WTB SCAM - Bino Purchase

[SHTF]

If you are a longtime member and have great feedback of selling then yes 100% I would be comfortable doing that. Which I have done a few times on here.
Ive also loaned gear out to Long time members that are well known Sent a Sawtooth to one guy to get him through Bear camp one season. Ive had guys do it for me also.
Dont get me wrong. There are stipulations to this but absolutely 100% I even sent a bow to someone this way so they could make sure it was a good fit. He was responsible for shipping it back to me in same condition on his dime. But we did not have as he ended up buying the bow.

 

[SHTF]

I'm pretty sure if you report a loss on an item you resell, not only will you not owe tax, but it will reduce your taxable income and you will pay less tax.

Only Problem is if you buy said item second hand. you have to prove you purchased it for said price who the heck keeps track of that.

 

[Mike Islander]

Only Problem is if you buy said item second hand. you have to prove you purchased it for said price who the heck keeps track of that.

I've never had to do that. You just state what you paid. Estimate if you aren't sure.

 

[SHTF]

I've never had to do that. You just state what you paid. Estimate if you aren't sure.

Thats because it is new this year started January 2022. So it wont be reported till next year tax season. And you may not have to do it. If Uncle sam hears you have done 20-30k sales with goods and services on paypal, and you dont report it on your 2022 Taxes, You bet they are going to audit you.

Venmo, PayPal and Zelle must report $600+ in transactions to IRS

Starting Jan. 1, mobile money apps like Venmo, PayPal and Cash App must report annual commercial transactions of $600 or more to the Internal Revenue Service.

www.nbcnews.com

 

[fwafwow]

Yes, over $600 of G&S gets reported.

I'm pretty sure if you report a loss on an item you resell, not only will you not owe tax, but it will reduce your taxable income and you will pay less tax.

I don’t think this is right, unless you are in the business of selling items. There was a good bit of discussion about this - and a few other items - starting at this post -
Post in thread 'So, money orders.'
https://www.rokslide.com/forums/threads/so-money-orders.247899/post-2471992

 

[Mike Islander]

Thats because it is new this year started January 2022. So it wont be reported till next year tax season. And you may not have to do it. If Uncle sam hears you have done 20-30k sales with goods and services on paypal, and you dont report it on your 2022 Taxes, You bet they are going to audit you.

Venmo, PayPal and Zelle must report $600+ in transactions to IRS

Starting Jan. 1, mobile money apps like Venmo, PayPal and Cash App must report annual commercial transactions of $600 or more to the Internal Revenue Service.

www.nbcnews.com

What are you taking about? Do you file business taxes? The fact that it's on PayPal doesn't effect me, because I report my income on my tax forms, whether PayPal reports it or not.

This is no different than eBay. If your PayPal sales are for business, you report income and losses and get your tax break. If you are an occasional seller, the equivalent of a garage sale seller, and you lose money on sales, you don't need to report the sale on your tax form. None of this is new.

From eBay
" Assuming that you originally bought the used items for more money than you are selling them for, you don't have to report the income received from the eBay sale. For example, if you sell a bicycle that you paid $500 for two years ago for $350 on eBay, you usually don't have to notify the IRS—but you can't claim a loss on it."

 

[Mike Islander]

Yes, over $600 of G&S gets reported.

I don’t think this is right, unless you are in the business of selling items. There was a good bit of discussion about this - and a few other items - starting at this post -
Post in thread 'So, money orders.'
https://www.rokslide.com/forums/threads/so-money-orders.247899/post-2471992

If it isn't a business sale you don't need to report it as income if you take a loss. Since I was replying to a statement where reporting is required, what I said is correct.

Of course taking my tax advice is not a wise thing to do.

 

[fwafwow]

If it isn't a business sale you don't need to report it as income if you take a loss. Since I was replying to a statement where reporting is required, what I said is correct.

Of course taking my tax advice is not a wise thing to do.

We are clearly on a tangent, and we might be quibbling or arguing semantics. Let’s say reporting is involved - because it’s over $600 as G&S. The only way the sale for less than what was paid reduces any income is if you are in the business of selling items and that sale was part of your business - not a hobby.

Basically almost no one on RS is going to be able to claim a loss for a sale on the classifieds.

 

[SHTF]

If it isn't a business sale you don't need to report it as income if you take a loss. Since I was replying to a statement where reporting is required, what I said is correct.

Of course taking my tax advice is not a wise thing to do.

Sorry Mike, Your wrong on this one. I have already confirmed the way this works with my Tax person. They say anything over 600$ goods and services weather your a business or not will get reported to IRS. Now Im sure if its a small amount over the 600$ I dont think they are going to blink but I have done 20-30k in sales through Paypal in years past. If I did not report that as income they would audit me for it. Any discrepancy I cannot provide proof on you bet your tail IRS is going to say you owe for it.

 

[SHTF]

Yeah we are off topic here. You can test it out Mike and we can pick this up in Oct of 2023 and report back on how things worked out =)

 

[fwafwow]

Yeah we are off topic here. You can test it out Mike and we can pick this up in Oct of 2023 and report back on how things worked out =)

Waaaaaay off topic / risking memes making fun of us at this point, as I think we are all three talking past each other.

I’ve sold more than $600 in G&S this year and I’m not reporting any of it as income because all of my sales were for less than what I paid. If TurboTax asks me about my 1099 from PayPal, I will put in that none of the sales produced income. I’m not worried, but I’m also able to figure out what I paid for the items.

But if I sold an item for more than what I paid, even for F&F, I would report the difference as income.

 

[Mike Islander]

Waaaaaay off topic / risking memes making fun of us at this point, as I think we are all three talking past each other.

I’ve sold more than $600 in G&S this year and I’m not reporting any of it as income because all of my sales were for less than what I paid. If TurboTax asks me about my 1099 from PayPal, I will put in that none of the sales produced income. I’m not worried, but I’m also able to figure out what I paid for the items.

But if I sold an item for more than what I paid, even for F&F, I would report the difference as income.

Exactly. I've done my own taxes since 1980 and ran/run many businesses, as has/does my wife. I am convinced I know what I am talking about, and I believe you do as well. SHTF, not so much (teasing you, Brother).

 

[WeiserBucks]

If you are a longtime member and have great feedback of selling then yes 100% I would be comfortable doing that. Which I have done a few times on here.
Ive also loaned gear out to Long time members that are well known Sent a Sawtooth to one guy to get him through Bear camp one season. Ive had guys do it for me also.
Dont get me wrong. There are stipulations to this but absolutely 100% I even sent a bow to someone this way so they could make sure it was a good fit. He was responsible for shipping it back to me in same condition on his dime. But we did not have as he ended up buying the bow.

I've done the same with a pair of boots, sent them to a member here and they didn't fit the way he wanted. Gave him a full refund upon him sending the boots back to me. There's some great people here, but we've all got to remain on high alert due to scammers ripping off the trusting members here.

 

[BigCountry49]

Even with a seller showing a picture with the item you can get scammed. Pretty simple to either use PayPal GnS or buy from a member with a lot of good feedback on selling.

 

[fwafwow]

Even with a seller showing a picture with the item you can get scammed. Pretty simple to either use PayPal GnS or buy from a member with a lot of good feedback on selling.

Back on topic - agreed on the picture. The scammers are getting pretty good at photoshop. Mike’s post #12 is solid advice.

 

[WeiserBucks]

Even with a seller showing a picture with the item you can get scammed. Pretty simple to either use PayPal GnS or buy from a member with a lot of good feedback on selling.

Feedback is a good yard stick, but most buyers never leave feedback. I probably have 50+ 100% transactions here and 7 supplied feedback.

 

[Mojave]

People get excited about an item, then make bad decision.

 

[Arcticmanak]

That really stinks. I am a newer guy here for sure and have been eyeing a few items in the classifieds but when I see a low post count or zero feedback I shy away. I contacted a member about an item for sale, asked for a custom picture and never heard back. If I had an item for sale I would jump through any number of hoops to assure the prospected seller that I was legit and had the item in my possession. The golden rule, do unto others as you would have them do unto you. I like the idea of PayPal G&S and running that through a cc. Good plan to add a measure of security to the transaction.

 

[bmicek]

Another thing to keep in mind is I see accounts getting hacked and they are accounts with good sales history. The scammers are hacking accounts of those with 100% positive feedback. I’ve seen it on other forums.

 

[DakotaBPNW]

Feedback is a good yard stick, but most buyers never leave feedback. I probably have 50+ 100% transactions here and 7 supplied feedback.

It’s always odd too me when I sell someone a $500 or more item and they never say another word after I ship it. I always leave feedback when purchasing items.