Gary,
?
From a Seller's point of view, the only protection you get from PayPal is if buyer pays as "Friends/Family"). That is considered a pure cash transaction and is NOT covered by their buyer's protection policy. Of course, this offers the buyer NO protection, so is not likely to be palatable to the buyer, especially on an expensive item.
?
I have had some experience with IRS and did investigation of the new PayPal IRS reporting policy. I am not a tax attorney, but from what I gathered reading about the new PayPal/ IRS policy, you can avoid being responsible for paying income tax on items that you sell on PayPal if you have documentation of your "COST BASIS" (what you paid for the item originally) and what you sold it for. It you are taking a loss on the sale, then you have no tax obligation. If you have a profit, or? cannot establish the loss, IRS will consider it as income and will require you to pay the tax either the profit, or on the full sale price if you do not have the cost basis documentation.? So if you have a loss and have retained the cost basis and sale basis documentation you can fight it, but if not, you'll probably be responsible for paying the tax.
?
Bob K3AC
In a message dated 9/21/2022 1:08:51 PM Eastern Standard Time, garywinblad@... writes:
?
Interesting..
As a buyer, Paypal does give me some protection though.? And if I am a seller it does
too.? Except for the new tax implications, it was a good deal for everyone.
?
Any tax experts here?
If I buy a used broken radio, fix it up, then resell it, can I claim a loss on it considering
I probably have more hours into it than I will ever see as profit.
Considering that I am a degreed retired engineer, what would? a fair labor rate be?
This could be a new income stream..
?
73,
Gary
WB6OGD
?
On 09/21/2022 12:54 PM lfibich@... <lfibich@...> wrote: ?
?
?
Ebay does the same - why do you think those 87,000 or so IRS agents were wanted - ? to squeeze more money out of ??--- fun times we are living in now.
?
On Wednesday, September 21, 2022 at 09:41:50 AM PDT, Robert Needleman via groups.io <k3ac@...> wrote:
?
?
I recommend that all sellers of used ham gear stop accepting PayPal (as merchandise). This is for 2 reasons:
1. PayPal now reports all personal sales exceeding $600 annually to IRS, and you will receive a 1099, which the IRS will consider as income and for which you will be responsible for paying income tax on.
?
2. PayPal offers a "buyer's protection" plan on anything paid for 'as merchandise'. This protection plan is good for SIX months after the sale. If the buyer is not fully satisfied with the item, or files an insurance claim, stating only that the item received was not in the condition as described by seller, or defective, the seller will have that amount deducted ("frozen")? immediately from their PayPal account until the claim is resolved. The seller will either have to issue a full refund to buyer upon return of the item, or issue a partial refund to cover the discrepancy in condition or repair costs.?
?
So either way, the seller is going to be screwed by accepting PayPal, as merchandise, especially on vintage gear that is not in the exact condition described by seller, or some issue crops up within SIX months of purchase, and for which the buyer wants a full refund, no questions asked.?
?
Bob K3AC
In a message dated 9/21/2022 10:39:06 AM Eastern Standard Time, Mtniebs@... writes: ?
[Edited Message Follows]
REDUCED! I have a very nice, operational SX-111 with matching speaker for sale. Recapped and new three pronged power cord installed. On air tested. Side by side tests with my FT1000d were very favorable. Both cabinets have been tastefully (albeit not professionally) repainted and look very nice. The only alteration I did was to remove the heating resistor for the VFO that I thought was very poorly mounted. The VFO is very stable after a short warmup without it. I will include it should the new owner wish?to re-install it. Manual included (original MK I, but is almost identical to the basic SX-111). $270 shipped to lower 48. Paypal. OF COURSE NO WARRANTY EXPRESSED OR IMPLIED. ALL SALES FINAL. 
|
