WTS/WTT Public service announcement

[Scottf270]

Just a reminder that when paying for something using Paypal that there could be tax implications. I don't buy often, but when I tried to send payment for a scope recently, it asked for a tax id number to avoid a 25% withholding.

Now I was sending money not receiving but I was concerned the seller would be hit with this. We decided on a snail mail check.

I know this has been delayed for a few years and I'm not an expert on the subject but just sharing a concern.

 

[Ellison3dpro]

Not the case with F&F. I only use F&F with no comments when using PayPal.

 

[Badseed]

Not the case with F&F. I only use F&F with no comments when using PayPal.

True. The tax implications only apply to goods and services transactions.

Will PayPal report my sales to the IRS? | United States

Learn how PayPal is required to report sales above a threshold and also know the 1099-K requirements.

www.paypal.com

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[N8iV Warrior]

But beware there is no guarantee that the person will send or protect you from being ripped off from the transaction. Ask me I know I have all the guys info and I Still got ripped off from this guy that’s a Rokslider on here. Sorry for the rant. Be safe

 

[Ellison3dpro]

True, but it is no different than sending a check or MO.

 

[antelopedundee]

But beware there is no guarantee that the person will send or protect you from being ripped off from the transaction. Ask me I know I have all the guys info and I Still got ripped off from this guy that’s a Rokslider on here. Sorry for the rant. Be safe

You can use PPFF with a credit card, but YOU pay the fee and not the seller. If you don't mind the extra 3% for the peace of mind of being able to do a chargeback, that would be a way. Also you won't get a 1099, but the seller may.

I've never done that, but you might ask your CC company what happens when a chargeback isn't collectible. Do you end up getting stiffed or do they?

 

[Dthomas3523]

Keep in mind, this is all just reporting thresholds required. Not a chance in actual tax implications.By law, you're supposed to self report if you make any profit, even on a personal sale.

If you buy a baseball card for $5 and sell it for $20 to someone with PP F&F, you are still legally supposed to report that $15 profit whether PP reports the transaction or not.

Obviously most people don't do this. Just pointing out that the reporting changes for companies like PP didn't all of a sudden make some of this stuff now reportable. They were always supposed to be reported in the past by the individual making the sale.

 

[sneaky]

If you sell an item and take a loss this crap doesn't apply to you. They can send all the tax forms they want. But, you have to keep receipts in case you get audited. Govt already taxes you ten different ways. They can pound sand on selling used gear at a loss.

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[antelopedundee]

If you sell an item and take a loss this crap doesn't apply to you. They can send all the tax forms they want. But, you have to keep receipts in case you get audited. Govt already taxes you ten different ways. They can pound sand on selling used gear at a loss.

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The losses could offset gains if you sell a number of items so be woke to that.

 

[Buzby]

PP G&S won’t protect you for any firearms related purchases. Even scopes, from what I’ve heard.

 

[Muttman]

ya Fook the government overreach, they fail every audit every year. but oh God Make sure you pay your tax on something I wanna sell. **** them
gotta send to Ukraine & other countries so they can get their kick back.
stop using woke companies

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[antelopedundee]

PP G&S won’t protect you for any firearms related purchases. Even scopes, from what I’ve heard.

They don't like you using it for guns and gun related stuff regardless of which payment option that you use. You could have your funds frozen or confiscated and maybe your account closed.

 

[mi650]

PP G&S won’t protect you for any firearms related purchases. Even scopes, from what I’ve heard.

If you can buy it on eBay, you're gtg.

 

[Buzby]

If you can buy it on eBay, you're gtg.

Interesting. Where did you find that info?

 

[mi650]

Interesting. Where did you find that info?

The better question is where did you get the idea that you can't buy scopes and gun parts with PP? You may not know, but eBay used to own PP.

But just as an example... Look at the payment methods accepted.

Another.

Another.

I'm not the biggest fan of PP, but internet BS is just that.

 

[Savagenut]

Keep in mind, this is all just reporting thresholds required. Not a chance in actual tax implications.By law, you're supposed to self report if you make any profit, even on a personal sale.

If you buy a baseball card for $5 and sell it for $20 to someone with PP F&F, you are still legally supposed to report that $15 profit whether PP reports the transaction or not.

Obviously most people don't do this. Just pointing out that the reporting changes for companies like PP didn't all of a sudden make some of this stuff now reportable. They were always supposed to be reported in the past by the individual making the sale.

If I buy a baseball card for 20 and sell it for 5 can I write off the loss?


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[fwafwow]

The losses could offset gains if you sell a number of items so be woke to that.

Nope, unless you are in the business of buying and selling the items.

There are other threads on this topic and some but not all of the above is correct.

 

[fwafwow]

If I buy a baseball card for 20 and sell it for 5 can I write off the loss?


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Nope, unless that’s your business

 

[antelopedundee]

I spoke to a PayPal Rep who told me firearm sales are strictly prohibited

I spoke to a Paypal CSR who told me that any sales/payment to purchase a firearm is strictly forbidded on PayPal. Was she wrong? I sure would like to know. Gunbroker.com processes hundreds of transactions per day! She even told me items related to firearms such as optics, lightings or any...

www.paypal-community.com

 

[Fatcamp]

Interesting. Where did you find that info?

I have bought and sold a bunch of scopes on Ebay with PayPal. No problems.