Possible new tax law?

[insidethewrapper]

It's easy to see the cheats, they request "paypal friends and family" to avoid paying fees which should be paid for the purchae of merchandise.

[h2oya311]

Originally Posted by insidethewrapper

It's easy to see the cheats, they request "paypal friends and family" to avoid taxes etc. If I buy merchandise I don't pay with " F & F".

No, that’s to avoid the 3%+ in PayPal transaction fees. Has nothing to do with taxes. And to my chagrin, the last time I let a Net54 buyer pay with regular PayPal, he requested a refund when the card wasn’t to his satisfaction. No problem I think. I am a man of my word and my reputation is far more important than money. Well, it’s a problem when I don’t get refunded the 3% PayPal fee on the sale of those goods. Never again.

Carry on.

[doug.goodman]

Originally Posted by h2oya311

No, that’s to avoid the 3%+ in PayPal transaction fees. Has nothing to do with taxes. And to my chagrin, the last time I let a Net54 buyer pay with regular PayPal, he requested a refund when the card wasn’t to his satisfaction. No problem I think. I am a man of my word and my reputation is far more important than money. Well, it’s a problem when I don’t get refunded the 3% PayPal fee on the sale of those goods. Never again.

Carry on.

That sucks, the guy could have easily emailed you to say he wanted a refund.

Doug "My middle name is Richard, so trust me when I tell you that guy was a..." Goodman

[h2oya311]

Originally Posted by doug.goodman

That sucks, the guy could have easily emailed you to say he wanted a refund.

Doug "My middle name is Richard, so trust me when I tell you that guy was a..." Goodman

To clarify, I simply won’t sell on Net54 using PayPal goods again. PayPal f/f is fine. And the guy asking for the refund did everything right. I thought I did everything right. PayPal just wouldn’t refund the PayPal fees from using goods when I made the refund. I was dumbfounded.

[Leon]

Originally Posted by h2oya311

To clarify, I simply won’t sell on Net54 using PayPal goods again. PayPal f/f is fine. And the guy asking for the refund did everything right. I thought I did everything right. PayPal just wouldn’t refund the PayPal fees from using goods when I made the refund. I was dumbfounded.

Make sure you know your trading partner well.

[Tabe]

Originally Posted by h2oya311

To clarify, I simply won’t sell on Net54 using PayPal goods again. PayPal f/f is fine. And the guy asking for the refund did everything right. I thought I did everything right. PayPal just wouldn’t refund the PayPal fees from using goods when I made the refund. I was dumbfounded.

What? I've refunded several times things that were paid by goods and never got charged fees. You have to use the "refund" option inside the original transaction to do it but the fees are always removed. Unless the buyer paid by F&F, in which case you'd have to send F&F back to do the refund with no fees.

[ajjohnsonsoxfan]

Originally Posted by Tabe

What? I've refunded several times things that were paid by goods and never got charged fees. You have to use the "refund" option inside the original transaction to do it but the fees are always removed. Unless the buyer paid by F&F, in which case you'd have to send F&F back to do the refund with no fees.

That's a new Paypal policy within the last year or so. They don't refund the paypal fees (roughly 3%) on refunds

[thatkidfromjerrymaguire]

I do have a serious question about this that I've seen asked on other threads and other boards but never I've seen a clear and concise answer...and usually it turns in to arguments.

Precursor: I have a very simple tax situation currently and I file my taxes with the Standard Deduction (i.e. I don't itemize).

Question: If I buy a baseball card for $1000, then I sell that card for $1500, should I report and pay tax on the $1500 transaction, or do I just report and pay tax on the $500 profit (and ensure I have documentation for my purchase price).

Remember, my taxes are simple and I have no interest in filing as business, incorporating, etc. I just want to comply with the tax laws in the easiest way possible.

[sb1]

You would pay 28% on the gain($500) as a collectible sale. You may also pay 3.8% more as part of the Obama Care Act depending on your AGI.

[glynparson]

Originally Posted by h2oya311

No, that’s to avoid the 3%+ in PayPal transaction fees. Has nothing to do with taxes. And to my chagrin, the last time I let a Net54 buyer pay with regular PayPal, he requested a refund when the card wasn’t to his satisfaction. No problem I think. I am a man of my word and my reputation is far more important than money. Well, it’s a problem when I don’t get refunded the 3% PayPal fee on the sale of those goods. Never again.

Carry on.

The only difference is you are cheating a private company where if you lie on your taxes you are cheating the government. Either way you are a cheat.

[h2oya311]

Originally Posted by glynparson

The only difference is you are cheating a private company where if you lie on your taxes you are cheating the government. Either way you are a cheat.

Thanks Glyn. I love you man. You are truly the most interesting man in the world.