Paypal bullshit

[440 PHIXX]

So you're saying if you send your mother $50 for her birthday Paypal is going to charge you 6% tax !! I'm calling bullshit on that one. Not all Paypal transactions are "sales" transactions so how can they legitimately or legally charge "sales tax"?! This would basically be saying that anyone who gives another person money (Paypal, cash, cheque or whatever) is subject to tax. BULLSHIT !! Furthermore, if you were to sell through Ebay or whatever, they charge the tax ... so you're telling us Paypal ALSO charges 6% tax. Sorry, ain't buyin' it. Besides, on the $240. sent to me I only paid $9. ... which is the rate spelled out in the Paypal fee schedule.

I didn’t say “gift”.

 

[vintage chromoly]

It’s anything over 600, in a fiscal year.
It wasn’t an executive order, it was part of the stimulus bill that was passed by congress.

It has always been the law that you pay income tax. You get asked if you made money online when you file your taxes.
Most of us got a bit of amnesia during tax filings.
Until now, online money brokers didn’t report until 200 transactions and 20 grand in a fiscal year. Some states have had state laws with the 600 dollar threshold for years now.

Incorrect. The administration just changed thru an executive order that paypal, vimeo, cash app, etc all have to report any accounts that have a total of transactions over 300 bucks. Before now it was changed to any single transaction over like 2k, and total over 20k or so a year. Now it isn't like that. I received an email from paypal telling me all the new rules for transaction reporting. I only read the US rule changes, I didn't read the international ones. If you doubt me, google it!

 

[Nxcoupe]

It’s anything over 600, in a fiscal year.
It wasn’t an executive order, it was part of the stimulus bill that was passed by congress.

It has always been the law that you pay income tax. You get asked if you made money online when you file your taxes.
Most of us got a bit of amnesia during tax filings.
Until now, online money brokers didn’t report until 200 transactions and 20 grand in a fiscal year. Some states have had state laws with the 600 dollar threshold for years now.

I would disagree with saying I am avoiding paying taxes on things that were bought with taxed money and sales taxed and sold for less than what was paid for it. But whatever. It pretty much makes selling used crap I don't need a cash only option. It's BS. Thanks for correcting what caused the change. The reform bill or whatever bs name they gave it is just going to add to the already crippling inflation. Jmho. I'm out of this thread. Thanks again for the correction.

 

[Nxcoupe]

So you're saying if you send your mother $50 for her birthday Paypal is going to charge you 6% tax !! I'm calling bullshit on that one. Not all Paypal transactions are "sales" transactions so how can they legitimately or legally charge "sales tax"?! This would basically be saying that anyone who gives another person money (Paypal, cash, cheque or whatever) is subject to tax. BULLSHIT !! Furthermore, if you were to sell through Ebay or whatever, they charge the tax ... so you're telling us Paypal ALSO charges 6% tax. Sorry, ain't buyin' it. Besides, on the $240. sent to me I only paid $9. ... which is the rate spelled out in the Paypal fee schedule.

Correct, it's not taxed if it's to friends and family.

 

[vintage chromoly]

Unfortunately, that’s just not how it works.

I would disagree with saying I am avoiding paying taxes on things that were bought with taxed money and sales taxed and sold for less than what was paid for it. But whatever. It pretty much makes selling used crap I don't need a cash only option. It's BS. Thanks for correcting what caused the change. The reform bill or whatever bs name they gave it is just going to add to the already crippling inflation. Jmho. I'm out of this thread. Thanks again for the correction.

 

[Nxcoupe]

Unfortunately, that’s just not how it works.

I read a press release from a gov spokeperson that answered this question, if I buy a couch and then I sell it for pennies on the dollar, will I have to pay tax on it? They responded saying, no, of course not, and then did not explain how to go about NOT having to pay it.

 

[vintage chromoly]

The 1099 just shows what you brought in.
It’s up to the diligent tax filer to keep track of what it cost to conduct the transactions and what the purchase price of the goods sold was.

You are only required to pay tax on earnings. If you sold something for equal money or less, you don’t owe tax. You do have to show the work on a form when you do your taxes or you will be taxed on whatever shows up on the 1099.

If you buy something for 100 and sell it for 1000, you have ordinary income to the tune of 900, and you will owe income tax on that.

 

[GetX'd]

So you're saying if you send your mother $50 for her birthday Paypal is going to charge you 6% tax !! I'm calling bullshit on that one. Not all Paypal transactions are "sales" transactions so how can they legitimately or legally charge "sales tax"?! This would basically be saying that anyone who gives another person money (Paypal, cash, cheque or whatever) is subject to tax. BULLSHIT !! Furthermore, if you were to sell through Ebay or whatever, they charge the tax ... so you're telling us Paypal ALSO charges 6% tax. Sorry, ain't buyin' it. Besides, on the $240. sent to me I only paid $9. ... which is the rate spelled out in the Paypal fee schedule.

Sorry “Mr Bag over your Head” but why is it everything you post or respond to has this ugly attitude thing going on with it? Frankly you sound like the most bitter, crusty old codger imaginable. Why don’t you tone it down and be respectful and who knows - you might become respected yourself. I retain and deploy my vast reserve of global intelligence for those exude even a snippet of respect for others. You have a ways to go before qualifying.

 

[gkent]

Sorry “Mr Bag over your Head” but why is it everything you post or respond to has this ugly attitude thing going on with it? Frankly you sound like the most bitter, crusty old codger imaginable. Why don’t you tone it down and be respectful and who knows - you might become respected yourself. I retain and deploy my vast reserve of global intelligence for those exude even a snippet of respect for others. You have a ways to go before qualifying.

Y'know, all I was doing was complaining about my money being withheld. Suddenly we're off a a tangent talking about Ebay, taxes and all sorts of other bullshit. I'm just sitting here waiting for someone to say its Biden's fault !!

 

[GetX'd]

Y'know, all I was doing was complaining about my money being withheld. Suddenly we're off a a tangent talking about Ebay, taxes and all sorts of other bullshit. I'm just sitting here waiting for someone to say its Biden's fault !!

You should know this by now - Everything is that half wits fault - just because he exists and will be for long after…….

 

[gkent]

Sorry “Mr Bag over your Head”

Here ya go !

 

[GetX'd]

Here ya go !

I rest my case - any modicum of class completely escapes a mental midget such as you…..

 

[gkent]

mental midget such as you…..

Name-calling ... a typical republican response. I'm surprised its not typed in caps !!

 

[GetX'd]

Name-calling ... a typical republican response. I'm surprised its not typed in caps !!

So now the resident mental midget makes assumptions about political affiliations - of course you do. I guess you just don’t understand approval ratings - what is it for that nitwit - something below 24%. And you think that comes from one party ……. You’re dumber that he is….Lol….

You just scored my “ignore list” - I don‘t like to chat with ignoramus with IQs lower than China Joes approval rating….. bye bye

 

[Richard Cranium]

So now the resident mental midget makes assumptions about political affiliations - of course you do. I guess you just don’t understand approval ratings - what is it for that nitwit - something below 24%. And you think that comes from one party ……. You’re dumber that he is….Lol….

You just scored my “ignore list” - I don‘t like to chat with ignoramus with IQs lower than China Joes approval rating….. bye bye

See post #12.

 

[GetX'd]

See post #12.

He’s now in never never land - if he can take the bag off his head and prove Mensa status I might release him from the hole he’s in - likely not but hey……

 

[Xp29h]

New, yeah, only been using it 25 years or so !!

Per Paypal:

Why your money is on hold​

PayPal is withholding (for 21 days) any money above $300.00 USD in sales each month based on your current sales performance.


This is still bullshit. Imagine selling something for a couple grand and these ******** withhold it for three weeks 'cause you don't sell often !!

I’ve been a long time user too. They’ve done that to me as well. Haven’t used them to receive money since! It is Bullshit! Regardless of sales performance if there aren’t any issues send your money through!

I wonder how their “banking“ system works! If they withhold many transactions for that 21 day period, how much do they make having that large sum of money in their banks just sitting there? Just a thought.

 

[moparedtn]

I've had a PP account since 2000. Learned early on to do friends/family type transfers except when dealing
with a company or vendor I had no history with - and of course, sometimes when you put in a recipients' email
as they request, PP will automatically take the F/F option off the table, as they recognize the receiver is a
business.

 

[kiwigtx]

Not even finished Page 2, and here we go again.