**SOLD**FS: 6TB/8TB Seagate Skyhawk NVR HDD.....OBO added

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blackbeaSSt

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send over your best offer. need these gone today!

6tb date of man. 3/19/18-- $110 $100 $80 shipped
8tb date of man. 12/23/17--$125 $115 $100shipped

both pass crystaldisk tests and health is still 100%.

payments by non paypal ONLY. after their tax crap from 2019 i'm officially done with them.
 
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After seeing your post I looked this up. According to PayPal all payment processors are subject to this regulation. What a bummer!

I sell stuff all the time but not in huge volumes. Looks like I skirted by last year since I was under both limits. Phew.
 
NobleX13 said:
After seeing your post I looked this up. According to PayPal all payment processors are subject to this regulation. What a bummer!

I sell stuff all the time but not in huge volumes. Looks like I skirted by last year since I was under both limits. Phew.
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i however was not so lucky. not to derail or off topic my own thread, but when i input the 1099 numbers it says i owe $7,000. fuck that mess. going to talk to a cpa about it today.
 
blackbeasst said:
i however was not so lucky. not to derail or off topic my own thread, but when i input the 1099 numbers it says i owe $7,000. fuck that mess. going to talk to a cpa about it today.
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Oof. My condolences. I'll keep this in mind for this year. I might have to form an LLC so I can deduct my expenses to reduce my tax liability.
 
Spartacus09 said:
For those wondering after looking it up, its $20,000 and/or 200 transactions.
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Thank you for sharing that. I shouldn't hit those numbers but it's good to know what they are just in case. I was not aware of this in the first place.
 
Keep in mind, LEGALLY you are supposed to report all taxable transactions, that appears to be paypal's auto reporting amount though (likely a threshold set by the IRS not PP).
 
Not a CPA, but I read tax returns in my line of work. If you receive a 1099, you can file a Schedule C (sole proprietorship business), so you can deduct the cost of goods that you sold. The true profit is not the amount on the 1099. Other costs can be deducted. Of course, as a disclaimer, consult a tax professional. Even Turbo Tax can walk you through this.

**and on topic, I would live to grab some of your drives, but finances and priorities........lol
 
NobleX13 said:
After seeing your post I looked this up. According to PayPal all payment processors are subject to this regulation.
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This doesn't make sense at all. The retailer selling has the tax obligation and the reason to track it and remit it. Payment processors shouldn't be doing anything but taking their processing fee and remitting the money. Sounds like another backend into people's pockets like the mandatory health insurance crap. (n)

Feel for you OP and sympathy bump for you.
 
So I did some further reading and found some good info from PayPal directly: https://www.paypal.com/us/webapps/mpp/irs6050w
So its IRS regulations anything over 20k AND over 200 transactions, you have to meet both which OP did unfortunately.

They set this limit on the number and value of private sales to be deemed engaged in a business and then you have to pay tax.
If you hire a good lawyer you might be able to argue it, or at minimum might be worth consulting one/a CPA to see if theres a chance since you're just barely over the limit. (assuming these truly were all private sales)
 
Spartacus09 said:
So I did some further reading and found some good info from PayPal directly: https://www.paypal.com/us/webapps/mpp/irs6050w
So its IRS regulations anything over 20k AND over 200 transactions, you have to meet both which OP did unfortunately.

They set this limit on the number and value of private sales to be deemed engaged in a business and then you have to pay tax.
If you hire a good lawyer you might be able to argue it, or at minimum might be worth consulting one/a CPA to see if theres a chance since you're just barely over the limit. (assuming these truly were all private sales)
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That's such a stupid arbitrary number as every single state, county, and city will have different thresholds for when a seller is considered a 'commercial enterprise'. Paypal will be overwithholding and underwithholding at the same time depending on where someone is.
 
Spartacus09 said:
So I did some further reading and found some good info from PayPal directly: https://www.paypal.com/us/webapps/mpp/irs6050w
So its IRS regulations anything over 20k AND over 200 transactions, you have to meet both which OP did unfortunately.

They set this limit on the number and value of private sales to be deemed engaged in a business and then you have to pay tax.
If you hire a good lawyer you might be able to argue it, or at minimum might be worth consulting one/a CPA to see if theres a chance since you're just barely over the limit. (assuming these truly were all private sales)
Click to expand...

yeah i did talk to a cpa yesterday. in a nutshell he said im screwed since most if not all the shit i sold was bought used with no receipt. if i show i took a loss on all 231 items and i get audited they will want to see a receipt for ALL of them. of course, i can't provide a receipt for ANY of them so i just have to work some numbers around and "write off" things like supplies, postage, travel to ship said items, etc.

yes all were either ebay or [H] related PP transactions.

and another reason im done with PP, if your buyer pays the fees to cover their ass and a return is requested, PP no longer returns the fees. it comes out of you, the sellers, pocket. so kick rocks PP
 
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blackbeasst said:
and another reason im done with PP, if your buyer pays the fees to cover their ass and a return is requested, PP no longer returns the fees. it comes out of you, the sellers, pocket. so kick rocks PP
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Thats some BS, gonna have to be more serious about switching.
 
blackbeasst said:
yeah i did talk to a cpa yesterday. in a nutshell he said im screwed since most if not all the shit i sold was bought used with no receipt. if i show i took a loss on all 231 items and i get audited they will want to see a receipt for ALL of them. of course, i can't provide a receipt for ANY of them so i just have to work some numbers around and "write off" things like supplies, postage, travel to ship said items, etc.

yes all were either ebay or [H] related PP transactions.

and another reason im done with PP, if your buyer pays the fees to cover their ass and a return is requested, PP no longer returns the fees. it comes out of you, the sellers, pocket. so kick rocks PP
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If you purchased the item with some sort of payment other than cash (cc, etc) you do have a receipt. And if you paid taxes on those items, there's a bit of a grey area there as you did already pay taxes via the original sale, just not on your sale price, which if was more, you should have collected only for the difference of the taxes you paid versus what you should have collected. In the case of a sales tax audit, the original purchase price or receipts for those purchases is relevant ime--the main thing they are looking for was if something should have been taxed and was the tax collected and remitted. The other oddball is that even if you did not collect the tax but the buyer remitted 'use tax', then the tax was paid, just not by you.

I think there's enough information in this fs thread to split the posts on this topic off to its own discussion thread (maybe in General?) as this will effect others that trade on here.
 
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