• This site contains affiliate links. If you choose to make a purchase after clicking a link, Poker Chip Forum may receive a commission at no additional cost to you. Thank you for your support!

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

ekricket said:
Well, I guess I only do payments in increments of $300/day/person now. Takes four days for package to arrive, four days of smaller payments.
Click to expand...
It's how much you earn/profit not the amount of the transactions I believe.
 
ktran said:
It's how much you earn/profit not the amount of transactions I believe.
Click to expand...
Ok now it’s how much you earn/profit over $600? Or now it’s every transaction you may make money in? Or is it just transactions over $600? So if they are less than $600 they don’t ask questions about them? Or they are questioning everything now?
 
ekricket said:
Ok now it’s how much you earn/profit over $600? Or now it’s every transaction you may make money in? Or is it just transactions over $600? So if they are less than $600 they don’t ask questions about them? Or they are questioning everything now?
Click to expand...
PayPal has no clue how much profit (or loss) you are taking. Its on the taxpayer to keep track of the profit or loss. Which isn‘t a huge deal for people who sell a couple dozen racks or so a year. But for a dealer button guy like me, I can see this being a nightmare if I get a 1099 for all of the money that has gone into (and out of) my account. Will likely be looking at different options next year if that’s the case.
 
Himewad said:
PayPal has no clue how much profit (or loss) you are taking. Its on the taxpayer to keep track of the profit or loss. Which isn‘t a huge deal for people who sell a couple dozen racks or so a year. But for a dealer button guy like me, I can see this being a nightmare if I get a 1099 for all of the money that has gone into (and out of) my account. Will likely be looking at different options next year if that’s the case.
Click to expand...

Ok, so I’m confused now. Originally I thought it was a 1099 and explanations for each transaction over $600.
But now you guys make it sound like a $600 cap total for all transactions and you have to explain every G&S over $1 after you reach that cap?
 
ekricket said:
Ok, so I’m confused now. Originally I thought it was a 1099 and explanations for each transaction over $600.
But now you guys make it sound like a $600 cap total for all transactions and you have to explain every G&S over $1 after you reach that cap?
Click to expand...
I guess I’m not sure, and won’t be sure until / if I receive a 1099
 
Himewad said:
I guess I’m not sure, and won’t be sure until / if I receive a 1099
Click to expand...

Amazing that with all the experts and their expert opinions in here that we really don’t know. Maybe “amazing” is the wrong word, “typical” would be the right one I think.
 
ekricket said:
Ok, so I’m confused now. Originally I thought it was a 1099 and explanations for each transaction over $600.
But now you guys make it sound like a $600 cap total for all transactions and you have to explain every G&S over $1 after you reach that cap?
Click to expand...
My understanding is you will get a 1099-k if the total of all your transactions for 2022 exceed $600. There will likely be a new section on the IRS form 1040 to rectify these transactions. PITA.
 
1669481587610.png


I still see the bit about third party apps and friends and family not being applicable here but perhaps said third party apps may decide what constitutes FF vs GS independently and not just because you clicked FF. Shrug. Will have to see but certainly would be a huge damper on activity here and third party apps in general if 1099Ks are liberally mailed out in 1-2 months.
 
When eBay first started you won an auction then sent a check or money order. Once it cleared they sent the item. If you never got your item you canceled the check.

Electronic payment was a future dream at that time. Don’t let your dreams become your prisons. Nothing holding you there. Really nothing.
 
Lil Tuna said:
It’s real simple going forward from here.
Zelle me the money or send me a money order and you’ll get your chips. ;)
Click to expand...
I have no problem sending Zelle if I know you, or get a solid vouch from someone I know, but for anything over 200 bucks um ... in the words of @Perthmike "Jog on"

@Lil Tuna I'd send you my first born via plane for the full TRK set
 
Pinkdan said:
I’m starting to understand why people want crypto to take over
Click to expand...

Haha intensely trackable electronic payments that have no way of being ambiguous - isn’t that the attraction of crypto?
Pretty sure that’s a governments dream scenario, being able to infinitely track your “store of value” movements.
 
ekricket said:
Haha intensely trackable electronic payments that have no way of being ambiguous - isn’t that the attraction of crypto?
Pretty sure that’s a governments dream scenario, being able to infinitely track your “store of value” movements.
Click to expand...
Yeah, I know some coins are supposed to be private ones. Maybe that’s the future
 
ekricket said:
When eBay first started you won an auction then sent a check or money order. Once it cleared they sent the item. If you never got your item you canceled the check.

Electronic payment was a future dream at that time. Don’t let your dreams become your prisons. Nothing holding you there. Really nothing.
Click to expand...
I even had people mail me cash via USPS.
 
FDLmold said:
Naw, straight cash. The early days of selling on usenet and eBay were crazy. Wild west.
Click to expand...

Lol eBay back then had a “new listing” folder and you could see everything new that had been listed that day. Took about 20 minutes to see everything. They had a sold tab too and you could see everything on the site that had sold the previous day.
 
Wouldn't a money order be refundable if it's not cash out in like a case where it gets lost?
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account and join our community. It's easy!

Register

Log in

Already have an account? Log in here.

Back
Top Bottom