Discussion in '"Pay It Forward"' started by thebuick, Nov 8, 2019.

  1. thebuick

    thebuick Well-Known Member

    FREE ADVISE I just learned something. I sold a car part for a few hundred bucks. The buyer paid me by PAYPAL. [ not friend and family ] after the transaction, THE TAX MAN came in for a cut, So lesson learned no more PayPal for me.Going back to money order / check sales.
  2. Mart

    Mart Gold level member

    Oh oh, I just bought parts from Mark Demko and I was going to f&f the pp payment so no fees. His wife sent me an invoice so I hope she knew what she was doing.......?
  3. My3Buicks

    My3Buicks Buick Guru

    I figure they are going to get wise to the F & F trick and do away with that feature, I do that all the time
  4. 69 GS 400

    69 GS 400 Well-Known Member

    Important to always charge / pay friends or family otherwise they assume you are making an income or profit from the transaction.
    OHC JOE likes this.
  5. thebuick

    thebuick Well-Known Member

    with f & f no security on the transaction right ?
    ilikebmx999 likes this.
  6. MASH4551

    MASH4551 Well-Known Member

    Ebay + Paypal you buy you pay tax. :mad:

    BUQUICK I'm your huckleberry.

    Just curious so I can brace myself for the same thing: In which state are you located? How did the tax man contact you, email or USPS? Were you asked to pay a tax immediately or to submit it on your 2019 tax returns?
  8. 68Rivi_In_Cali

    68Rivi_In_Cali Well-Known Member

    I have BOA and all other major Banks use Zelle, you can instantly transfer $ using just your phone# no fees. I have recently sold items that way. worth a try guys plus its part of most major banks.
  9. stump puller455

    stump puller455 1970 GS 455

    I like Venmo fast and free
  10. Donuts & Peelouts

    Donuts & Peelouts Life's 2 Short. Live like it.

    Ot some but All these site have gotten hacked in the past. Best thing to do for your saftey is inquire how you can get a purchasing account and transfer money into it from your checking only for online purchases. That way when they hack it they only get your pennies
  11. thebuick

    thebuick Well-Known Member

    in Mass the tax man waiting at the borders for on line sales lol. first time I was taxed so I will see how it goes in 2020 tax season.
  12. nekkidhillbilly

    nekkidhillbilly post whore

    paypal only taxes if its a huge amount
  13. powertrip

    powertrip Active Member

    More free advice! When accepting PayPal, clearly state “pay with friends and family only”. If they don’t pay you with friends and family, don’t accept the payment! I’ve been using PayPal for 10 years, with no problems at all.
  14. Couch

    Couch '67 GS400 Guy

    Unfortunately as some here have experienced, F & F thru Paypal can lead to scams as well. With no recourse after the fact. I have become very skeptical of several items I see listed here and elsewhere when shopping for items I may need.
  15. powertrip

    powertrip Active Member

    It’s not a PayPal problem, just don’t deal with shady dirtbags. Again, I’ve never had an issue in 10 years, I must be lucky. What recourse do you have from a cashed check, or money order?
    69 GS 400 likes this.

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