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The Scuppers This is a new forum for the not necessarily fishing related topics... |
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02-03-2018, 08:41 PM
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#1
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Seldom Seen
Join Date: May 2001
Posts: 10,505
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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.....
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“Americans have the right and advantage of being armed, unlike the people of other countries, whose leaders are afraid to trust them with arms.” – James Madison.
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02-03-2018, 09:44 PM
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#2
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Registered User
Join Date: Dec 2002
Posts: 8,718
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I don't use it
Posted from my iPhone/Mobile device
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02-04-2018, 07:21 AM
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#3
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User
Join Date: Jun 2012
Location: Cape Cod
Posts: 5,454
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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...
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02-04-2018, 08:07 AM
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#4
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Afterhours Custom Plugs
Join Date: Mar 2004
Location: R.I.
Posts: 8,611
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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.
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02-04-2018, 08:26 AM
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#5
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Registered User
Join Date: Sep 2003
Location: Libtardia
Posts: 21,591
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I use it. No issues here.
Posted from my iPhone/Mobile device
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02-04-2018, 08:29 AM
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#6
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Certifiable Intertidal Anguiologist
Join Date: Feb 2000
Location: Somewhere between OOB & west of Watch Hill
Posts: 35,134
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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 ; )
Last edited by JohnR; 02-04-2018 at 09:01 AM..
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~Fix the Bait~ ~Pogies Forever~
Striped Bass Fishing - All Stripers
Kobayashi Maru Election - there is no way to win.
Apocalypse is Coming:
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02-06-2018, 12:56 PM
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#7
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Registered User
Join Date: Dec 2000
Posts: 2,573
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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.
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DZ
Recreational Surfcaster
"Limit Your Kill - Don't Kill Your Limit"
Bi + Ne = SB 2
If you haven't heard of the Snowstorm Blitz of 1987 - you someday will.
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02-13-2018, 11:22 AM
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#8
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Registered User
Join Date: Jul 2007
Location: Newport, RI
Posts: 2,395
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venmo
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02-13-2018, 12:08 PM
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#9
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Registered User
Join Date: Aug 2002
Location: RockVegas
Posts: 3,228
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Quote:
Originally Posted by bassballer
venmo
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Venmo is owned by PayPal
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The future ain't what it used to be. --Yogi Berra
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02-14-2018, 07:54 AM
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#10
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Afterhours Custom Plugs
Join Date: Mar 2004
Location: R.I.
Posts: 8,611
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Quote:
Originally Posted by JohnR
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 ; )
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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....
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02-14-2018, 09:23 AM
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#11
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Jiggin' Leper Lawyer
Join Date: Oct 2000
Location: 61° 30′ 0″ N, 23° 46′ 0″ E
Posts: 8,142
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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.
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Wise men speak because they have something to say; Fools, because they have to say something.
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02-14-2018, 07:52 PM
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#12
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Registered User
Join Date: May 2008
Location: Chasing fat girls in the dark
Posts: 961
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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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