WTF Paypal??

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WTF Paypal??

Postby foghorn » February 3rd 2018, 1:32pm

Until a few months ago I never accepted paypal. When I did it seemed to be not as bad as I expected.
Now I get a 1099-K for my 7 transactions for a total of 2300 bucks? I gotta pay taxes on my PP sales?? If I knew that I would have stuck with money orders. Fuck that shit.
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Re: WTF Paypal??

Postby smellody » February 3rd 2018, 1:34pm

Seriously? Wow!
   
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Re: WTF Paypal??

Postby spanky1 » February 3rd 2018, 1:39pm

Yep, it's an IRS requirement an I agree it SUCKS.
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Re: WTF Paypal??

Postby smellody » February 3rd 2018, 1:45pm

Government is way too big. Ridiculous.
   
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Re: WTF Paypal??

Postby smellody » February 3rd 2018, 1:46pm

Flat tax on earnings. No deductions. No scams. Stay the fuck out of hobbies.

Fuck them
   
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Re: WTF Paypal??

Postby codguy » February 3rd 2018, 1:49pm

Upset having to pay taxes on earnings??
You should be happy to provide the needed contributions for they go to good causes..............................










:sarc:
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Re: WTF Paypal??

Postby Racer-X » February 3rd 2018, 1:59pm

Except in Vermont and Massachusetts, where there is no threshold, you must have 200 payments or $20,000 in transactions for the year in order to get a 1099-k.

You could request payments via Paypal Friends and Family, which I don't think qualify.

They are also not considered earnings unless you made a profit.

https://www.paypal.com/us/selfhelp/article/how-does-paypal-report-my-sales-to-the-irs-will-i-receive-a-1099-tax-statement-faq729

https://www.paypal.com/us/webapps/mpp/irs6050w
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Re: WTF Paypal??

Postby foghorn » February 3rd 2018, 2:01pm

I called PP. Usually it's for 200+ transactions and over 20,000 bucks.

But no longer in the great state of Mass. As of this year anything over 600 bucks and Paypal is required to sent the form. Sucks big time. Fuck Mass.

Earnings my ass. I bought the shit and paid a sales tax on most of it and took a loss in the reselling. No more fucking paypal for me. Back to the old USPS money order.

In the ear and beyond.
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Re: WTF Paypal??

Postby foghorn » February 3rd 2018, 2:04pm

Many buyers won't send via F&F because it negates any protection for them.
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Re: WTF Paypal??

Postby Racer-X » February 3rd 2018, 2:07pm

I'm no expert, but I believe you only pay tax on the profit, if there was any. You record what you paid after tax, fees and shipping charges.
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Re: WTF Paypal??

Postby foghorn » February 3rd 2018, 2:15pm

Racer-X wrote:I'm no expert, but I believe you only pay tax on the profit, if there was any. You record what you paid after tax, fees and shipping charges.




I don't have any paperwork on watches that I no longer own. Hell,I hardly remember which ones I sold! I guess I'll let the taxman figger this out.
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Re: WTF Paypal??

Postby Thunder1 » February 3rd 2018, 2:33pm

Damn!..a word to the wise..
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Re: WTF Paypal??

Postby foghorn » February 3rd 2018, 2:45pm

Even if I saved all receipts for a year after each sale and kept records of every aspect of every sale it would suck and prevent me from using PP ever again. I'm not running a business or trying to "make money". I just want to lighten the load a little. Maybe they should give me a credit for new watches purchased to offset the tax burden. Kinda like gamblers who can use their losses. Fuck Mass. No way to sell a watch via PP if I have to charge a premium. PP fees are one thing but this is altogether different. And fuck ebay too while I'm at it. And Facebook.
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Re: WTF Paypal??

Postby codguy » February 3rd 2018, 2:52pm

foghorn wrote: I bought the shit and paid a sales tax


Got to feed the machine somehow......



Like the car that has traded hands a half dozen times, the politcal money grabbers retrieves taxes on the same product SIX times.

But I'm sure it all goes to a good cause................... like painting rainbow cross walks and shit

https://www.bing.com/images/search?q=ra ... &FORM=IGRE
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Re: WTF Paypal??

Postby Hawk » February 3rd 2018, 3:13pm

Keep a couple of invicter MSRP stickers, staple them to the 1099-K and claim a loss.
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Re: WTF Paypal??

Postby spanky1 » February 3rd 2018, 3:15pm

Hawk wrote:Keep a couple of invicter MSRP stickers, staple them to the 1099-K and claim a loss.


:okk: :okk:
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Re: WTF Paypal??

Postby 3Flushes » February 3rd 2018, 4:15pm

foghorn wrote:Even if I saved all receipts for a year after each sale and kept records of every aspect of every sale it would suck and prevent me from using PP ever again. I'm not running a business or trying to "make money". I just want to lighten the load a little. Maybe they should give me a credit for new watches purchased to offset the tax burden. Kinda like gamblers who can use their losses. Fuck Mass. No way to sell a watch via PP if I have to charge a premium. PP fees are one thing but this is altogether different. And fuck ebay too while I'm at it. And Facebook.


Having just fled The People's Republic of California, I suspect Mass is looking for sales tax on your transactions.

When CA realized the rev they were losing from ebay and mail order sales, they enacted all kinds of bullshit, including requiring Amazon and other large mail-order retailers to collect CA sales tax if they wanted to do business in CA. They also required residents to pay sales tax on anything purchased by mail that they were not charged tax on.There have been court challenges but so far the regulations have held up.

The 20K threshold (15K in CA) would make folks who transact that much business, full-timers, subject to having to get business licenses, pay business improvement district fees, and subject to state income taxes based on mandated record keeping etc etc etc etc; Fuck, in CA if you have more than 2 GARAGE FUCKING SALES or SWAP MEET vendor entries per year, CA considered you to be in business and required the bullshit as noted above... and MA is likely the same deal. So even if the proceeds don't change the SIT tax you owe, they will stick it up your ass for sales tax- and dealing with it after the fact having paid nothing (evading to them) is a fucking nightmare. Failure to pay results in heavy penalties and high interest. If you at least underpay with your return, the feds and states collect the balance due at nominal interest.

If you don't have a tax person, you'll need one to cover your ass now that the 1099 was filed. If your return doesn't include the 1099 income, when compared to the reporting they received, your return will automatically be kicked for review by a person who will very likely decide to audit you. The 1099 could have also been filed with the IRS whose computer makes the decision, and even if it won't change your federal taxes, you need to demonstrate that--- they can make your life a living hell---look into other years and so forth- so nip it, nip it in the bud, and revert to cash on the barrel head while you still can because they are trying to figure out how to eliminate cash altogether, and eventually will. They are already 3/4ths of the way there, what with the conveeenience of paying with credit and debit cards which folks have been unwittingly conditioned to.
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Re: WTF Paypal??

Postby 3Flushes » February 3rd 2018, 4:19pm

Hawk wrote:Keep a couple of invicter MSRP stickers, staple them to the 1099-K and claim a loss.

TMMLMFAO
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Re: WTF Paypal??

Postby AlbertaTime » February 3rd 2018, 6:29pm

3Flushes wrote:
foghorn wrote:When CA realized the rev they were losing from ebay and mail order sales...


re: "rev they were losing..."

A perspective on "rev" that is only possible when the assumption (always by politicos and bureaucrats) is that all "rev," all money anywhere, everywhere, and always, properly and **first** belongs to the State and its functionaries, and that the only thing up for discussion/negotiation is what they let you keep.

"Money not taken" is not identical to "money lost"...to anyone but thieves and politicians.
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Re: WTF Paypal??

Postby conjurer » February 3rd 2018, 9:02pm

Wow. That blows.
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Re: WTF Paypal??

Postby TemerityB » February 3rd 2018, 9:18pm

Wow is right. Glad I've avoided the whole thing.
Bet those Swiss Legend owners are so happy their "Sapphitek" crystals have a 10-year warranty. Oh, wait...
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Re: WTF Paypal??

Postby 3Flushes » February 4th 2018, 7:26am

AlbertaTime wrote:..."Money not taken" is not identical to "money lost"...to anyone but thieves and politicians.

I have printed out that eloquent statement in an appropriate Olde English font, framed it, and placed it on the WL wall of the study in my new home. And, in the finest disturbed traditions of our president, I have attributed it to myself. :D

I have often mused, AT, about 200,000 to 500,000 Americans per state (10 to 25 million nationally for those to whom math gives a headache) refusing to pay their state and federal taxes beginning for a coordinated tax year and continuing until the states and Congress enacted a uniform and equitable tax code. The first 10 to 25 million cases would paralyze the collection, enforcement, and judicial apparatus, and as cases built over time while the jerk-off state legislatures and Congress grappled with drafting legislation that would end the strike, the working class, frankly 99% of us, could exact the economic justice we have been promised and manipulated with by asshole politicians and presidents, like, uhhh, well, all of them.

Hell, it takes 2 1/2 + years to bring a civil case to trial in federal court now; even if all state Superior Courts and federal District Courts were dedicated to the tax matter, well, I think you can see, as I do, the nation's civil and criminal judicial business would be brought to a grinding full stop, and by the time one's case was investigated, processed, and came to trial, most strikers would have long since passed away having lived out the natural course of their lives.

And supposing emergency legislation was passed, there isn't enough law enforcement or support structure to provide due process in investigating, charging, documenting and processing, let alone incarcerating that large a number of individuals who could be found guilty.

But alas, getting that number of people and employers in the US to act together and withhold payment and refuse to file is a pipe dream. However, the working class, 99% of us, acting together to force the State and US governments to enact a tax code that, say required everyone to pay the same small percentage of their total incomes regardless of the size of those incomes, is a beautiful pipe dream nonetheless.
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Re: WTF Paypal??

Postby foghorn » February 4th 2018, 9:55am

GET OFF MY LAWN
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Re: WTF Paypal??

Postby bobbee » February 4th 2018, 2:11pm

Fucking hell, your poor bottoms must no longer resemble tight little balloon knots after that PP arseholeing.
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Re: WTF Paypal??

Postby Hawk » February 4th 2018, 3:16pm

Yup - we've lost it.

200 plus years ago we'd be marching those 1099-Ks into Boston and tossing them in the bay.
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