2022 law change - PayPal transactions over $600 (2 Viewers)

[Thomacetti]

From someone that lives in one of the most taxed countries in the world...this is some shady shit.

So if you buy something with income that was already taxed, you still have to pay tax on top if you resell it with profit ?
They don't even dare to do that in Belgium (unless it's the size of the previous 20K)
I presume you can also deduct your cost...but then payment had to be made G&S too, or some kind of invoice.
Sounds like a cluster-fuck-up in the making...

G&S at least gives some protection in case things go south...but when people will switch to F&F, then PP will loose out on their fees.
How long would it take before PP informs IRS guy that a remarkable increase in F&F have incurred after the new legislation.
Hard to explain a 5 or 10K F&F transfer a few time a year, combined with dozens of smaller F&F payments.

 

[Poker Zombie]

But effectively no one is expecting to pay capital gains taxes on small sales of physical assets, even though technically it's always been required on such sales, and even though nearly everyone makes such sales.

They will now. Truth is, places like Etsy pulled in $349,000,000 in commissions last year. The bulk coming from their 3.5% on each sale. That is almost 10 billion dollars of largely unreported income from the sellers. Income that can be easily traced as people leave digital "paper trails".

Should the IRS say "meh, let's let that 10 billion go untaxed"?

This is bad policy. Laws and regulations should have thresholds, and those thresholds should reflect both the materiality of the matter at hand (i.e. $10,000 matters but $10 is immaterial) a

This I agree with. This is now the 3rd thread discussing the change in the law, and we all come to agreements that the $20,000 reporting threshold was too high, and $600 is too low.

 

[Machine]

They will now. Truth is, places like Etsy pulled in $349,000,000 in commissions last year. The bulk coming from their 3.5% on each sale. That is almost 10 billion dollars of largely unreported income from the sellers. Income that can be easily traced as people leave digital "paper trails".

Should the IRS say "meh, let's let that 10 billion go untaxed"?


This I agree with. This is now the 3rd thread discussing the change in the law, and we all come to agreements that the $20,000 reporting threshold was too high, and $600 is too low.

I'm just not sure if we can think of a number, between 600 and 20k, seems very difficult!

 

[Poker Zombie]

I'm just not sure if we can think of a number, between 600 and 20k, seems very difficult!

We did in the other threads.

None of us draws up legislation though.

 

[Himewad]

Yeah... I don't see why I thought you were fixin' for a fight with the government.

You know, with all of the serious consequences being thrown around about inciting riots and shit like that, you need to check yourself saying that I'm "fixin' for a fight with the goverment." Do I think the government tends to over-reach? Absolutely. Am I preparing for an assault? Absolutely not. I know you have your fans on this forum, but you can be a real ass sometimes.

 

[Poker Zombie]

You know, with all of the serious consequences being thrown around about inciting riots and shit like that, you need to check yourself saying that I'm "fixin' for a fight with the goverment." Do I think the government tends to over-reach? Absolutely. Am I preparing for an assault? Absolutely not. I know you have your fans on this forum, but you can be a real ass sometimes.

Your use of all caps wasn't yelling?

Your referral to the government as the totalitarian government from Orwell's 1984 wasn't an attack?

I'm not being an ass. I'm just the guy handing you a mirror.

 

[Himewad]

Your use of all caps wasn't yelling?

Your referral to the government as the totalitarian government from Orwell's 1984 wasn't an attack?

I'm not being an ass. I'm just the guy handing you a mirror.

No, it was used for emphasis. And yes, you are a complete and total ass. I've seen enough examples before you decided to accuse me of inciting an attack on the federal government. This just solidifies it. Farewell.

 

[DMack]

No, it was used for emphasis. And yes, you are a complete and total ass. I've seen enough examples before you decided to accuse me of inciting an attack on the federal government. This just solidifies it. Farewell.

You better be careful. If you don’t agree with PZ, he will verbally attack you, will probably call you some names, and then he will block you (and, gasp, proudly tell you he did so)!!!

 

[Himewad]

You better be careful. If you don’t agree with PZ, he will verbally attack you, will probably call you some names, and then he will block you (and, gasp, proudly tell you he did so)!!!

Too late. I already blocked him.

 

[fishsaybloop]

So I’ve just been notified by PayPal that I need to report to the IRS. But I’m not a resident of the US for the past few years, any idea if this is still an issue? Or is Uncle Sam going to be waiting at the border when I land haha

 

[Pinkdan]

Now this, wtf
https://www.dailywire.com/news/new-...users-accounts-if-they-promote-misinformation

 

[FDLmold]

Now this, wtf
https://www.dailywire.com/news/new-...users-accounts-if-they-promote-misinformation

Just another day of the tech overlords and their war on independent thought.

 

[AK Chip]

Here's why. The new requirements mean that at the end of the year, people (more people than previously) will get a 1099-K showing the total amount that they received via PayPal. It doesn't show any amounts that they paid, and the amount that they received is a total for the year without showing any itemized transactions.

I just now realized the IRS is the least of my problems if I get a 1099 in the mail showing how much I spend and receive through PayPal on poker chips.

 

[ReallyGoodUsername]

Just another day of the tech overlords and their war on independent thought.

If that’s how they approach it I’d agree but based on the language in their policy update it seems to be related to fraud, not politics. There’s been increased pressure on all 3PPP (zelle, cash app etc) recently about fraudulent activity. For example 60 minutes just did a focus on zelle last Sunday and their rising issues with fraud.

I did a quick search and found a number of sites with the same exact article title and some with a different titles but had the same exact language word for word. Seems a bit odd/coordinated especially without any larger organizations covering it but I guess it’ll be a wait and see type situation.

 

[CrazyEddie]

If that’s how they approach it I’d agree but based on the language in their policy update it seems to be related to fraud, not politics. There’s been increased pressure on all 3PPP (zelle, cash app etc) recently about fraudulent activity.

A reasonable counterpoint, but the article does specifically mention other types of finable forbidden activities:

I did a quick search and found a number of sites with the same exact article title and some with a different titles but had the same exact language word for word. Seems a bit odd/coordinated especially without any larger organizations covering it but I guess it’ll be a wait and see type situation.

I just take it as a matter of fact that all stories in any publication are the result of a coordinated effort on the part of someone to put them there. The notion of independent journalism is a pleasant fiction covering over the sausage-making going on underneath.

 

[greenchip]

Ridiculous, I’ve always read their revised terms of service. Everyone should put blank notes when they’re paying.

That’s why mails from politicians go straight to the trash. I don’t care who or what party. All they want is mass censorship and oppression to the citizens.

Although I’m not part of it, social medias are issuing mass bans on accounts they pretty much don’t like by saying “violation of terms of service.” In the near future, PP can take 2500 if they feel like it by saying “spreading misinformation” or “spreading the use of PPFF.”

Long story short. Don’t let outsiders hear your speech, they might use all against you. Also some businesses are becoming cops, so don’t share unnecessary information. They’ll use against you or sell your info as data.

 

[Machine]

I use PP for one thing, and if it wasn't for that thing, I would not use it all. This doesn't surprise me at all, I've seen since the start PP likes to play god and is happy to circumvent any processes or safety practices put in place, they do it for personal gain. I know its tied to eBay, and Etsy has similar business model, I think if it was 100 years ago, they would all be snake oil sales people.

 

[ReallyGoodUsername]

A reasonable counterpoint, but the article does specifically mention other types of finable forbidden activities:

View attachment 1002481



I just take it as a matter of fact that all stories in any publication are the result of a coordinated effort on the part of someone to put them there. The notion of independent journalism is a pleasant fiction covering over the sausage-making going on underneath.

Agreed on all your points. The full language of the policy is definitely the best source of information and worth a quick read for anyone concerned.

 

[Poker Zombie]

Wait - Do people use PayPal to spread misinformation? I only use it to pay for stuff. Have I been using it wrong?

 

[doublebooyah85]

Fyi they took this out of their policy just today bc of the backlash (the Misinformation)

 

[FDLmold]

Fyi they took this out of their policy just today bc of the backlash (the Misinformation)

I'll bet. Technically a mistake in an eBay auction is "misinformation". And Paypal would just get to take $2500 for "administrative fees"? Yeah that doesn't sound right lol.

 

[RainmanTrail]

Fyi they took this out of their policy just today bc of the backlash (the Misinformation)

I highly doubt that. Given that the source is the Daily Wire, they probably changed nothing and the Daily Wire just spun their policy to make it say something it did not, and PayPal clarified it. Then the Daily Wire claims they caused them to change their stance.

 

[HaRDHouSeiNC]

Yah kinda like how they sued the US govt over mandates and won
They are like CNN almost right
Oh wait

 

[DoubleEagle]

PayPal reversed it already.

 

[johnjohn]

 

[DMack]

If that’s how they approach it I’d agree but based on the language in their policy update it seems to be related to fraud, not politics. There’s been increased pressure on all 3PPP (zelle, cash app etc) recently about fraudulent activity. For example 60 minutes just did a focus on zelle last Sunday and their rising issues with fraud.
View attachment 1002437

I did a quick search and found a number of sites with the same exact article title and some with a different titles but had the same exact language word for word. Seems a bit odd/coordinated especially without any larger organizations covering it but I guess it’ll be a wait and see type situation.

View attachment 1002446View attachment 1002444View attachment 1002445View attachment 1002443

I’ve got some oceanfront property for sale for you. . It’s got lots of sand for you too!!!

 

[HaRDHouSeiNC]

I’ve got some oceanfront property for sale for you. . It’s got lots of sand for you too!!!

Oil Sands?
In Canada?

 

[DMack]

I highly doubt that. Given that the source is the Daily Wire, they probably changed nothing and the Daily Wire just spun their policy to make it say something it did not, and PayPal clarified it. Then the Daily Wire claims they caused them to change their stance.

Travis, should we go to “The View” to get the real facts?

 

[RainmanTrail]

Travis, should we go to “The View” to get the real facts?

Some of their reporting is fine. But it is ran by Ben Shaprio. That dude is the absolute king of spin. I used to be able to listen to him until about 5 or 6 years ago. But nowadays I just can't take him anymore. Every time he opens his mouth, I feel like someone has to correct him. He constantly extrapolates shit that isn't true based on something else he just heard or read.

 

[RainmanTrail]

Travis, should we go to “The View” to get the real facts?

Also, I haven't even read the full story and haven't read anything written by PayPal on the topic. But I'd still be willing to take bets on my prediction above. Any takers?