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Paypal forces you now to send G/S payments?

Archer
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Waltesefalcon 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.

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.
 
Archer
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Syrte 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.

I think PP realizes that many people use F&F for actual transactions...
 
Waltesefalcon
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Archer 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.

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
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Archer Archer
I think PP realizes that many people use F&F for actual transactions...
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.
 
Archer
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Waltesefalcon 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.

I think you always had taxable income if you were making sales, but were just never reporting it. At least that is my understanding from conversations in other threads. I think Evan has talked about this at length...

Not denying it is affecting people...there seems to be a thread on every watch forum every few weeks with this same complaint...
 
Archer
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dsio 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.

Everyone loves to hate PP, so many don't see using F&F when they should be using G&S as stealing, but that's what it is.

They are described as greedy for making it harder for people to steal from them...strange world we live in...
 
gatorcpa
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How many times do I have to say it…Big Brother is Watching.

Believe me that PayPal doesn’t want to file millions of tiny 1099-K’s any more than you want to receive one.

gatorcpa
 
pdxleaf
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gatorcpa gatorcpa
How many times do I have to say it…Big Brother is Watching...

gatorcpa

They may be watching but they have an out of date prescription with cataracts. In desperate need of an upgrade.
 
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