• Take 30 seconds to register your free account to access deals, post topics, and view exclusive content!

    Register Today

    Join the largest Oakley Forum on the web!

[Updated Rule Change] PayPal G&S Recommended

The reality check to the whole situation is how the deal goes down in private is always going to be decided by the seller and buyer. I have sold a few items in 22' and yes I present FF as an option to get a lower price for them and GS is just as welcome and I make sure they know it. Someone just tonight chose GS and it makes no difference to me simply because it is how things are now. You guys have no power during the sale and can only make decisions based on facts in the aftermath to prevent future problems and that is where the power stops. If you set a G&S policy in place and ban people by making the FF a taboo word or mark them like scarlett then you might as well take out the exchange all together and make this an information and education group.

It is up to the buyer to know what they are getting themselves into and if a seller is telling them they refuse G&S and its FF or nothing or want some direct deposit then they are the ones who are suppose to be smart enough to walk away from the deal if the energy is bad. Yes there are people who do not want to take responsibility for being ignorant enough to fall for scams and you will hear from them no matter what you do here. It is what moderators sign on for when they join the team on a forum.

Bottom line is your members here are going to know who to deal with and your mindless exchange junkies are going to always be a problem. Just step back and let the system work itself out and be alert to spotting shady sellers and then step in an take care of the problem. It's really all you can do and not run off all the good sellers in the process.
 
Friends and Family won’t save anyone from taxes. Obviously people here haven’t read the fine print. PayPal is still going to send the government transaction information on friends and family payments. The government can still come looking for their money, and you better have a good reason for your “friend” and/or “family” sending you money, with proof. If they catch you, and they most likely will with the programs they’re using, you’ll be liable for the full taxes PLUS penalties. Therefore, it’s a moot point. Goods and Services or cash in person are the only payment methods people should use. All of the other forums are gonna follow suit very soon.

As far as money orders: even if it’s a reciprocity state and you know their address, and they steal your money, what are you gonna do? Shoot somebody and risk life in prison over some money? That’s literally retarded. Sue them in court, sure but it’s gonna cost money to start a lawsuit.
 
I would recommend against F and F in any capacity. I lost the PayPal claim a while back when a trusted members account had been hacked and was selling a steal of a priced pit boss but “he’s a trusted member I can use F and F I know this guy” then I got ****ed out of $220. Not even worth the trouble
 
Friends and Family won’t save anyone from taxes. Obviously people here haven’t read the fine print. PayPal is still going to send the government transaction information on friends and family payments. The government can still come looking for their money, and you better have a good reason for your “friend” and/or “family” sending you money, with proof. If they catch you, and they most likely will with the programs they’re using, you’ll be liable for the full taxes PLUS penalties. Therefore, it’s a moot point. Goods and Services or cash in person are the only payment methods people should use. All of the other forums are gonna follow suit very soon.

As far as money orders: even if it’s a reciprocity state and you know their address, and they steal your money, what are you gonna do? Shoot somebody and risk life in prison over some money? That’s literally retarded. Sue them in court, sure but it’s gonna cost money to start a lawsuit.
The government has been monitoring ALL transactions on Paypal and Paypal like services for many years. That is why 5 years ago Paypal HAD to send payouts by eCheck so that all money transfered passed through the Federal Reserve. Now technology has made it where you can instant transfer to your bank and they still get a report on every penny. That part has been around a long time and has been used by the IRS in the past to find businesses running under the tax systems radar. If you sell lets say 40 items a year I can guarantee you no IRS agents are going to be kicking in doors to collect because you used FF but if you have 1000 transactions all FF then yea, you will show up on the radar.

The real question here is weighing risk vs letting the sale go to GS and be reported as income. Which I will go back to what I said... if you are to color blind to see the red flags in a developing sale then you will get scammed anyway. No one here is gonna have the ability to protect you from bad decisions. If someone I know VERY well suddenly is selling his collection items for half value like $220 pitboss's and you didn't see the flag, that's on you! Sorry for the chilly tone but facts are facts, chasing a dream deal will lead you straight to the poorhouse!
 
I think the forum should strongly advise G&S, but I don't think it should be breaking the rules to sell under other circumstances.

Paypal F&F will not be reported to IRS, according to PayPal's website.

I agree @XxrumkaxX that there is plenty of shady stuff that takes place, increased government monitoring etc.

But the official answer is that friends and family (F&F) isn't reported as earned income to the IRS. And to be clear, for almost everyone here it is not earned income, we are trading and collecting and having fun as fellow friends and Oakley collectors.

FD01CF51-3530-4E2E-A7F6-9CA25D69D1E5.jpeg



Link:
 
The best case scenario would be that an amendment to this US tax code, to raise the $600 threshold much higher.

But until then, I think this forum will be greatly hurt requiring G&S because who wants to pay an extra 20 to 25% for their hobby?

Most of us lose money on this not make money, or maybe we break even -- but it's a lot of paperwork to keep to try to prove that.
 
I think the forum should strongly advise G&S, but I don't think it should be breaking the rules to sell under other circumstances.

Paypal F&F will not be reported to IRS, according to PayPal's website.

I agree @XxrumkaxX that there is plenty of shady stuff that takes place, increased government monitoring etc.

But the official answer is that friends and family (F&F) isn't reported as earned income to the IRS. And to be clear, for almost everyone here it is not earned income, we are trading and collecting and having fun as fellow friends and Oakley collectors.

View attachment 954779


Link:
I got that information straight from Paypal back then when I called them looking for funds that was taking forever to reach my bank. Every electronic transaction where money moves now passes through the system and the gov. is right in the middle as a filter. 99.5% of it will never be looked at by human eyes but its there if they ever want to.
 
I think the forum should strongly advise G&S, but I don't think it should be breaking the rules to sell under other circumstances.

Paypal F&F will not be reported to IRS, according to PayPal's website.

I agree @XxrumkaxX that there is plenty of shady stuff that takes place, increased government monitoring etc.

But the official answer is that friends and family (F&F) isn't reported as earned income to the IRS. And to be clear, for almost everyone here it is not earned income, we are trading and collecting and having fun as fellow friends and Oakley collectors.

View attachment 954779


Link:
You won’t receive a 1099. That doesn’t mean the IRS won’t catch you. @XxrumkaxX is correct, they’ve had access for years, but it’s not gonna take a threshold that high to get their attention.
 
The best case scenario would be that an amendment to this US tax code, to raise the $600 threshold much higher.

But until then, I think this forum will be greatly hurt requiring G&S because who wants to pay an extra 20 to 25% for their hobby?

Most of us lose money on this not make money, or maybe we break even -- but it's a lot of paperwork to keep to try to prove that.

I'd say I agree with this approach. I mean people are going to use whatever they want anyone in PM's so us policing it on the front end is really a futile activity.
 
You won’t receive a 1099. That doesn’t mean the IRS won’t catch you. @XxrumkaxX is correct, they’ve had access for years, but it’s not gonna take a threshold that high to get their attention.

Also agree here, but if people want to commit tax fraud (most Americans do in some way or another), that's between them and their accountant ;)
 
Back
Top