Paypal Changes for 2022

czarivey

4,694 posts

01-10-2022 4:10pm

RUN away from democrap owned territories! It's safer and the best solution for savings!

Another Mensa candidate.

That is a political ploy to squeeze you on everything ,

UPS just pulled another one. I asked for insurances on the Duelund Loudspeaker purifiers I sell and they asked me how well they are packed,  they said we Donot

cover for damage just for theft or loss ,what kind of BS is that ,

what if I am selling a $5k amplifier and they damage it ,tough luck 

I think I Better see if FedEx too may now hav3 the same policy  this is getting crazy 

and over $1 per hundred , you need to buy from a outside insurance company 

I think I read FedEx too is pulling this crap, Ask first !!

I think what UPS and FedEx are really saying about damage is that they don't insure against damage of the contents unless the packaging is damaged enough to damage the contents. They don't know how the shipper has packed things, and they aren't willing to get into an (irresolvable) dispute about the adequacy of packaging for the item shipped, so they won't insure against damage of contents unless you pay them to package it.

It is what it is, hopefully the vast majority of people will stop using PayPal / eBay / Zelle. I’ll do all my buying at the used hifi shops and F2F deals if I have to. I’m not getting screwed by these a-holes…this is absurd.

Re the Form 1099 reporting to the IRS, some concepts above are being mixed together. The amount on the Form is not "income", it's only the total "gross proceeds from the sale(s)". To determine income (actually "gain"), you subtract your cost of the item. It's a lot like selling a share of stock or your house, the broker or escrow that closes the transaction reports to the IRS the gross proceeds from the transaction. It's then up to the taxpayer to report (generally on Schedule D, Capital Gains and Losses) both the proceeds and the cost of the asset sold, with only the excess of proceeds over cost being gain (income). So yes, you generally need to keep evidence of what you pay for items you sell.

If you are not in the "business" of selling (a muddy concept beyond what I can detail here), gains are taxable and losses are not deductible, but you may be able to offset losses against your gains ("see your tax advisor"). If you are in the "business" (probably rare for A-Gon), you get taxed on gains and deduct losses, and may be able to deduct losses against other income ("see your tax advisor"). Again, it's similar to selling stock through a broker or your house where an escrow agent closes the sale by processing payments and documents, and then reports gross proceeds to the IRS, and you have to figure out the gain, if any. Hope this helps.