Paypal Friends and Family and VENMO Warning.

[Jim Green]

The requirement for PayPal send 1099 forms to report annual accumulations of more than $600 was postponed for 2022 and remains at $10,000 but it may change to the $600 threshold in 2023. So if you receive more than $600 in a year via PayPal you might have some explaining to do to the IRS or they will treat it as income and tax you on it.

 

[firemanup]

But you are dealing with the .gov, and its their IRS court, so good luck... have you got receipts for that stuff you bought 15+ years ago, and just recently sold for a loss? If not, pay up sucker.

I hate it, but it is what it is. Its put a real cramp on my selling off stuff I don't need, but I really don't need the extra hassle. If I can't do a face to face sale, donation or trash it goes.

As recently as a year ago that was not the case with gambling winnings.

A simple hand written ledger, no receipts and a claim that there was no profit in that year was enough after winning a 1099’d jackpot.

You don’t get receipts at the tables and they were good with taking a persons word.

Similarly selling a used car for $10k to a dealership the IRS made no attempt to claim it was profit, they weren’t interested.

Don’t see how any other used items are different unless they are typically an appreciating item.

 

[mh9162013]

As recently as a year ago that was not the case with gambling winnings.

A simple hand written ledger, no receipts and a claim that there was no profit in that year was enough after winning a 1099’d jackpot.

You don’t get receipts at the tables and they were good with taking a persons word.

Similarly selling a used car for $10k to a dealership the IRS made no attempt to claim it was profit, they weren’t interested.

Don’t see how any other used items are different unless they are typically an appreciating item.

I'd love for you to be right, and you probably are. Assuming you are, there's still the hassle of having to go through each one of your Paypal transactions and explaining each one. No thanks.

 

[ksaves2]

I loved the 1st Gen SE, had it forever. Small, solid, took a beating and worked flawlessly - until some iOS updates last fall.

Next thing I knew the phone kept telling me the battery was at 10%, then jumped back to 90%, then it would shutdown.

Finally had to get a new iPhone, the 13 Mini. Almost a good replacement for the SE.

The Li batteries have a life span and I am truly pissed that most modern cell phones DO NOT have user replaceable batteries. Most people overcharge their phone batteries. Going to 100% charge all the time wears out Li batteries faster. With Android stuff, there is an App called Accu battery that can sound an alarm when the charge gets to 80%. I replaced the batteries in old Nexus 6P's but had to buy some parts to put them back together. Then the 3G only phones stopped working when the cell systems went to 5G.
I was able to convert the Nexus 6P 3G obsoleted phones to WiFi phones that uses my home WiFi to make calls via an app called Talkatone. Kurt

 

[user 30299]

The Li batteries have a life span and I am truly pissed that most modern cell phones DO NOT have user replaceable batteries. Most people overcharge their phone batteries. Going to 100% charge all the time wears out Li batteries faster. With Android stuff, there is an App called Accu battery that can sound an alarm when the charge gets to 80%. I replaced the batteries in old Nexus 6P's but had to buy some parts to put them back together. Then the 3G only phones stopped working when the cell systems went to 5G.
I was able to convert the Nexus 6P 3G obsoleted phones to WiFi phones that uses my home WiFi to make calls via an app called Talkatone. Kurt

Come on Kurt - admit it. Apple sabotaged the battery & charging software during that update. (lol)

They got tired of us old guys making their phones last forever. (lol)

There's no profit in perfectly good equipment. (lol)

 

[ksaves2]

I loved the 1st Gen SE, had it forever. Small, solid, took a beating and worked flawlessly - until some iOS updates last fall.

Next thing I knew the phone kept telling me the battery was at 10%, then jumped back to 90%, then it would shutdown.

Finally had to get a new iPhone, the 13 Mini. Almost a good replacement for th

Come on Kurt - admit it. Apple sabotaged the battery & charging software during that update. (lol)

They got tired of us old guys making their phones last forever. (lol)

There's no profit in perfectly good equipment. (lol)

Ahhhhhhhh, Apple doesn't have anything to do with Android products. My Nexus 6P's had no attachment to Apple. May be an attachment to the "evil" Chinese who made them! Chinese might have witnessed all the rocket tracking I did. Yeah that's the ticket. But in reality, I think the used 6P's had worn out batteries from prior owners charging to 100% all the time. They lose capacity sooner. I think there are places that will replace batteries in Apple devices if one doesn't think they're obsoleted. Kurt

 

[Seatechnerd83]

The Li batteries have a life span and I am truly pissed that most modern cell phones DO NOT have user replaceable batteries. Most people overcharge their phone batteries. Going to 100% charge all the time wears out Li batteries faster. With Android stuff, there is an App called Accu battery that can sound an alarm when the charge gets to 80%

Newer Android phones (Samsung is the only company i have experience with) allow you to actually hard limit the charge percentage to as low as 80%. (I still run an older phone so I sadly don't get this feature) Also, if you are truly interested in replacing your own batteries, theres a website called https://www.ifixit.com that sells replacement parts and tool kits and also has guides to replace your batteries on your own. (newer iPhones (12 and later) are much harder to fix due to the way the screen mounts to the body)

 

[ksaves2]

"(newer iPhones (12 and later) are much harder to fix due to the way the screen mounts to the body)"

They make 'em to go obsolete so ya haves to pay another $$$grand for a new one.

I was angry years ago when they went from analog to digital cellphones. I loved my bag phones as they really had the power. Obsolete in one fell swoop. I paid a phone cloner to clone my Motorola flip phone to my bag phone. I turned the bag phone off in my car when I got out and turned the flip phone on when I went portable. They were the same code numbers as the phones could be manipulated back then. I couldn't turn them both on at the same time mind you as the company could tell that there were two identical devices on. I enjoyed this for 2 years. No it doesn't matter anymore as there are cellphone towers nearly everywhere.
Not back then with analog only but the phones did pretty good. Might get some static but could still decipher the person's voice. My first cell phone was in 1979. Kurt

 

[cwbullet]

Today, we banned a member for threatening to not follow our yardsale rules. I would avoid burning thing from people who contact you to buy something.

 

[cwbullet]

In recent months, we have had a couple more people reporting being duped by sellers using Venmo. Not much we can do to prevent this. We do ban them after the fact.

Just be careful.

 

[jderimig]

The Li batteries have a life span and I am truly pissed that most modern cell phones DO NOT have user replaceable batteries. Most people overcharge their phone batteries. Going to 100% charge all the time wears out Li batteries faster.

There should be a Spinal tap mode where full charge is 80-90% and 100% has to be manually selected when you need to turn it up to 11.

 

[Highpowerrocketyahoo]

I venmoed a seller 100.00 and got burned. I told my wife I would never buy from her again.

 

[Highpowerrocketyahoo]

I venmoed a seller 100.00 and got burned. I told my wife I would never buy from her again.

Tough crowd... lol

 

[Julianconde]

Never pay with friends and family, cash app or Venmo unless you know the person personally if not your basically giving money away for free and can’t get it back.

 

[jadebox]

Actually they will, unless you file a Schedule C, which means you need to have a viable business to support it.

No. You just enter one value in two fields on your standard 1040. The amount entered in each field will be the same amount as reported on the 1099-K if none of it is income.

https://www.irs.gov/businesses/understanding-your-form-1099-k