Folks Of Interest There was life before "PAY PAL"

Good to know. Not happy

 

Yes and now, no.

If you're paid for "goods and services" not "friends and family" and you pass $600, you're meeting a new threshold to receive a 1099-k.

This will include a lot of regular, non-business folks. It can be one transaction or ten.

https://newsroom.paypal-corp.com/20...eporting-Requirements-Your-Questions-Answered

Read the whole thing. A lot of folks will pass that $600 mark. If it's your personal property, be prepared to show if it's a loss, if not be prepared for Uncle Sam's share.

 

I'm hoping the mods don't take offense to this thread because it affects all of us who use the HAMB classifieds to buy, sell or trade our parts. Thanks for the info.

 

What did we do before Paypal?

Expand your thoughts out of the thread.

How did we advertise before the internet?

How did we sell before ebay?

How did we ship?

How many were seriously scammed in the 1970's, etc., when checks were still pretty much the preferred method of payment?

In 48 years, we have taken three bad checks, ALL were from companies.

The biggest scam we saw was quite different. In the late 1980's, a "fad" developed in one particular state (not to be named) that was a real PITA for vendors.

We still have a small dealer network, but at that time we had several stocking dealers. So a "customer" would call a dealer, and order a carburetor kit for his 1937 Rolls Canardly, and have it sent COD. He would then proceed to repeat this process with several other companies, whomever offered a rebuilding kit for his Rolls Canardly. He would pay cash (COD) for the first kit to arrive, AND REFUSE THE REST! So the vendor is now stuck with initial shipping, a return fee, and return shipping. This state caused us to quit using COD payments.

The 1099's are going to change the way a lot of folks do business (especially when the banks, post offices, everyone that converts checks/MO's to cash) are required to report anything over $600. to the IRS.

Get ready.

Jon.

 

So very true Jon!

I just laugh at the clowns that think that because they have been a dues paying members or have been on an internet forum for a certain amount of time, that somehow equates to a level of quality or honesty!
Before I started advertising on the internet, I had a 10 year long running ad in Hemmings for transporting. Before that it was word of mouth through my body shop. There are several guys (myself included) who were late to the internet game, but were light years beyond the con artists as far as quality & honesty in my business (hence the level of jealousy & the constant lies & propaganda that I have seen over the last decade+)

I use Paypal pretty much only for purchases & it comes directly off my company credit card. Only a couple of times have I taken a payment through Paypal & those situations were from my one of my many customers from other countries. I have always had in the back of my mind that I NEVER want to have a bunch of my money tied up in a Paypal account, just in case the crap that is going on now might happen!

God Bless
Bill
https://www.jalopyjournal.com/forum...ar-transport-hauling-open-or-enclosed.614419/