General Asylum

Never had any trouble

107.142.146.197

E-Stat

In Reply to: RE: I always provide tracking info posted by Wojciech on March 29, 2025 at 08:03:30

with Pay Pal. It's just as quick to update info on their website.

Follow Ups:

Appart that they track your sales and report to IRS - Wojciech 08:20:29 03/30/25 (13)
while making money on their services. Also they force you to use "goods and services" and I was told by the rep that there is no choice in that and even if the buyer does not need or want paypal protection (for the fee) he MUST use "goods &services" He must and there is no choice left.
- Business users can't use Friends and Family anymore.... - Rod M 18:14:53 03/31/25 (1)
  I found that out recently. It's nowhere on my PayPal option now.
  
  You need to use a workaround, like Venmo.
  
  Or create a personal account and see if you can use Friends and Family with it.
  
  -Rod
  - I don't have a business account - Wojciech 18:33:54 03/31/25 (0)
    It was just a singular even that I helped my doctor to sell his audio collection. I have a paypal account for 21 years and never had any issue with them until now. It's the first year they suspend account becuase of pesky couple of hundred dollar F&F payment or not putting the tracking info into their system. It's a payment platform damn it. But now they are the arm of IRS and government and track the sales and dictate what option user MUST chose.
- Your liability to the IRS - E-Stat 08:23:04 03/30/25 (10)
  is determined by your actions, not on the platform chosen for sales. Unless of course, you are trying to defraud.
  
  Just like the concept of *refunds* which simply means you've overpaid your liability.
  - Of course I'm determined to defraud and not intend to pay the N'th - Wojciech 08:38:08 03/30/25 (9)
    tax on the same item which was sold and taxed multiple times before.
    And it does depend of platform. Government own Postal Money order service does not force anybody to disclose anything regarding the payment purpose.
    - Not a fan of - E-Stat 18:41:52 03/30/25 (8)
      the previous admin's American Rescue legislation either radically lowering the reporting threshold to the IRS over time. With the end goal being $600.
      
      For 2024, it's $5k. Is that a problem?
      - I sold $30k MBL amps for my doctor who is not on selling platforms - Wojciech 18:51:05 03/30/25 (7)
        
        In Reply to: RE: Not a fan of posted by E-Stat on March 30, 2025 at 18:41:52
        
        and he invited me for a fish & chips dinner to express his gratitude. He is a member of Victor's tribe :)
        
        Get out your Schedule S.... - Rod M 18:26:45 03/31/25 (1)
        
        In Reply to: RE: I sold $30k MBL amps for my doctor who is not on selling platforms posted by Wojciech on March 30, 2025 at 18:51:05
        
        Income: $30K
        Less Cost of Goods: $30K
        Profit: $0
        Tax: $0
        
        -Rod
        
        Edits: 03/31/25
        
        This is what I'm going to do BUT - Wojciech 18:47:13 03/31/25 (0)
        
        In Reply to: RE: Get out your Schedule S.... posted by Rod M on March 31, 2025 at 18:26:45
        
        it is a red flag for IRS. Now they are going to dig deep into my dark empire of illicit activities involving drugs and girls..What I was thinking :?)
        
        Now you know why - E-Stat 05:01:12 03/31/25 (4)
        
        In Reply to: RE: I sold $30k MBL amps for my doctor who is not on selling platforms posted by Wojciech on March 30, 2025 at 18:51:05
        
        he didn't want to sell them himself!
        
        Nah, he is better than that - Wojciech 06:01:15 03/31/25 (3)
        
        In Reply to: RE: Now you know why posted by E-Stat on March 31, 2025 at 05:01:12
        
        Just completely lost interest in Hi-Fi and everything related to it.
        
        The tax implications - E-Stat 06:09:58 03/31/25 (2)
        
        In Reply to: RE: Nah, he is better than that posted by Wojciech on March 31, 2025 at 06:01:15
        
        are yours.
        
        RE: The tax implications - alan m. kafton 00:30:46 04/02/25 (1)
        
        In Reply to: RE: The tax implications posted by E-Stat on March 31, 2025 at 06:09:58
        
        The gear is personal property, not business property subject to income reporting such as retail sales with cost-of-goods offsets. Nevertheless, if Wojciech reports the sale on Schedule D (proceeds of $30K) and also shows the original cost (of $30K), there is no profit or gain. This reporting would only be necessary if he sold the gear on a public reporting entity such as Paypal, an entity that issues 1099's. Otherwise it's just a one-off personal property sale.
        
        Regardless, the net proceeds are ZERO. No tax consequence.
        
        Sure - E-Stat 05:53:13 04/02/25 (0)
        
        In Reply to: RE: The tax implications posted by alan m. kafton on April 02, 2025 at 00:30:46
        
        file the added form and retain a copy of original invoice until 2028 should any questions arise. :)

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