Bye,Bye Paypal
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  1. #1
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    Bye,Bye Paypal

    I just found out (too late) that in Mass. that if PP sales are over 600.00 (all inclusive,NOT individually) then a 1099 form will be sent (got one) and taxes required.
    Tough to sell a few watches at decent prices when that's the case. Back to USPS Money Orders I guess.

  2. #2
    Member imaCoolRobot's Avatar
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    Re: Bye,Bye Paypal

    You can form a company and count the original prices as your cost and declare a loss. Hahha
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  3. #3
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    Re: Bye,Bye Paypal

    Seems odd. If one were to sell a vehicle (which could easily be thousands of dollars) private-party and accept paypal as payment, they'd have to pay income tax on that? I feel like there's got to be more to it than just dollar value (e.g. multiple transactions and a dollar value above X). I've never heard of the sale of used personal property being subject to income tax.
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  5. #4
    Member JohnnyKarate's Avatar
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    Re: Bye,Bye Paypal

    That sucks. I hope that doesn't happen in Canada. Probably will though. It seems shady ..

  6. #5
    Member Perseus's Avatar
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    Re: Bye,Bye Paypal

    WOW! Can an individual declare the original purchase price to offset a taxable gain?


  7. #6
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    Re: Bye,Bye Paypal

    Every state but VT. and Mass. it's a 200 transaction/20,000 threshold for a 1099. In Mass. it's 600.00 or more. Recently enacted.
    Nikita70 likes this.

  8. #7
    Member BigSeikoFan's Avatar
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    Re: Bye,Bye Paypal

    Quote Originally Posted by MX793 View Post
    Seems odd. If one were to sell a vehicle (which could easily be thousands of dollars) private-party and accept paypal as payment, they'd have to pay income tax on that? I feel like there's got to be more to it than just dollar value (e.g. multiple transactions and a dollar value above X). I've never heard of the sale of used personal property being subject to income tax.
    Yeah, you're on the hook for paying taxes on any gain from selling things like houses and cars. See here.

    Here's the part I love: "Losses from the sale of personal-use property, such as your home or car, aren't tax deductible."

    Heads, they win; tails, you lose.
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  9. #8
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    That isn't right.... I've never understood why you have to pay taxes after taxes have already been paid....
    al358 and ChiefWahoo like this.

  10. #9
    Member SomeAssemblyRequired's Avatar
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    Re: Bye,Bye Paypal

    Quote Originally Posted by That Other Guy View Post
    That isn't right.... I've never understood why you have to pay taxes after taxes have already been paid....
    You mean like buying stocks with taxed income, and then paying tax on the profits? Welcome to the real world...
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  11. #10
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    Re: Bye,Bye Paypal

    Quote Originally Posted by BigSeikoFan View Post
    Yeah, you're on the hook for paying taxes on any gain from selling things like houses and cars. See here.

    Here's the part I love: "Losses from the sale of personal-use property, such as your home or car, aren't tax deductible."

    Heads, they win; tails, you lose.
    If you're selling for profit (e.g. a house or car flipper), sure. That's income. But I've never heard of sale proceeds of personal property (e.g. selling your used personal car or furniture for less than you originally paid) being being classified as income if no profit is made through the transaction.
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