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PayPal and Income Tax
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Mar 28, 2023 12:43:45   #
Saycheeze Loc: Ct
 
Could also be she didn’t want to pay for your buyer protection

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Mar 28, 2023 20:53:31   #
robertjerl Loc: Corona, California
 
tca2267 wrote:
More BS for the average guy...

Why doesn't the IRS go after the real tax evaders like the POS Al Sharpton!!!


They have to fight their way through an army of lawyers to get to ol' Al.

Reply
Mar 29, 2023 05:17:37   #
OnDSnap Loc: NE New Jersey
 
jerryc41 wrote:
Yes, definitely. If the seller doesn't want to pay the 2.9% fee, he should raise the price by 2.9% to make up for the loss.


Wouldn't that be like a dog chasing it's tail? You raise the price to cover the tax, but the tax is more cause you raise the price, No?

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Mar 29, 2023 06:27:09   #
Manglesphoto Loc: 70 miles south of St.Louis
 
jerryc41 wrote:
Apparently, this is new, but I don't understand it. I bought a ukulele from someone in Chicago, and she received this message from PayPal. She is new to PP. The image below was a small image display on my cell phone. I took a picture with another cell phone.

She's the one who wanted me to use "Friends and Family," but I didn't. Now, she thinks this is my fault because I sent a "Goods and Services" payment.

Form 1099-K - "Whether you own a business, are self-employed, work in the gig economy or are selling personal items, Form 1099-K includes the gross amount of all payment transactions. You may receive a Form 1099-K from each payment settlement entity from which you received payments in settlement of reportable payment transactions. A reportable payment transaction is defined as a payment card transaction or a third-party network transaction. A third party network transactions may include a payment through a payment app."

https://www.irs.gov/businesses/understanding-your-form-1099-k

EDIT: I think I found a loophole - "sold at a loss."

"If you receive a Form 1099-K for a personal item sold at a loss, report the information on Form 1040, Schedule 1, Additional Income and Adjustments to Income with offsetting transactions. For example, if you receive a Form 1099-K for selling your couch online for $700 you will report:

Part I – Line 8z – Other Income – Form 1099-K Personal Item Sold at a Loss $700
Part II – Line 24z – Other Adjustments - Form 1099-K Personal Item Sold at a Loss $700
The net effect of these two adjustments on adjusted gross income would be $0."
Apparently, this is new, but I don't understand it... (show quote)


The way I see it she should have rejected your payment and not sent the Uke to you.
The next thing is how much money is involved 2.9%/3.9% payment? you could pay her or tell her to live with it !!

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Mar 29, 2023 08:45:16   #
jerryc41 Loc: Catskill Mts of NY
 
OnDSnap wrote:
Wouldn't that be like a dog chasing it's tail? You raise the price to cover the tax, but the tax is more cause you raise the price, No?


It evens out. Charge $103.

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Mar 29, 2023 08:47:24   #
jerryc41 Loc: Catskill Mts of NY
 
Manglesphoto wrote:
The way I see it she should have rejected your payment and not sent the Uke to you.
The next thing is how much money is involved 2.9%/3.9% payment? you could pay her or tell her to live with it !!


I offered to pay the fee and use "Goods and Services," and she accepted. It's due to arrive on Friday.

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Mar 29, 2023 08:48:08   #
jerryc41 Loc: Catskill Mts of NY
 
Saycheeze wrote:
Could also be she didn’t want to pay for your buyer protection


She didn't want to pay the fee to receive payment.

Reply
 
 
Mar 29, 2023 09:12:31   #
cbabcock
 
rlv567 wrote:
You know the answer to that!

Loren - in Beauitiful Baguio City


What is the answer....educate me.

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Mar 29, 2023 09:13:25   #
cbabcock
 
robertjerl wrote:
They have to fight their way through an army of lawyers to get to ol' Al.


Projecting.....like tfg.

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Mar 29, 2023 09:14:27   #
rlv567 Loc: Baguio City, Philippines
 
jerryc41 wrote:
It evens out. Charge $103.


If the fee was $103 - at 3%, $3,433.33 - that was some expensive uke! Are most of your online purchases in that price range?

Loren - in Beautiful Baguio City

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Mar 29, 2023 09:17:04   #
BebuLamar
 
rlv567 wrote:
If the fee was $103 - at 3%, $3,433.33 - that was some expensive uke! Are most of your online purchases in that price range?

Loren - in Beautiful Baguio City


And I understand if she doesn't have a tax ID paypal will send 24% of that to the IRS and she will have to file her return as a loss sale to get the money back.

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Mar 29, 2023 09:50:53   #
jerryc41 Loc: Catskill Mts of NY
 
rlv567 wrote:
If the fee was $103 - at 3%, $3,433.33 - that was some expensive uke! Are most of your online purchases in that price range?

Loren - in Beautiful Baguio City


No, I was using $100 as an example of a selling price, with a 2.9% fee added to that. $3,000 is kinda pricey for a ukulele.

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Mar 29, 2023 09:52:23   #
Rab-Eye Loc: Indiana
 
rlv567 wrote:
If the fee was $103 - at 3%, $3,433.33 - that was some expensive uke! Are most of your online purchases in that price range?

Loren - in Beautiful Baguio City


Jerry did not say the fee was $103. He said that was the total charge.

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Mar 29, 2023 09:55:50   #
BebuLamar
 
rlv567 wrote:
If the fee was $103 - at 3%, $3,433.33 - that was some expensive uke! Are most of your online purchases in that price range?

Loren - in Beautiful Baguio City


I think he said the total cost was $103 so I think the price was $100. Any way if Jerry average price of his ukuleles is $3433.33 he has almost half a million bucks in his ukuleles colllection.

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Mar 29, 2023 10:16:34   #
mr spock Loc: Fairfield CT
 
tca2267 wrote:
More BS for the average guy...

Why doesn't the IRS go after the real tax evaders like the POS Al Sharpton!!!



Reply
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