Folks Of Interest Paypal. 1099. taxes

What do you guys do? I use my business checking account for Paypal. Different than an individual seller. HAMB member Danial Woodrum from Louisville KY wants to buy my 32 rolling ch***is. $9,900.00. Offered it to him for $10,000.00 delivered. Concord, N C to Louisville, KY 500 miles. He won't do anything but Paypal parts & services. He don't trust me . He suggested I deliver the ch***is and he will pay my friend the driver $10,000.00. PS: Delivery is costing me $1,100.00 minus the $100.00 in my $10,000.00 offer.

 

I use Paypal for my hotrodlatches.com business, at much lower amounts than your frame. Paypal is going to also take about 3% cut from the total, kind of like a credit card processing fee. So your net will be about $9700 before you also deduct the delivery fees. Paypal is secure, but it also will always side with the buyer if any questions, until you get resolution for whatever the dispute was. They hold your money until resolution is cleared up. Or do it as cash on delivery deal and require non-refundable $1100 deposit to cover delivery. Deposit can be paid Paypal. The balance $8900 paid in cash once delivered and accepted by buyer.

I do think you may get a 1099 from Paypal, since your total for the year may exceed $10,000 if total payment is via Paypal.

 

Get a $1,000 deposit up front. That will cover your delivery costs if he backs out when it arrives. Or tell him he can rent a Uhaul trailer and come pick it up for $9,000. It should fit in one of their $30 a day utility trailers.
Or the best option walk away.

 

Not all business is good business. Sometimes you have to say, "No, Thank you."

 

Id tell him he doesnt set the terms on your stuff. He can make a drive & get it & pay what you are asking or buy from someone else. To many scammers looking for an opening to trust a stranger with a high dollar deal. Im old fashioned & I need cash for a deal of that value.

 

I ***ume by the he doesnt trust me comment you trying to get him to pay PayPal friends and family? There is zero chance I am giving anyone $10,000 through friends and family on PayPal. It's also against the terms and conditions of PayPal. Its a service for you to do business. If you want to use it, use it properly.

 

Years ago papal was already after me for something, I don't remember what so I quit them. Paypal 3 % that's not too bad. And I suppose you don't report the profit you make on a sale on on your income tax return. About 15% or more.? Hope you don't get caught.

 

You ***ume absolutley WRONG. He want's protection. F & F was NEVER an option.

 

Years ago someone from Kansas sent me $1,000.00 CASH for 2 magnesium wheels. He was oh so happy with the RARE wheels. Now going for about $1,000.00 each. I'm looking for a Ken's Equipment 6 pin 15 X 7, 8', or 9".

 

Selling used sports cars on the net. I have a couple of cashiers checks [ Well over $10,000.00 ] that look oh so real . .I know all about scammers. I did not fall for it.

 

How do you want him to pay then? You said he asked to pay your friend the cash when he arrived and that's obviously not acceptable to you either. Of course he wants protection it's $10,000 to a stranger.

 

Seems to be more about a
Tax issue / reporting for the buyer.
If Less then 10k is why the buyer says 9,999.00 pay pal transaction ?
Vs
10k & over paper's Notification reporting threw P-P

 

Personally I'd do 1000.00 down, rest cash on delivery. No checks, no paypal just cash on delivery.

I've bought stuff online, 1 was a new plasma cutter , got a tracking number that was good but not mine or my item. Bogus tracking number for UPS. How the hell scammers started producing fake and trackable shipping numbers I'll never know but they did. Even showed it delivered but no picture proof of that delivery. Finally got my money back after about a dozen more people filed over the same thing from the same person...

Sorry but scammers now days have figured out all kinds of ways to get your money especially when dealing one-on-one so I figure cash is still king...

...Just be careful....

...

 

He'd be on the hook for delivery cost with no guarantee the guy would actually fork over the cash when it was on his doorstep.

 

Tell him to go on the HAMB & see how well your "liked"!

 

To me Paypal parts and services is one of the safer ways to transfer money for both buyer and seller. maybe leaning towards the buyer. It's a bit spendy on that size of transaction for the seller but these days I don't want to be running around with 10K cash on me either going or coming.
I do agree on the non refundable deposit for delivery though.
The other option for payment is have the buyer meet your driver or go with your driver to his bank where he lives and have the bank make out the check where the driver can witness the process.

 

Do you want to sell on your stuff or sit it?

I don't trust Paypal one bit!! In less than two week two of the guys I work with had trouble with it!

In the first case the seller was charged the sale price.

In the other the buyer was charged twice!

It is had to believe as well known as Dennis Frings in that the buyer doesn't trust him!

 

paypal ****s

Why involve a 3rd party (paypal)in a money transfer

 

You may want to look into an Escrow EFT. Escrow. Com is one company that does that. Your own bank might offer that service, but usually only commercial banks . A possibility if both parties are overly concerned about the outcome of a transaction.

 

I'm in the 20% down cl*** with balance in cash on delivery. I do lots of small Pay Pal transactions going both ways. Some guys will ad the extra percentage for a protected sale. Been doing PP for a long time since the CC fee's got ridiculous for a small business. I do quite a bit of foreign PP business and I have done big dollar bank wire transfers on occasion with good results. Cash is getting tougher, just went cross country with $30k to pay for a body. Money was in a locked bank bag (Big Deal) which I've done many times. No longer carry my trusty 357 because law enforcement has become (rightly so) very jittery. Hopefully won't be in an accident or stopped and searched by the man. Getting harder to justify large sums of cash to the law. I've heard horror stories of cash money being seized and never returned. They say T.S. and your S.O.L..I'm happy so far with PP.

 

Learned something new. Holy smokes!

 

Sold one of my DDs earlier this year. Got it all in cash. Went to the bank and the ******s made me deposit it all via the ATM. What a cluster. Someone from the bank had to help me. Couldn’t believe we’re standing there in front of the ATM with cash laid out all over the place. Buyer had a chunk paid with small bills. Of course, ATM machine made a mistake reading a wad of $5 bills. Wasted 20 mins of my life…never again.

 

Bank Box?

 

If it doesn't feel right, it probably isn't. Move on.

 

Still got EM, still love them...

 

Thanks Big D. 6 years ago I purchased a 2008 Satern Sky Red Line from a guy in Florida. My First Charter bank would not wire the money because I did not up date my business info. I obtained the sellers B of A account number. I went to my B of A and deposited $14,000.00 cash in his account. He called. Said " The car is yours, Come get it" I still have. PS; I went to my HAMB Feedback stats. ALL GLOWING feedback. Also Feedback Profile. I want to give a big THANK YOU to all you guys who gave such nice feedback & purchased parts from me.

 

I have a set of smooth Halibrands on my Parnelli Jones supermodified recreation. I have a set of kidney bean Halibrands on a sprint car show ch***is. But the ones I like best are on my 27. Note the rib between the kidney bean holes. Not wheels turned inside out.

 

Sold 2 flathead engines last month. $5 G's each. Requested all 100's. Counting went fast.

 

I don't believe paypal is safe. A scammer said he would buy a used sports car from me using paypal because it is safe. I saw right thru him. How was he going to pull this off????