Are you allowing Paypal Friends and Family sales here? I see some listed and they're an easy way to rip someone off

[someusername]

I'm curious if you're allowing Paypal Friends and Family here as I've seen it in a few posts. Using F&F when you're neither friends not family is a great way to steal from someone.

Person A lists a $1000 cue with payment via Paypal Friends and Family.

Person B buys it. Person ships an empty box.

Person B just lost $1000 as paypal isn't going to do a thing about it as the transaction wasn't insured.

 

[measureman]

The types and forms of payment are not regulated by this forum.
That is up to the seller and buyer to decide.
But you are correct that friends and family payments can be a problem.

 

[Shooter08]

I'm curious if you're allowing Paypal Friends and Family here as I've seen it in a few posts. Using F&F when you're neither friends not family is a great way to steal from someone.

Person A lists a $1000 cue with payment via Paypal Friends and Family.

Person B buys it. Person ships an empty box.

Person B just lost $1000 as paypal isn't going to do a thing about it as the transaction wasn't insured.

As I mentioned in your question as a "newbie" do not offer friends and family, build the cost into your price. Many users here have long term established reputations and relationships. You will know when you do, as well. Advice, read the advice you receive. Shooter08

 

[mikemosconi]

I will do F&F with people that I trust — always buyer beware! I have had people here buy from me using F&F as well bc they know what that are getting from me - as advertised!

Common sense usually rules in business - depends how much of that someone stores in their brain.

 

[David in FL]

I will do F&F with people that I trust — always buyer beware! I have had people here buy from me using F&F as well bc they know what that are getting from me - as advertised!

Common sense usually rules in business - depends how much of that someone stores in their brain.

^^^ This, exactly ^^^

 

[ideologist]

I'm curious if you're allowing Paypal Friends and Family here as I've seen it in a few posts. Using F&F when you're neither friends not family is a great way to steal from someone.

Person A lists a $1000 cue with payment via Paypal Friends and Family.

Person B buys it. Person ships an empty box.

Person B just lost $1000 as paypal isn't going to do a thing about it as the transaction wasn't insured.

For some people now, myself included, PayPal and Venmo Goods payments are refused due to the income tax reporting requirements from the IRS now

If you do over $599 in sales in a calendar year, it is reported as income

I would rather lose prospective customers, who will only pay with those methods, rather than pay taxes on a cue I already own. Since I am not a business, it irritates me. I think cashier's checks and other trackable methods will make a comeback. I have also bought and sold cues in person, then the buyer can pay PayPal Friends on the spot.

 

[StuartTKelley]

The only reason I can't use Goods And Services is because PayPal has never allowed it for me in years of having a perfect record. I've argued, I've yelled, I've screamed and they never allow it without holding the payment until buyer receives the item and is happy. Sorry, no retail business does this so why should I send my item out and hope for payment. My reputation is excellent. Only reason I only offer fnf. But I'll never ship an item without being paid and by paid i mean entire amount available to me when payment is sent. If there's a problem I'll take care of it. I also have cashapp and venmo if buyers want to use that instead. All are fine.

 

[shooter_Hans]

I'm curious if you're allowing Paypal Friends and Family here as I've seen it in a few posts. Using F&F when you're neither friends not family is a great way to steal from someone.

Person A lists a $1000 cue with payment via Paypal Friends and Family.

Person B buys it. Person ships an empty box.

Person B just lost $1000 as paypal isn't going to do a thing about it as the transaction wasn't insured.

What is the possible reason why they want FF? No fees?

How much are PP fees anyways?

 

[Sheldon]

95% of my transactions here have been friends and family. Never had a problem.
I do look carefully at who I'm dealing with, a little caution goes a long way.
I don't mind if people want goods and services, as long as they don't mind the fee.

 

[GoldCrown]

Uncalled for (from me...go ahead and report)... Why screw PP?

 

[someusername]

For some people now, myself included, PayPal and Venmo Goods payments are refused due to the income tax reporting requirements from the IRS now

If you do over $599 in sales in a calendar year, it is reported as income

I would rather lose prospective customers, who will only pay with those methods, rather than pay taxes on a cue I already own. Since I am not a business, it irritates me. I think cashier's checks and other trackable methods will make a comeback. I have also bought and sold cues in person, then the buyer can pay PayPal Friends on the spot.

It's not reported as income, it's just flagged. You can sell $100k of stuff. The IRS may ask for proof that these were household goods and not a commercial entity. In the case of the latter, you can show the COGS and only pay on the profit.

 

[someusername]

What is the possible reason why they want FF? No fees?

How much are PP fees anyways?

No fees. There's ways that the buyer and seller can completely defraud each other though. Paypal won't lift a finger.

 

[someusername]

The types and forms of payment are not regulated by this forum.
That is up to the seller and buyer to decide.
But you are correct that friends and family payments can be a problem.

Should be fun when scammers figure this place out.

 

[measureman]

Should be fun when scammers figure this place out.

They already have.

 

[ideologist]

It's not reported as income, it's just flagged. You can sell $100k of stuff. The IRS may ask for proof that these were household goods and not a commercial entity. In the case of the latter, you can show the COGS and only pay on the profit.

It absolutely is reported as income. A 1099-K is sent to you by PayPal and failing to file it with the IRS is tax fraud.

You can deduct costs and pay on the profit, but it is pretty hard to do that with used goods that you did not buy new, which is how most secondhand sales work

 

[Sheldon]

The IRS has recently announced an additional delay in implementing the new $600 USD reporting threshold for goods and services transactions, reverting the 2023 requirement for Form 1099-K reporting back to the 2022 figures (total payments exceed $20,000 USD and there are more than 200 transactions).

Current Form 1099-K Reporting Thresholds | PayPal US

PayPal will report payment activity to the IRS and provide tax documents in certain situations, with the 2023 Form 1099-K reporting threshold delayed to 2024.

www.paypal.com

 

[ideologist]

The IRS has recently announced an additional delay in implementing the new $600 USD reporting threshold for goods and services transactions, reverting the 2023 requirement for Form 1099-K reporting back to the 2022 figures (total payments exceed $20,000 USD and there are more than 200 transactions).

Current Form 1099-K Reporting Thresholds | PayPal US

PayPal will report payment activity to the IRS and provide tax documents in certain situations, with the 2023 Form 1099-K reporting threshold delayed to 2024.

www.paypal.com

That was November last year. We're now in the 2024 period

 

[RunEmOut08]

The issue for me is that cues I have bought in cash over the years I have no legitimate documentation for what was paid. So then to pay taxes on the full amount it’s not in my interest.

As others have said, buy the seller, not the cue. And if the deal is too good to be true, it almost always is.

 

[j2pac]

What is the possible reason why they want FF? No fees?

How much are PP fees anyways?

It's not the fees. It's the pain in the a$$ of dealing with the IRS, in the event that you only sell a few items a year. The hassle just isn't worth it, IMO.