What Recourse Do I have?

Chili Palmer said:
Only if you make money, so if you buy for $1,000 and sell for $600 you don't pay taxes.
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But PayPal reports it on the 1099K either way so you will have to itemize it on your return or the IRS will assume that's $1000 in income as opposed to a $400 loss. PayPal won't know the cost basis of the item.

Not a big deal, just more paperwork and time for the little guy.
 
Wolven said:
That's just funny. Buy something for a 1000 no receipt since it is old. Sell for 600 and pay capital gains due to new tax code. That's insane. Ohh well, have fun with it.
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Then you don't accept payments as a business. Calm down chief, PayPal Goods and Services is for retail transactions, not garage sales.
 
He’s in Nevada and came across a couple of cues doing basement cleanouts.

He’s not active in the pool world, so, I see no reason to post his name.

I still think he might send them, and is just being a d*ck because he feels that he sold too cheap.

I saw the red flags and rolled the dice. Win some, lose some.

I‘m only out $300, but the cues were nice.

Thanks for all the input.
 
PhilosopherKing said:
He’s in Nevada and came across a couple of cues doing basement cleanouts.

He’s not active in the pool world, so, I see no reason to post his name.

I still think he might send them, and is just being a d*ck because he feels that he sold too cheap.

I saw the red flags and rolled the dice. Win some, lose some.

I‘m only out $300, but the cues were nice.

Thanks for all the input.
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Well if the person change mind about selling. Right thing to do is return your💸.
 
This is sort of my real question, not that I’d pursue it, but let’s say I find the cues in the possession of a third party who purchased them from the seller after me, do I have a legal claim to the cues?
 
PhilosopherKing said:
This is sort of my real question, not that I’d pursue it, but let’s say I find the cues in the possession of a third party who purchased them from the seller after me, do I have a legal claim to the cues?
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Are you in same State as person who sold the Cues to you, and then did not deliver? If so this is they type of case small clams court is for.

If you not in same State, hope the person does right thing and refunds your money.
 
CocoboloCowboy said:
Are you in same State as person who sold the Cues to you, and then did not deliver? If so this is they type of case small clams court is for.

If you not in same State, hope the person does right thing and refunds your money.
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I’m on the other side of the country.

I’d take the money, but I want the cues.
 
PhilosopherKing said:
I’m on the other side of the country.

I’d take the money, but I want the cues.
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Well I hope you get Cues, but would still be happy with money back.

Thing is people do this king of transactions daily thank goodness most go as planned.

With both parties happy.
 
PhilosopherKing said:
This is sort of my real question, not that I’d pursue it, but let’s say I find the cues in the possession of a third party who purchased them from the seller after me, do I have a legal claim to the cues?
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Lot more details required, but in all liklihood, no.
 
PhilosopherKing said:
He’s in Nevada and came across a couple of cues doing basement cleanouts.
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What basements? If he's in Southern Nevada, he probably doesn't have a basement as 99% don't. Caliche soil here and it's harder than concrete. A basement would probably have to be blasted out. Almost all houses here are on a concrete slab. I hope you get your cues.
 
kling&allen said:
But PayPal reports it on the 1099K either way so you will have to itemize it on your return or the IRS will assume that's $1000 in income as opposed to a $400 loss. PayPal won't know the cost basis of the item.

Not a big deal, just more paperwork and time for the little guy.
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Yep, I'm not happy about it either.
 
ideologist said:
With the new tax reporting requirements, most people will not accept PayPal Goods and Services anymore.

You have to pay income taxes if you sold your player for $600

Postal money orders have security attached, you just need to follow through
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If you paid $700.00 for your player, and ended up selling it for $600.00, will the IRS allow you to claim a loss? ;)
 
j2pac said:
If you paid $700.00 for your player, and ended up selling it for $600.00, will the IRS allow you to claim a loss? ;)
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Har har, I noted specifically that most pool players don't itemize.

If you have an accountant filing all your purchase and sale paperwork, you might as well launch a business selling cues.

Otherwise, G&S is basically dead for cue sales.
 
ideologist said:
Har har, I noted specifically that most pool players don't itemize.

If you have an accountant filing all your purchase and sale paperwork, you might as well launch a business selling cues.

Otherwise, G&S is basically dead for cue sales.
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I will need to research this more, but if I am buying from a private seller it's good and services or no dice at this point in time for me. The risk is exponential on the buyers end in these type of transactions. I get that escrow is an option, but I think this is service is reserved for more high end custom cue purchases. Also selling I am willing to eat the IRS loss if I make money but tbh out of the several thousand dollars in wood I purchased this last year I lost money every time when I sold. I am not in the business to make money selling. This is a hobby for me and I churn thru cues at times. I have no big cue retailers/distributors in my state and I am a loaner so I roll the dice sometimes on used deals to see how something hits from out state etc.

Cheers
Brent
 
Nyquil said:
I will need to research this more, but if I am buying from a private seller it's good and services or no dice at this point in time for me. The risk is exponential on the buyers end in these type of transactions. I get that escrow is an option, but I think this is service is reserved for more high end custom cue purchases. Also selling I am willing to eat the IRS loss if I make money but tbh out of the several thousand dollars in wood I purchased this last year I lost money every time when I sold. I am not in the business to make money selling. This is a hobby for me and I churn thru cues at times. I have no big cue retailers/distributors in my state and I am a loaner so I roll the dice sometimes on used deals to see how something hits from out state etc.

Cheers
Brent
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That's fine for you, but don't be surprised to get refused by many, many sellers now.
 
Chili Palmer said:
It's a capital gain and you would (should) need to pay taxes on it.
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How is it a capital gain unless you whittled that cue out of your Maple tree in the backyard??
Step 1=Earn a paycheck from your employment
Step 2=use earned money to buy a $600 cue and pay sales tax on it
Step 3=sell cue and luckily recover $600 you invested in the cue (minus sales tax paid)
To me it looks like you ended up in the exact same place you were when you originally cashed your paycheck, I see no gains there to pay capital gains on.
 
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fastone371 said:
Ho2w is it a capital gain unless you whittled that cue out of your Maple tree in the backyard??
Step 1=Earn a paycheck from your employment
Step 2=use earned money to buy a $600 cue and pay sales tax on it
Step 3=sell cue and luckily recover $600 you invested in the cue (minus sales tax paid)
To me it looks like you ended up in the exact same place you were when you originally cashed your paycheck, I see no gains there to pay capital gains on.
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If you purchase a cue for $600 and sell it for $1000 you have $400 of capital gains.
 
fastone371 said:
Ho2w is it a capital gain unless you whittled that cue out of your Maple tree in the backyard??
Step 1=Earn a paycheck from your employment
Step 2=use earned money to buy a $600 cue and pay sales tax on it
Step 3=sell cue and luckily recover $600 you invested in the cue (minus sales tax paid)
To me it looks like you ended up in the exact same place you were when you originally cashed your paycheck, I see no gains there to pay capital gains on.
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It comes down to documentation. If sales are documented and purchases aren't it is pure profit as far as the IRS is concerned!

Some people aren't too clear about profits under six hundred dollars either. You are taxed on every penny you get into your hands, generally no matter how you get it. Standard deductions are usually enough to cover these things without itemizing but nothing you take in is tax free. When I was buying whole units and selling parts or crushing I documented every penny I spent! Got sloppy on tickets selling one year and my bookkeeper told me I was over thirty-eight thousand in the hole for the year. I went straight back to my business and told my people running the front desk, "We have to start writing more tickets, I am not a farmer! I can't lose money every year."

Hu
 
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