Buying in the for sale section and payment apps

Joined
Oct 17, 2016
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79
Sup BF!

I have been on a little hiatus for a few years and figured I wanted a new EDC. As I am looking through the for sale section by individuals I see that nobody takes PayPal G&S anymore. Everyone wants PP F&F, Zelle or Venmo.

Now this may sound stupid to some but how are the buyers protecting themselves using those payment options? Please let me know if I am missing something here. Otherwise, I'm guessing we just offer G+S and if the seller doesn't want to do that we move on?

Cheers,
Matt
 
Buyers are have no protection other than the sellers word. Many went to F&F to avoid tax filing( which seems to be suspended for a year now). Over $600 yearly was going to generate a 1099 form.
Some still take G&S but getting fewer all the time. Most members are honest , but it is a roll of the dice and you could get a totally bad one or one that will balk on a return or loss in transit.
If you can't afford any chance of a loss(no matter how slight), it might be best to buy from a dealer.
 
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Buyers are have no protection other than the sellers word. Many went to F&F to avoid tax filing( which seems to be suspended for a year now). Over $600 yearly was going to generate a 1099 form.
Some still take G&S but getting fewer all the time. Most members are honest , but it is a roll of the dice and you could get a totally bad one or one that will balk on a return or loss in transit.
If you can't afford any chance of a loss(no matter how slight), it might be best to buy from a dealer.
Ahh that makes sense I remember something about having to pay taxes with PP now. Man that's a tuff pill to swallow for the buyers.

Thank you for the reply!
 
The sellers feedback is your hedge on a bad transaction. I generally look for 100% positive feedback. I’m old school and pay by USPS MO. If seller is not willing to accept MO I usually pass.
 
Ahh that makes sense I remember something about having to pay taxes with PP now. Man that's a tuff pill to swallow for the buyers.
You've always had to pay taxes on sales profit. The only change is that PayPal is now required to disclose it to the government.

That being said, I would never use F&F for someone with low feedback or someone who only uses this forum to sell (and doesn't participate). As with everything else, buyer beware.
 
Sellers might be more amenable to using PP G&S now, as the IRS appears to have postponed respective policy changes until 2024. Ask.
 
I appreciate the replies guys!

I will be a little more diligent about checking the seller out before I commit to buy an item.
 
I’m old school and pay by USPS MO. If seller is not willing to accept MO I usually pass.
I got rid of PayPal, myself (and it wasn't over the 1099s); so if that's the only payment method somebody is willing to use (buyer or seller), I'm out. It does help reduce impulse buying because I have to initiate the money order discussion AND be willing/able to get myself to the post office to get it the next morning. Buyers balk more often than sellers; but I hate selling anyway and have never stressed over turning a buyer away.

All the people that have turned to alternate electronic payment options may yet be in for a rude awakening...those are still third party payment services, so the IRS may still be coming.
 
I've seen more and more forums, selling sites etc. ban sellers from asking for FF payments. That said usually all that means is that sellers won't specify and you'll find out they only take FF. For a long time the only options were checks/MO's and they didn't come with payment guarantees but I admit if someone will only take FF payments, I usually avoid the sale. Since we require folks to pay for memberships here to sell stuff, it's probably less common to find scammers like say facebook or other general forums. I see all sorts of sellers at gun shows, expos, etc. refusing to take anything but FF payments or cash now. If there's one thing the gov't loves it's getting their $.

With probably 10s if not 100s of thousands of folks hiding income using paypal/venmo etc. I suspect the IRS and it's $80 billion in new funding, is going to put a stop to it pretty quickly. It's not hard to figure out that someone getting a couple hundred FF payments a year is most likely hiding income. The funny part is that unless you make profit there's no taxes anyway. Buy a knife for $250 and sell it for $200, you owe nothing. I keep reading forums with people freaking out about how you prove you sold it at a loss, and my guess is the IRS is going to take you at your word. Let's face it, when was the last time the IRS came knocking asking you to prove how much you bought the last car you sold for was? I've never heard of it happening.

At the end of the day consumers as a group are the power powerful and stupidest mass at the same time. All people would have to do is stop agreeing to buy things with FF payments and sellers would have to change.

Scammers are everywhere now, ETSY is the new hangout for them, they market themselves as US sellers, but when you buy something you find out it's being drop shipped from China. Lots of people are getting caught out by this one now. They've also learned all the loopholes in Paypal's policies. For example a common theme is they spoof a website for a popular product/company, link you from Facebook (facebook doesn't care they get their ad $). Then when you buy something, let's say it's a knife, at first they don't ship you anything hoping you'll just go away. If you contest the charge with Paypal, they ship you a $1 cell phone case. They do this because as long as the seller can show a tracking number for the item, Paypal will make you wait until it's delivered, once it's delivered you get a $1 phone case, or some other worthless junk item, so when you complain to Paypal the seller apologizes for the shipping error and Paypal's policy now requires YOU to ship it back to the seller at your cost, which can easily be $50 if you want tracking, signature etc. for a refund. Usually then the seller gives you a known non-deliverable address, so the package ends up undelivered and if you are lucky returned to you, and if not it just gets lost in the system. If you can't prove the return was delivered to the seller, they don't have to refund you by Paypal's own rules, and if they keep giving you bad addresses you keep spending your $ to return it.
 
The funny part is that unless you make profit there's no taxes anyway. Buy a knife for $250 and sell it for $200, you owe nothing. I keep reading forums with people freaking out about how you prove you sold it at a loss, and my guess is the IRS is going to take you at your word.
Regardless of profit or loss, you still have to account for the 1099K you'll receive...that's the part that's a pain. Can't just ignore it, thinking it's not applicable because you know you didn't make a profit.
 
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