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Joined: Mar 2018
Posts: 966
Campfire Regular
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OP
Campfire Regular
Joined: Mar 2018
Posts: 966 |
Just a heads up for everyone buying and selling on here. Starting in 2022, the PayPal threshold for 1099 reporting requirements is $600. It used to be over 200 transactions or over $20,000. Now if you receive payments for goods and services that total over $600 in the entire year, you will will receive a 1099 in 2023. Only way around this is using payment methods which don't offer buyer protection or selling face-to-face unfortunately. Remember all those stimulus checks sent out? This is just another way for the government to get some of their money back. https://newsroom.paypal-corp.com/20...ing-Requirements-Your-Questions-Answered
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Joined: Apr 2010
Posts: 2,384 Likes: 1
Campfire Regular
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Campfire Regular
Joined: Apr 2010
Posts: 2,384 Likes: 1 |
They assume the total transaction amount is profit therefore taxable. In most cases it couldn’t be further from the truth.
Rick
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Joined: May 2010
Posts: 9,545 Likes: 6
Campfire Outfitter
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Campfire Outfitter
Joined: May 2010
Posts: 9,545 Likes: 6 |
I am always looking for factory wood stocks!
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Joined: Feb 2013
Posts: 2,841
Campfire Regular
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Campfire Regular
Joined: Feb 2013
Posts: 2,841 |
eBay is doing it, gunbroker and Facebook market as well
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Joined: May 2011
Posts: 7,515 Likes: 1
Campfire Outfitter
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Campfire Outfitter
Joined: May 2011
Posts: 7,515 Likes: 1 |
LOL...What?! .....this is for everything, not 'Paypal" specifically. The core of this problem are the democrat insects.
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Joined: Apr 2011
Posts: 400
Campfire Member
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Campfire Member
Joined: Apr 2011
Posts: 400 |
It’s part of the infrastructure bill that was passed any of the cash apps will be the same.
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Joined: Mar 2018
Posts: 966
Campfire Regular
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OP
Campfire Regular
Joined: Mar 2018
Posts: 966 |
They assume the total transaction amount is profit therefore taxable. In most cases it couldn’t be further from the truth.
Rick Yeah and even if you did save your receipt from say the rifle you bought in 70s, the difference in value shouldn't be considered profit considering the inflation over that time period.
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Joined: May 2011
Posts: 7,515 Likes: 1
Campfire Outfitter
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Campfire Outfitter
Joined: May 2011
Posts: 7,515 Likes: 1 |
Need to be using more money orders going forward--and good old cash wherever possible.
With this new threshold we'll be taxed for things that may technically be actual losses.
Cluster f ck of biblical proportions.
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Joined: Dec 2011
Posts: 58
Campfire Greenhorn
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Campfire Greenhorn
Joined: Dec 2011
Posts: 58 |
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Joined: Mar 2018
Posts: 966
Campfire Regular
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OP
Campfire Regular
Joined: Mar 2018
Posts: 966 |
Need to be using more money orders going forward--and good old cash wherever possible.
With this new threshold we'll be taxed for things that may technically be actual losses.
Cluster f ck of biblical proportions. Yep, makes it much more of a pain in the a$$ unfortunately and there are always scammers out there. Luckily very few on this forum at least.
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Joined: Nov 2007
Posts: 936 Likes: 1
Campfire Regular
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Campfire Regular
Joined: Nov 2007
Posts: 936 Likes: 1 |
FYI 10-99s do not represent income or profit. They simply represent payments received.
Internet analysis: 1 in a row is a trend, 2 in a row is statistically significant, and 3 in a row is an irrefutable fact Fools & fanatics are always so certain and wise people are always so questioning ![[Linked Image from i.imgur.com]](https://i.imgur.com/lyarIYom.jpg)
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Joined: Mar 2018
Posts: 966
Campfire Regular
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OP
Campfire Regular
Joined: Mar 2018
Posts: 966 |
FYI 10-99s do not represent income or profit. They simply represent payments received. Correct, and you can report none of it was profit, but what happens when you are audited and can’t prove you didn’t make money off of it with no record of the purchase?
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Joined: Nov 2007
Posts: 2,222
Campfire Regular
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Campfire Regular
Joined: Nov 2007
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But, but, Uncle Joe promised no new taxes on the middle class. 
Then you will know the truth and the truth will set you free.
John 8:32
A lie doesn't become truth; wrong doesn't become right; evil doesn't become good, just because it's accepted by the majority...Rick Warren
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Joined: Dec 2020
Posts: 335
Campfire Member
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Campfire Member
Joined: Dec 2020
Posts: 335 |
I don’t believe friends and family payments are sourced as income either. You don’t have buyer protection, but a bulk of the transactions on this forum are completed that way.
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Joined: Jul 2021
Posts: 84
Campfire Greenhorn
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Campfire Greenhorn
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Joined: Feb 2009
Posts: 10,966 Likes: 7
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2009
Posts: 10,966 Likes: 7 |
or just a good old fashion check and hold the item till it clears.
They say everything happens for a reason.
For me that reason is usually because I've made some bad decisions that I need to pay for.
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Joined: Feb 2007
Posts: 1,732
Campfire Regular
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Campfire Regular
Joined: Feb 2007
Posts: 1,732 |
or just a good old fashion check and hold the item till it clears. ^^^^^ This ^^^^^ Works for me!
Garry
Trump won !!!
Trying to live like a free man in the Communist Republic of New Jersey.
Love your country, distrust your government.
Democrats and the people who vote for them, enemies of America and a free American people
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Joined: Nov 2011
Posts: 1,122 Likes: 1
Campfire Regular
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Campfire Regular
Joined: Nov 2011
Posts: 1,122 Likes: 1 |
or just a good old fashion check and hold the item till it clears. ^^^^^ This ^^^^^ Works for me! Ditto
Heaven has a wall, a gate and strict immigration policy.
Hell has open borders.
Let that sink in.....
I Live for Opening Day!
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Joined: Dec 2017
Posts: 4,576
Campfire Tracker
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Campfire Tracker
Joined: Dec 2017
Posts: 4,576 |
or just a good old fashion check and hold the item till it clears. Exactly.
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Joined: Jul 2006
Posts: 3,130 Likes: 1
Campfire Tracker
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Campfire Tracker
Joined: Jul 2006
Posts: 3,130 Likes: 1 |
or just a good old fashion check and hold the item till it clears. I have done this before using paypal so starting in 2022 I will be doing it again
It is not about what you kill, it is about the hunt....
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