PayPal (etc) and the $600 Rule

[charliedwsr]

Well now, does that make all the 'stuff' I have to sell, my OWN personal property, Cash Only?

[Flame Red]

Yep, you got to go to "fiat" Biden bucks or the dark web with crypto. Zell and all the others are reporting. Funny, but you can use the good old USPS money orders, just keep each to under $600.

The Kommies-in-charge have to pay for their pensions and support all the illegal Demorat voters they are bringing across the boarder.

[REDinFL]

I’m glad I got all my eBay and associated PayPal transactions done a couple of years ago. Wouldn’t want the hassle now. I’m guessing I’d have to figure how to prove items were my own property; fun for something bought 20 years earlier. Sounds like an idea from an old woman, the type who keeps utility bills in a drawer for 30+ years. Or, a wise guy thinking to play gotcha.

[gforester]

Funny, but you can use the good old USPS money orders, just keep each to under $600.

USPS money orders don't presently have any way of electronically tracking who bought them. Unless of course they take material possession of the canceled MO's and manually input the information that was handwritten on them. Then again, if they hire another 80,000 shakedown artists like they are asking for, I suppose it could potentially be done.

[Firemedic2000]

In order for them to do a 1099 they'd need your social security number. Nope ain't doing it. Friends and family or money order

[flcracker]

This only applies to payments for "Goods & Services", not for "Friends & Family".

I have seen several online articles explaining that Zelle is different from PayPal and Venmo, in that Zelle doesn't actually handle the funds. Instead, they facilitate the transfer between other financial institutions. Therefore, Zelle will not be reporting your transactions on a 1099.

[Firemedic2000]

This only applies to payments for "Goods & Services", not for "Friends & Family".

I have seen several online articles explaining that Zelle is different from PayPal and Venmo, in that Zelle doesn't actually handle the funds. Instead, they facilitate the transfer between other financial institutions. Therefore, Zelle will not be reporting your transactions on a 1099.

Yes your right. I meant no payment using pp unless F&F. That said alot of times I'd not do this when I was buying because using F&F your not protected against fraud. Not that you really had any protection using pp anyways.

I did not know this about Zelle thank you.

[zeebaron]

People expect you to take credit cards if you hold a yard sale these days.

They want the flow of all money tracked, and they're close to doing it. Who is going to die on this hill?

[SteyrAUG]

So make sure and pull an EIN (it's free) and now all of your purchases are deductible because you might sell them some day and it will be considered income.

This sword cuts both ways.

[Firemedic2000]

People expect you to take credit cards if you hold a yard sale these days.

They want the flow of all money tracked, and they're close to doing it. Who is going to die on this hill?

This is more than true. I've seen posts at another site where a lot say that cash is obsolete and that they never carry cash or keep it at home. They believe it reduces their chances of being robbed

That said though speaking of yard sales. The duplex next to me sold and new owner evicted the two residents and is remodeling it and cleaning it up, thank god. One was a loud mouth left wing nut that believed the government was the answer to everything. The other was a quite hard working liberal. He had a yard sale and he took electronic payments I actually heard younger people that stopped ask if he took debit cards lol.

But back to keeping cash on hand. I'd ask people on a certain other forum what happens when the power goes out. What do they do in an emergency when no one will take debit or credit cards. You guys know what I'm talking about and I'm sure you've experienced it. Say like during hurricane season and stores post signs like, credit card machines are down CASH ONLY. Signs saying no internet CASH ONLY.

When pointing out reasons to carry cash. I'd get responses like OK BOOMER. The stupidity of some people are just beyond my comprehension.

Is this a hill I'd die on. Nope.....but I'd get naked and roll around on a hill of cash versus a hill of debit cards