2022 law change - PayPal transactions over $600 (1 Viewer)

[HaRDHouSeiNC]

I guess Cashapp the way now?

Yah I refuse to take any PP payments
anymore
FK those guys
Funny they aren’t pushing to roll the law back they could care less just get them their dividends

Mail me a damn money order first
Telegram by pony express
Trade in Alaskan beaver pelts

 

[FDLmold]

My favorite is Amazon gift certificates. Then again I don’t do many large transactions. I would encourage Crypto or Cashapp for those if I had one.

 

[ekricket]

Where’s our damn PCF Bitcoin token?

 

[DoubleEagle]

Zelle previously announced they would not be sending 1099-k's. Hope that hasn't changed.

 

[ekricket]

Well, I guess I only do payments in increments of $300/day/person now. Takes four days for package to arrive, four days of smaller payments.

 

[ktran]

Well, I guess I only do payments in increments of $300/day/person now. Takes four days for package to arrive, four days of smaller payments.

It's how much you earn/profit not the amount of the transactions I believe.

 

[ekricket]

It's how much you earn/profit not the amount of transactions I believe.

Ok now it’s how much you earn/profit over $600? Or now it’s every transaction you may make money in? Or is it just transactions over $600? So if they are less than $600 they don’t ask questions about them? Or they are questioning everything now?

 

[Himewad]

Ok now it’s how much you earn/profit over $600? Or now it’s every transaction you may make money in? Or is it just transactions over $600? So if they are less than $600 they don’t ask questions about them? Or they are questioning everything now?

PayPal has no clue how much profit (or loss) you are taking. Its on the taxpayer to keep track of the profit or loss. Which isn‘t a huge deal for people who sell a couple dozen racks or so a year. But for a dealer button guy like me, I can see this being a nightmare if I get a 1099 for all of the money that has gone into (and out of) my account. Will likely be looking at different options next year if that’s the case.

 

[ekricket]

PayPal has no clue how much profit (or loss) you are taking. Its on the taxpayer to keep track of the profit or loss. Which isn‘t a huge deal for people who sell a couple dozen racks or so a year. But for a dealer button guy like me, I can see this being a nightmare if I get a 1099 for all of the money that has gone into (and out of) my account. Will likely be looking at different options next year if that’s the case.

Ok, so I’m confused now. Originally I thought it was a 1099 and explanations for each transaction over $600.
But now you guys make it sound like a $600 cap total for all transactions and you have to explain every G&S over $1 after you reach that cap?

 

[Himewad]

Ok, so I’m confused now. Originally I thought it was a 1099 and explanations for each transaction over $600.
But now you guys make it sound like a $600 cap total for all transactions and you have to explain every G&S over $1 after you reach that cap?

I guess I’m not sure, and won’t be sure until / if I receive a 1099

 

[ekricket]

I guess I’m not sure, and won’t be sure until / if I receive a 1099

Amazing that with all the experts and their expert opinions in here that we really don’t know. Maybe “amazing” is the wrong word, “typical” would be the right one I think.

 

[DoubleEagle]

Ok, so I’m confused now. Originally I thought it was a 1099 and explanations for each transaction over $600.
But now you guys make it sound like a $600 cap total for all transactions and you have to explain every G&S over $1 after you reach that cap?

My understanding is you will get a 1099-k if the total of all your transactions for 2022 exceed $600. There will likely be a new section on the IRS form 1040 to rectify these transactions. PITA.

 

[CdnBeerLover]

From Paypal

https://www.paypal.com/us/smarthelp/article/HELP543

 

[Lil Tuna]

It’s real simple going forward from here.
Zelle me the money or send me a money order and you’ll get your chips.

 

[DirtyTIVA]

I still see the bit about third party apps and friends and family not being applicable here but perhaps said third party apps may decide what constitutes FF vs GS independently and not just because you clicked FF. Shrug. Will have to see but certainly would be a huge damper on activity here and third party apps in general if 1099Ks are liberally mailed out in 1-2 months.

 

[ekricket]

When eBay first started you won an auction then sent a check or money order. Once it cleared they sent the item. If you never got your item you canceled the check.

Electronic payment was a future dream at that time. Don’t let your dreams become your prisons. Nothing holding you there. Really nothing.

 

[Machine]

It’s real simple going forward from here.
Zelle me the money or send me a money order and you’ll get your chips.

I have no problem sending Zelle if I know you, or get a solid vouch from someone I know, but for anything over 200 bucks um ... in the words of @Perthmike "Jog on"

@Lil Tuna I'd send you my first born via plane for the full TRK set

 

[Colquhoun]

I love you guys…you are ALL my friends.

 

[Pinkdan]

I’m starting to understand why people want crypto to take over

 

[ekricket]

I’m starting to understand why people want crypto to take over

Haha intensely trackable electronic payments that have no way of being ambiguous - isn’t that the attraction of crypto?
Pretty sure that’s a governments dream scenario, being able to infinitely track your “store of value” movements.

 

[Pinkdan]

Haha intensely trackable electronic payments that have no way of being ambiguous - isn’t that the attraction of crypto?
Pretty sure that’s a governments dream scenario, being able to infinitely track your “store of value” movements.

Yeah, I know some coins are supposed to be private ones. Maybe that’s the future

 

[DoubleEagle]

When eBay first started you won an auction then sent a check or money order. Once it cleared they sent the item. If you never got your item you canceled the check.

Electronic payment was a future dream at that time. Don’t let your dreams become your prisons. Nothing holding you there. Really nothing.

I even had people mail me cash via USPS.

 

[ktran]

I even had people mail me cash via USPS.

That's a bit risky. You mean money order right?

 

[FDLmold]

That's a bit risky. You mean money order right?

Naw, straight cash. The early days of selling on usenet and eBay were crazy. Wild west.

 

[DoubleEagle]

That's a bit risky. You mean money order right?

Cash money in a regular envelope.

 

[ekricket]

Naw, straight cash. The early days of selling on usenet and eBay were crazy. Wild west.

Lol eBay back then had a “new listing” folder and you could see everything new that had been listed that day. Took about 20 minutes to see everything. They had a sold tab too and you could see everything on the site that had sold the previous day.

 

[ktran]

Wouldn't a money order be refundable if it's not cash out in like a case where it gets lost?

 

[Taghkanic]

 

[ktran]

So does this only apply to services and goods?

 

[HaRDHouSeiNC]

So does this only apply to services and goods?

You’ll find out during the audit

View attachment 1040077

Yah
Welcome to the DOD
They might wana tour Afghanistan for some of that