PayPal Drama

[FourT6and2]

IL is different than federal unfortunately.

State of Illinois filing threshold:

Unlike federal rules, Illinois has its own separate threshold for requiring 1099-K filings:
Transactions: Four or more separate transactions and
Total payments: Exceed $1,000 in cumulative total for a payee with an Illinois address

That sucks

 

[Metlupass2]

That sucks

Yessir

 

[ZEEGLER]

I think I'll message him on Reverb and ask if I can pay him tomorrow for a handburger roday.

 

[napalmdeath]

Not only that, but just because you get a 1099 doesn't mean you actually owe taxes. You only owe taxes if you make a consistent profit on those sales and you are only taxed on the gains. I don't know too many non-commercial sellers that are profiting on used gear...

You sell a guitar on Reverb, you aren't exactly profiting. Depreciation, selling fees, PayPal fees, shipping fees, your time and effort to maintain the gear, what you put into the gear for upkeep (strings if a guitar, tubes and such for an amp, etc.). All of that comes out of the profit you might make.

I sold a car a few years ago for a huge profit. Way more than $20K. And I didn't owe any tax on that.

 

[zyphorn]

Found a guitar on FB Marketplace (in another state). Asked for specific photos from various angles to confirm it's a real guitar and seller actually has it. Agreed on a price and paid via PayPal Goods and Services as agreed. Buyer immediately messages me that PayPal put a hold on the funds and that he won't ship the guitar without cash in hand. PayPal has the money. But they won't release it to the seller until the seller ships the guitar and it's been received.

I believe PayPal does this to verify accounts that have been inactive or don't have enough selling history? It's a form of escrow to protect both parties.

But the seller is sketched out and thinks I'm trying to scam him.

I told him that he needs to call PP and find out why they're putting holds on his account. But he told me he has plenty of account history, however I'm betting it's mostly Friends & Family. And that's why PP did the hold. He doesn't seem to understand how PP works.

Oh well.
Reminds me of the times Ive been stuck waiting on transfers after spinning some slots or playing a few rounds of blackjack online, where the payouts can get held up too if the site is sketchy. But honestly the real solid spots for reliable stuff these days are the ones reviewed properly, and Ive been checking out this https://kazino-world.com/ ranking site that breaks down the top platforms with actual tested bonuses and fast withdrawals for games like roulette and poker. They dig into the licenses and real money flow so you dont end up with the same kind of escrow nonsense holding your jackpot wins.

It's a high-dollar transaction outside their usual pattern. Reverb and eBay do the exact same thing now with new or infrequent sellers until tracking updates or delivery is confirmed.

If the guy is freaked out by standard G&S holds, he's in for a rude awakening selling on Reverb too. Smart move just canceling and walking away - buying off FB Marketplace without G&S protection is way too risky for gear like that.

 

[Fiesta Red]

It's a high-dollar transaction outside their usual pattern. Reverb and eBay do the exact same thing now with new or infrequent sellers until tracking updates or delivery is confirmed.

If the guy is freaked out by standard G&S holds, he's in for a rude awakening selling on Reverb too. Smart move just canceling and walking away - buying off FB Marketplace without G&S protection is way too risky for gear like that.

Dude, this thread is a year old.

 

[Exo-metal]