Horrible Exchange with Fatbagg

mrbush said:
Hey, thanks. He emailed me about the remaining amount yesterday. The fees are whatever, but the initial refund did not equal the original payment. I don’t know what happened there.

I tried posting buyer beware comments on his ads on TGP but those posts were removed and I got a temp ban. Maybe that’s against their rules, I donno.
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Man that’s so ass-backwards. You got temp banned for a screw up you didn’t make and for helping others by notifying them of what occurred? And you guys pay money to list over there? Sometimes that place makes no damn sense at all. There isn’t even a buyer/seller global feedback location that you can watch for stuff like this.
 
glpg80 said:
They are apparently sending 1099’s even if you don’t reach these thresholds. Get caught or unknowingly not list it on your taxes for that year and it’s a massive fine if audited assuming you’re selling for a profit. If not making a profit, list the 1099 anyway and then also include a schedule C to write off the losses so that the net is zero taxes paid. Be sure to keep documents of proof for the schedule C’s.
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Yeah, and actually if you show losses on a form "schedule C" you might reduce your overall tax liability for your normal income. That is if your losses, and write offs are greater than the standard deduction.

EDIT: or wait that might be a form schedule K. Can't remember, I used to get those when I was partner in different companies.
 
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glpg80 said:
They are apparently sending 1099’s even if you don’t reach these thresholds. Get caught or unknowingly not list it on your taxes for that year and it’s a massive fine if audited assuming you’re selling for a profit. If not making a profit, list the 1099 anyway and then also include a schedule C to write off the losses so that the net is zero taxes paid. Be sure to keep documents of proof for the schedule C’s.
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Yep, I live in Vermont and have gotten 1099's from Paypal now for 3 years in a row. I've had 2000.00, 3000.00 sales ,etc. Nothing to do with 20,000.
Eric
 
CNutz said:
So you're reaching these thresholds? or do you live in Vermont, Massachusetts, Virginia, Maryland, or Illinois?
  • $20,000 USD in gross payment volume from sales of goods or services in a single calendar year
  • 200 payments for goods or services in the same year
https://www.paypal.com/us/smarthelp...e-irs-will-i-receive-a-tax-form-1099-k-faq729
If so you probably should be paying taxes
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Yep, I’m in IL. Funny thing is I’ve talked with other guys in IL that have gotten paid with PP for quite a bit more than me and no 1099
 
LP Freak said:
Yep, I’m in IL. Funny thing is I’ve talked with other guys in IL that have gotten paid with PP for quite a bit more than me and no 1099
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Oh boy, wonder if they don't have up to date address with paypal. They probably mailed them out, and never got to them. Which means interest, and penalties stacking up. That would suck
 
fusedbrain said:
Just saw this thread.
Holy shit!
Something always seemed a little off with this guy's vids and his amp flipping.
I'm guessing Bi-Polar and he somehow got off his meds and got on a wicked manic run.
If there was no one in his life to intervene and reel him back in, I'm not surprised this went as pear-shaped as it did.
If this is the case, I hope he gets the help he desperately needs.
Feel bad for all the guys that got caught up in this.
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You're giving people with mental illness a bad name.
He's not stupid.
He's not mental.
He's not crazy.
He's a criminal.
Funny how so many forumites are Psychiatrists & Psychologists.
 
CNutz said:
Oh boy, wonder if they don't have up to date address with paypal. They probably mailed them out, and never got to them. Which means interest, and penalties stacking up. That would suck
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They don't mail them. They post them on your Paypal acct in a Tax Documents section (of course they've already sent it to the IRS at that point) and send you an email ahead of time letting you know the link .. If you need a hand looking, just message me, or post here. Eric
 
"Pretty sure I bought that guitar for $10000 and took a loss." If the IRS can't prove otherwise then I can take a tax break. Anybody can make "reciepts".

I don't want to do that but if they push my buttons every transaction would be for a massive loss.
 
espquade said:
It's becoming quite a mess... Taxing used items that were already taxed when they were new was the first thing that really sucked, Reverb changing their payment option where it has to go thru their system before you get paid and now this B.S. :thumbsdown: Sales from used Items should not have to be declared if your not using as a source of income but just to try more gear.
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Totally agree. Double dipping like this is borderline fraud when a citizen does it, but the when government does it? Nooooo!
 
Well damn. Lol.

I read the first page. Not reading the other 8 but I wanted to say I think this is a good example of why this forum is still great and the comradety that there is here (if that's even a word).

Based on the seller's name being deleted member and first reply being edited to say "refunded" I assume all has been worked out.

Have to side with the buyer here for various reasons but it seemed that had he not posted here then he would be out some cash. Nothing worse then a shady gear deal. Pack it right and tight.
 
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