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  1. #11
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    And like... I'm not a tax expert by any means.
    I say this as someone who up until recently was only doodling things here and there for a few extra bucks on the side. I was working a full time job and doing art as a hobby to buy nice things here and there. Still reporting that income.

    Selling a snake this year on morph market for 300$ through PayPal is still something I am reporting as well. It's income that I have made regardless of the amount.
    Donations for my dogs medical bills this year...? Getting reported as it's through PayPal.
    People should be paying more attention to how they are processing money online.


    If you want to stop dealing with this sort of thing go the phone scammer route and start asking for payments in Visa gift cards. Lol.
    Last edited by Armiyana; 12-25-2021 at 11:34 PM.

  2. #12
    BPnet Lifer KMG's Avatar
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    Re: USA: Read If You Accept Electronic Payments (e.g PayPal) - IRS Law Change

    Quote Originally Posted by Armiyana View Post
    Agree to disagree I suppose.

    Reselling is it's own monster and business so *shrug*
    Plenty of people recently making money by buying things and selling them for more. Look at any high end graphics card or PS5 for a while there... Or look at things like garage sale resellers.
    Sure it's not what your wife means to do. But she is making a business transaction when selling online. Paypal needs to be held responsible as a payment processor. If she was doing this with hard cash? Then whatever I guess.

    I'm mostly worried about PayPal doing away with friends and family, policing it more or changing it soon because this new tax issue is going to cause even more people to use it to get around this new limit. Or more sellers using it as an excuse and scamming people since it won't allow charge backs or disputes. I rarely use it myself, but it will be sad to see what happens in the future.
    I'm more into holding people responsible for their actions. Not big brother watching everything and being overwatch on everything.

    I'm not cool with paying taxes on taxed items. She's not making money on the items. So her "business" would be in constant loss. With the standard deductions the way they are we would never be able to come out ahead.

    I'm expecting their users like my wife will be greatly reduced. It could actually hurt their business and possibly create less taxes. Time will tell.
    KMG
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