PayPal Changes

[Dave Stromberger]

USPS Money Orders

But then I'd have to leave the house! The horror!

 

[Darthvader]

Does anyone write down what they pay for stuff and keep it in a record for 20 years? I don't understand why if it's sold for a profit why it will be taxed while if it's sold for a loss it cant be taken as a full write off. Something seems criminal here.

 

[Freqman1]

Does anyone write down what they pay for stuff and keep it in a record for 20 years? I don't understand why if it's sold for a profit why it will be taxed while if it's sold for a loss it cant be taken as a full write off. Something seems criminal here.

Yes I do keep a record. It isn’t that hard to maintain a spreadsheet

 

[Darthvader]

Yes I do keep a record. It isn’t that hard to maintain a spreadsheet

Well 300 bikes and countess parts and peices is a little to much for me unleass I hire someone. Plus many of the deals were bundled. A bit hard to unbundle for tax reporting.

 

[koolbikes]

Like most I recieve notices and just click past or delete them. Yesterday I received one from PP and actually read it. Looks like they are cracking down on Friends and Family (FF) between businesses or to/from a business. I have a feeling it won't be much longer before FF either goes away or is very restrictive. Between the shipping and paying it's getting tougher to sell bikes/parts long distance. It's especially tough on entry level or low cost stuff--just ain't worth it. Looks like the money order business might pick up or some of the alternate payment methods such as Zelle may see more business if its someone you trust. That or start attending more swaps! V/r Shawn

I'm for attending more Swap Meets, you get to actually see what your getting, haggle on a price, meet the seller, and pay CASH or SWAP! ... Some of my best finds are from Swap Meets ... No feedback, No Shipping Hassles, No Taxes. No Uncle Sam. etc....

 

[49autocycledeluxe]

I don't understand why if it's sold for a profit why it will be taxed while if it's sold for a loss it cant be taken as a full write off. Something seems criminal here.

we ain't seen nothin' yet.

 

[STRADALITE]

If PayPal becomes a problem there is always the option of writing a check. Occasionally I’ll send or accept a check. Wait until it clears then send the item. It sure beats going to the post office.

 

[SirMike1983]

Yes - if you keep a record of your basis in the item, you can prove level of profit or loss. I will say with the new Paypal 1099 limits, if you're dealing in higher value bikes and parts, you'll want to keep a record of your basis in the item. It may not be a big deal for a $20 3 speed hub, but if you're dealing in expensive parts and bikes, you want to know your basis in the item.

 

[Jose 711]

VenMo or zelle is the best for me.

 

[koolbikes]

Yep!
Reverting back to the old way.
Polaroids, and USPS Money Orders.
Ahh!
The good old days, when it took six weeks to consummate a transaction.
Lol!

Recently I have reverted back to using USPS or Bank {which are Free} Money Orders with success and are easy to track, I know it takes a little longer for a transaction and most don't mind getting them either. What I have been doing in sending a M.O. to seller is take a photo of M.O. filled out in sellers name and send them a picture with mailing date to assure that they know it has been sent. Same goes for when the seller sends item to you, tracking numbers. Only took seven days on my last transaction.