I feel like most of the posts I see and most of the bst’s I respond to, everyone wants f&f and won’t accept g&s. The general consensus is that people think they’re going to have to pay taxes on everything when they receive a 1099k.
It will involve a few more papers but you only have to pay taxes on things you sell as a gain. It’s considered capital gain, kind of like gambling winnings. If you’re selling a used item at a loss, you don’t have to pay taxes on that.
Im new to the forum and the bst but the rate things r going, it doesn’t seem like I’m going to be buying anything anytime soon. I have never used PayPal before and I’m ready to start but im not ready to use f&f. Not that I don’t trust anyone out there in the community, everyone seems like wonderful people, but I would just like to cover my own behind.
Im hoping by bringing this up people will look into it more and change their mind about g&s. I kno a lot of people probably haven’t actually looked into it. A quick search on the irs site will confirm all of this.
Also remember only your gain is taxable. Not the full amount. So it may not be that bad in the end.
The thing people keep saying about gain is great and all but you still have to document that. And honestly most people don’t want to deal with that. The 1099k is a mess of a form
Yea I understand that. Completely. I probably wouldn’t break the $600 just so I wouldn’t have to do the paperwork. Lol I get that alot of people easily do too. It just bums me out cause I see a lot of things I’d like to buy on here but it always seems to be f&f when I ask. Im deep down hoping i convince some people to want to deal with it so I can feel comfortable buying.
I agree people are a bit ridiculous but most people are ok with G&S if you offer to pay fees.
I tend to only purchase and sell from well known members of the community that I see are active and I deemed a good person.
Most for sale post will have a lot of yoyos. If im not sure about a seller I will wait for someone else to make a successful transaction or check previous feedback.
Many of the sellers on here are frequent sellers. You should be able to at least narrow down some posts that are almost 100% safe to send F&F.
The yoyo community is extremely safe in my opinion and you should be able to navigate it safely with ease
I think the tax business is just a smoke screen, people just don’t want to pay the fee. I’m ok with paying the G&S fee if that’s what the seller wants. And I prefer the sale to be G&S in any event unless I’m familiar with the seller. In most cases it’s not all that much at my price points.
I’ve had people ask me how I wanted to be paid at times and I’ve told them to use what ever they’re comfortable with. On a recent sale one buyer added the G&S fee on there own volition to the price they paid. I don’t expect buyers to do that as I think I price my items to fairly cover my costs.
Recently I purchased something where the seller had asked for ff, but I calculated the fee and just added that to the gs order, after which they said that they wished I’d told them beforehand because they were close to their limit for the year. I’m new to the idea of the added fee not being the only impediment to using gs.
In the future I plan to make it known more clearly how I plan to pay. I wish I had done that since that’s reasonable request, but I’m not sure if I will switch purchases over to ff. The seller was completely trustworthy, as almost every seller is, but it’s hard to forget the time many years back that myself and others were left having paid hundreds of dollars to a seller that stopped responding about items that never arrived, and the seller was a former national champion with a handful of signature yoyos to their name. I got my money back eventually because I’d used gs, but I think that some others didn’t. I don’t even think that the seller set out to scam us. He or she was just unreliable and irresponsible at the time.
At the end of the day you can only send money ff that you can afford to lose if something unpredictable and perhaps unlikely happens.
The way I see it is if you’re not actually “friends and family” I’m not using that with ya lol. I’ll gladly pay whatever fees I have to if it means using my PayPal. It’s not that I don’t trust you all it’s just that I don’t trust anyone lol
My problem with selling goods and services has only to do with a buyer’s ability to change their mind and want to return the goods. If I am selling a yoyo it’s always been one that is barely played or not played at all. I’ve never sold a damaged yoyo. So if the buyer wants to return it then it’s due to not being happy with the purchase or simply buyers remorse. I’m not going to wait for a couple of months to make sure that the buyer is happy with his purchase because it might be that they just don’t like the particular yoyo they just bought. I have purchased new yoyo’s from the shops and didn’t like them when I got them but I couldn’t return them
Im not entertaining g&s anymore at all. My taxes are already not really turbotax-able, me being an international student, I dont want another messy form to fill just for the buyers peace of mind.
I dont have a single reason to be accepting g&s thats actually doing something for me.
I usually use friends and family for people with Feedback here. No point in paying extra and the one or two times there was an issue I was able to send the item back and the seller could send the funds back and no one lost anything other than postage.
We are all friends, right? And I think I would happily take goods and service payments from anyone here with feedback, if they ask, but I think once people have done a few sales or trades here, they seem vetted enough. Seems like it’s a rare occurrence that someone is willing to compromise their ethics and reputation over a (even relatively expensive) yo-yo.
I generally don’t sell yo-yos and when I buy I usually have a very specific target and keep the amount low so f&f is generally fine as the amounts are generally not enough I would be hurt if the person never followed through. Generally the yoyo community has been pretty solid as well. Maybe if it was a large amount I would feel different.
i used to be the most adamant g&s advocate prior to the new irs rules. now i lean on f&f - though not 100%. some int’l transactions - which i am heavily considering stopping - require g&s. i don’t mind the fees, and i don’t mind paying my taxes… just not twice. for a long time i kept a detailed ledger like @yoyojoe, but my sporadic and less frequent sales and purchases has made that a long gone effort.
besides, receipts. you have to prove the value you bought and sold in a transaction. just because i say - and the market says - my peak is worth a grand, retail was only $100… and that’s all you’ll have for value in it, IF you have the receipt.
What are you people talking about? As I understand it these taxes depend on profits - not just sales. Furthermore, the threshold seems to be $20,000 and more than 200 sales federally. Some states are more strict - but again; these are profits. And seriously; what IRS office is going to open an investigation over BST yo-yo sales? Get real.
So what is the issue here? Who is paying taxes on BST yo-yo sales?
This is what I received last time I took a GS sale this is from paypal. I will no longer ever accept a GS payment again until the tax laws are changed. I don’t care if someone thinks its no big deal or I can just do some extra paperwork on my taxes to make it more comfortable for the buyer. I have spent allot of time and effort making a solid reputation for myself that can be verified. If someone is uncomfortable with FF thats fine but I’m not going to change to GS and jump through more hoops for someone elses peace of mind, especially when it creates a bigger headache on my end with no benefit to me.
I think that is for accepting third-party payments as business transactions. Are you operating a business and using paypal or other tax-reporting authority for your payments? If so, they are required to issue you a 1099k. From what I understand; if all of these 1099k’s all add up to over $20,000 and 200 transactions - you will be required to pay taxes on that as business income.
