Discussion in '"Pay It Forward"' started by thebuick, Nov 8, 2019.

  1. thebuick

    thebuick Well-Known Member

    FREE ADVISE I just learned something. I sold a car part for a few hundred bucks. The buyer paid me by PAYPAL. [ not friend and family ] after the transaction, THE TAX MAN came in for a cut, So lesson learned no more PayPal for me.Going back to money order / check sales.
  2. Mart

    Mart Gold level member

    Oh oh, I just bought parts from Mark Demko and I was going to f&f the pp payment so no fees. His wife sent me an invoice so I hope she knew what she was doing.......?
  3. My3Buicks

    My3Buicks Buick Guru

    I figure they are going to get wise to the F & F trick and do away with that feature, I do that all the time
  4. 69 GS 400

    69 GS 400 Well-Known Member

    Important to always charge / pay friends or family otherwise they assume you are making an income or profit from the transaction.
    OHC JOE likes this.
  5. thebuick

    thebuick Well-Known Member

    with f & f no security on the transaction right ?
    ilikebmx999 likes this.
  6. MASH4551

    MASH4551 Well-Known Member

    Ebay + Paypal you buy you pay tax. :mad:

    BUQUICK I'm your huckleberry.

    Just curious so I can brace myself for the same thing: In which state are you located? How did the tax man contact you, email or USPS? Were you asked to pay a tax immediately or to submit it on your 2019 tax returns?
  8. 68Rivi_In_Cali

    68Rivi_In_Cali Well-Known Member

    I have BOA and all other major Banks use Zelle, you can instantly transfer $ using just your phone# no fees. I have recently sold items that way. worth a try guys plus its part of most major banks.
  9. stump puller455

    stump puller455 1970 GS 455

    I like Venmo fast and free
  10. Donuts & Peelouts

    Donuts & Peelouts Life's 2 Short. Live like it.

    Ot some but All these site have gotten hacked in the past. Best thing to do for your saftey is inquire how you can get a purchasing account and transfer money into it from your checking only for online purchases. That way when they hack it they only get your pennies
  11. thebuick

    thebuick Well-Known Member

    in Mass the tax man waiting at the borders for on line sales lol. first time I was taxed so I will see how it goes in 2020 tax season.

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