Paypal forces you now to send G/S payments?

Waltesefalcon

Don't worry guys the US Government just wants the billionaires to pay their fair share. This won't affect any of us.

In all seriousness this is very annoying and making any kind of hobby like this one much harder to continue without having to start factoring in taxes or making sure we trade less than $600 worth of watches each year.

Syrte

Maybe Paypal is also feeling the pinch from all of those competing money transfer services and they’re trying to make money everywhere they can.

Archer

In previous discussions on this subject, I believe some have pointed out that the reporting requirement on the part of the person doing the trading (you) was always there. The threshold for the payment processors reporting is the thing that changed, not your obligation with regards to taxes owed. At least that's my understanding of it.

Waltesefalcon

This is true, however, the threshold for having to report a 1099-k went from $20,000 and 200 transactions to a simple $600. Which, no matter how it is framed is a massive shift that will hurt this and other hobbies in the US. In the past a hobbist would never be targeted by the IRS. I could sell several watches to raise funds for a new watch, and I never would have come close to having to pay taxes, now by selling one watch I may cross this new threshold and have taxable income.

dsio

I think they find out frequently when people use F&F and then get scammed, which leads them to ask PayPal to refund and bail them out then. Lots of self reports in those situations.