and declare you to be a dealer. The worst part.......the people that actually voted for more government intrusion into our lives. SMH

 

[fwafwow]

It's interesting that $600 is the government's determination for whether you're running a business, or just selling stuff you've got laying around in your house. So, if you sell too much junk the IRS wants to get involved in your life. If you have a private wine collection and want to unload some or all of it, the ATF wants to get involved. If you sell too many guns, the ATF wants to get involved and declare you to be a dealer. The worst part.......the people that actually voted for more government intrusion into our lives. SMH

I think the government and companies are too involved in our stuff and we should all be pushing for more privacy rights. I doubt the $600 1099-K threshold will stick. Do you have a link about the wine collection sale and ATF? I’ve not heard of that. The sale of too many guns means you are a dealer concern has (imho) been overblown and is somewhat fake news, hyped in part by 2A orgs that are hoping for donations.

 

[rtkbowhunter]

Maybe you should beat them at their own game and start a "small business" so you can take those losses on your taxes. I think all you would need to do is film a hunt or 2 and post them on YT as a contributor and get a couple bucks for your effort. Then you could write off all your fun purchases as business losses for the next 5 years before needing to show a profit.

Maybe you should reach out to Hush or Mulie Freak for advise?

Or Born and Raised Outdoors...

Looking at starting a side hustle... cash is $X.00, check or card, $X.00 + 20%.

 

[5MilesBack]

Do you have a link about the wine collection sale and ATF?

No link, haven't looked. But they did shut down Winecommune which was a site similar to Ebay but for wines. At the time the ATF was all over sellers for not having an alcohol license.

 

[greyghostnw]

Preferred way to receive funds now days selling items? Seems to be a new learning curve havnt sold items in a while.

 

[Tjdeerslayer37]

Preferred way to receive funds now days selling items? Seems to be a new learning curve havnt sold items in a while.

Zelle is solid. basically a wire transfer straight from their bank to yours.

 

[ScreamingPotato]

^yeah I like Zelle as it's super easy. I signed up for GabPay a while back but I can't find anybody else who uses it lol.

 

[ScreamingPotato]

https://cointelegraph.com/learn/what-is-kyc-and-why-do-crypto-exchanges-require-it

Lol it was all a lie. Its not anonymous.

It's absolutely not anonymous and every single transaction is public as well, but it also can't be stopped or frozen or limited by "the man." Having said that I threw out crypto as sort of a joke.

 

[mckbcat2000]

I've been using $ orders since the $600 issue.

 

[mtwarden]

As a seller are USPS money orders the best to request, any better or are they all the same?

 

[BDRam16]

A lot of people not reading the comments pointing out that the $600 threshold was completely cancelled for 2023 (still $20,000) and bumped to $5000 for 2024 with that possibly being the number going forward.