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-   -   How do you like Paypal now? (http://www.striped-bass.com/Stripertalk/showthread.php?t=93327)

nightfighter 02-03-2018 08:41 PM

How do you like Paypal now?
 
I have been chit on in the past for not using nor having Paypal. Well today I heard that Mass residents with >$599 in paypal revenues received a 1099-k in the mail, to be filed with their state taxes. This will be fun to follow.....

Sea Dangles 02-03-2018 09:44 PM

I don't use it
Posted from my iPhone/Mobile device

Guppy 02-04-2018 07:21 AM

Fast and convenient ....
Don't use it all the time but i like the idea of not typing in the card number at sites.....
Simplifies classified sell/buy

Get with it u guys... :wave:

afterhours 02-04-2018 08:07 AM

I've been using it in my shopping cart for years and always get 1099'd by them, but to have them report individuals with transactions over >599 is going to create a chitstorm of epic proportions for a lot of people.

Nebe 02-04-2018 08:26 AM

I use it. No issues here.
Posted from my iPhone/Mobile device

JohnR 02-04-2018 08:29 AM

So if you use PP to conduct a business transaction, you are provided with a tax form, same as other payment processing, no??

Doensn't cost ya anything unless you were trying to sneak under the radar ; )

DZ 02-06-2018 12:56 PM

States want their share. So many convenient ways to purchase used to fall under the radar - no longer. In RI I have to report all personal sales each quarter of my book and pay the sales tax. I might sell a half dozen personal sales per year - maybe $100 - still have to pay 7 % on each sale. Also have to declare it as income on my annual return.
I run an AIRBNB and my guests are charged 13 % for state and local sales taxes. I'm sure Uber adds sales tax.

Years ago there was a reason BM plugs were all sold to retailers without receipts and invoices - but you're taking a chance in today's environment with all the tracking technology.

bassballer 02-13-2018 11:22 AM

venmo

BigBo 02-13-2018 12:08 PM

Quote:

Originally Posted by bassballer (Post 1137268)
venmo

Venmo is owned by PayPal

afterhours 02-14-2018 07:54 AM

Quote:

Originally Posted by JohnR (Post 1136584)
So if you use PP to conduct a business transaction, you are provided with a tax form, same as other payment processing, no??

Doensn't cost ya anything unless you were trying to sneak under the radar ; )


Up till now PP 1099'd only if you had more than 200 transactions and did over 20k in sales. These states are greedy mofo's. If Joe Blow sells is golf clubs for 600 he'll get 1099 and have to prove loss or gain? Or sells some used fishing gear? Insane....

Mike P 02-14-2018 09:23 AM

Why should I have to pay tax on a net loss? Most things that I sold on eBay sold for less than I paid for them.

Anyway, after I file for 2017, it's all academic anyway. Mass can kiss my Finland-living ass. Did you know that Finland doesn't tax US Social Security---but unfortunately, I'll have to pay the IRS.

Liv2Fish 02-14-2018 07:52 PM

I like the 6 months interest free part. Can push fishing costs into the frozen months.
Posted from my iPhone/Mobile device


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