Why I REFUSE to use Paypal Friends and Family

[HumptyDumpty]

I simply won't use PayPal for anything; I like cash, checks, money orders, gold bullion, etc.

[dcs12345]

When I use Paypal, I include a little extra to cover any extra fees so I can use the protection of the Goods and Services option. I want to protect every purchase .... no matter if it is a inexpensive book, a boolit mould or a $2200 rifle. If the seller refuses my paypal choice of payment -- NO SALE !! That should be a red flag to EVERYONE on this list to not do business with that individual that will only accept Paypal Friends and Family.
Ohio Rusty ><>

G&S will may not cover you for guns (and some gun related stuff)if they figure out what the item is. ….you will be SOL since they will say it is against their terms of service.

[fg-machine]

Some of the logic here is rather off , so you are worried about the tax man so you want to use friends and family only .
Very bad logic , it does not matter what type of transaction you use , once you breech that $600 limit every transaction is reported.
The irs does not care if it's goods and service or friends and family.
All they care about is that $600 limit .

Don't believe me just because I say it , ask PayPal , your bank , the Irs or any cpa with an iq over 65 and find out for yourself

[Markopolo]

I use PayPal for one reason.. post office is 1/2 day trip. In the winter is sometimes out of the question. But that’s the difference… most of u guys are lower 48 and are used to everything at yer fingertips.. cost of living remote I guess. I take the cost..

Marko

[white eagle]

pay pal is instant money
you are going to have bad sellers with every form of payment
fact of life, some people steal and are worthless
due diligence always trumps carelessness

[schutzen-jager]

I quit using PP quite a few years ago. Never had any issues, but I simply lost my trust, and I don't do Ebay either for the same reason.

totally agree about EBAY also after 20+ years of selling there -

[fatelk]

Some of the logic here is rather off , so you are worried about the tax man so you want to use friends and family only .
Very bad logic , it does not matter what type of transaction you use , once you breech that $600 limit every transaction is reported.
The irs does not care if it's goods and service or friends and family.
All they care about is that $600 limit .

Don't believe me just because I say it , ask PayPal , your bank , the Irs or any cpa with an iq over 65 and find out for yourself

Incorrect. PayPal personal transfer (friends and family) is not subject to the new rules. This is spelled out very clearly.

[HATCH]

I have never gotten a 1099 from Paypal and I only use it Friends and Family.

Friends and Family should be treated just like cash.
Same with CashAp, or Zelle.

I personally accept PP F&F, CashAp, Zelle, Venmo, ALL money orders, personal check, bank check and even good old cash.

I have been around a long time and have 100's of verified customers. For me your reputation is all that matters.
Talk to anyone and you would have a extremely hard time finding someone that had a bad experience.

[schutzen-jager]

the 1099's ran into some problems, but the IRS states that they will be going out soon to generate tax revenues on any sales $600.00 + over -

[Handloader109]

Yes, the rules for reporting were delayed for another year (2023 tax year) but are supposedly in affect for this current tax year, 2024. So expect to see them in January 2025 for this year. You can always report expenses against any 1099 money. But I get it. Going from $20,000 down to $600 in a year is a big change. $6k would have been more reasonable, but when is the federal government reasonable? I use PayPal as needed, F&F for just that. Cashapp and venmo for folks I know or receiving for business, and they are standing in front of me. Checks yep. I hate MOs. They aren't any safer than just sending cash. And a pain to cash. My bank will accept, stupid PO never has any cash.

Sent from my SM-S908U using Tapatalk

[fatelk]

the 1099's ran into some problems, but the IRS states that they will be going out soon to generate tax revenues on any sales $600.00 + over -

Not to get political, but I have a suspicion that they really want to wait until after the election, but maybe I’m just cynical. I think there are many millions of people out there that are going to be shocked when they start getting 1099’s in the mail.

Like I said, I don’t have a problem with paying taxes when I owe it, I just don’t want the hassle of dealing with more forms when I don’t.

[huntersdog]

G&S will may not cover you for guns (and some gun related stuff)if they figure out what the item is. ….you will be SOL since they will say it is against their terms of service.

I think most any gun related items, you won't be covered.


Posted on
‎Apr-17-2019 11:25 AM

I have been selling gun parts using paypal for 15 years. Today my account was limited for violation of the user agreement.

I am now barred from paypal for life, and my funds are being held for 180 days. There is no recourse for me.

I have always been careful to not use paypal for the purchase or sale of firearms and ammunition.

The open-ended policy against "certain firearm parts and accessories", must be my violation.

What exactly are these "certain parts and accessories", if it were made clear I could have avoided this mess.

For those of you who are curious, I do trigger jobs, and sell picatinny rails.

https://www.paypal-community.com/t5/...d/td-p/1791640

[huntersdog]

Some of the logic here is rather off , so you are worried about the tax man so you want to use friends and family only .
Very bad logic , it does not matter what type of transaction you use , once you breech that $600 limit every transaction is reported.
The irs does not care if it's goods and service or friends and family.
All they care about is that $600 limit .

Don't believe me just because I say it , ask PayPal , your bank , the Irs or any cpa with an iq over 65 and find out for yourself

What was that about IQ?



Beginning January 1, 2024, the Internal Revenue Service (IRS) implemented new reporting requirements for payments received for goods and services, which will lower the reporting threshold to $600 USD for the 2024 tax season from 2023’s threshold of $20,000 USD and 200 transactions. Here’s some more detail:

1099-K Threshold Change:

This new Threshold Change is only for payments received for goods and services transactions, so this doesn’t include things like paying your family or friends back using PayPal for dinner, gifts, shared trips, etc.
This change was introduced in the American Rescue Plan Act of 2021, which amended some sections of the Internal Revenue Code to require Third-Party Settlement Organizations (TPSOs), like PayPal, to report goods and services transactions paid to customers with $600 USD or more in annual gross sales on 1099-K forms. Previously, a 1099-K is only required when a user receives more than $20,000 USD in goods and services transactions and more than 200 goods and services transactions in a calendar year.
PayPal tax reporting is required when the sender identifies the product as goods and services to the IRS, even if it was a mistake. This requirement applies once you receive $600 USD or more from this type of payment. Although this transaction is reportable by PayPal, it’s possible that the transaction is not taxable. It’s always best to speak with a tax professional for any specific concerns you may have.

https://www.paypal.com/us/cshelp/art...he-irs-help543

[JonB_in_Glencoe]

I wonder if we'll still be arguing about these types of things after Biden's Administration (2nd term) goes ahead with the Digital Dollar program?

https://www.forbes.com/advisor/inves...igital-dollar/

[fatelk]

I went back to school after the meltdown of '08. There were all types there, and many of the other students were on various programs and state aid. I remember talking to one guy who was telling me all about how he worked a part-time job but was careful to keep his reported income below a certain amount to not jeopardize his welfare benefits, and he worked another under-the-table job trimming trees. His wife and he were not legally married even though they had several kids together, because if they got married she would lose her welfare benefits and food stamps, and she had some kind of under-the-table cash income as well. He had all the angles covered to maximize milking the system.

It was an eye opener for me; I had no idea that so many people used the system that badly. As much as I don't like the idea of a cashless system and the authorities involved in everyone's business, it would have a lot less of an effect on me than it would on those living on the fringes of society.

[deltaenterprizes]

I get charged a cash advance fee and raise interest by my credit card company if I use F&F so I pay the fee and use Goods and Services.

[shooter bob]

A cashless system is the end of America as we know it. The government will know every cent you possess . Try putting crypto under your mattress in your safe to have as an emergency fund .and big brother doesn’t need to know how much cash a person keeps available at his fingertips. I can’t believe anyone would welcome a cashless American