Hi there, is Cash App where it’s at now? I read on their site u need to give them your debit card number. I don’t like that idea. But I suppose I could creat a new account with a debit card for it only. Venmo or any viable others ? Thanks. Kim
Pay Pal Alternative
- Thread starter oldkimmer
- Start date
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Might ask?
What's wrong with using Pay Pal?
What's wrong with using Pay Pal?
Depends on what you're doing. Venmo and Cash app are great for paying people you know. Using them to buy parts from someone is a terrible idea unless you're in person and already know you're getting what you want. There's no buyer protections at all, so for example, if you send someone cash via Venmo and they don't ship your parts you're just SOL. It's almost as bad as sending a gift card, and there are lots of scams where scammers will ask for payment via Venmo or Cash app and then disappear with your money. There's pretty much zero recourse.
PayPal is probably the safest way to pay for stuff online, as long as you don't use "friends and family" for transactions where stuff is changing hands.
Their fee’s and exchange rate are killer. When all is said and done on a hundred dollar usd transaction I get $80.00 usd or pay $120.00 usd.
When u sell, get paid in Canuck bucks.
I use Venmo and I have Zelle through two different banks and their apps. I guess Zelle is a banking institution version of a pay app.
I have never really had a problem sending money to any members here. If I see the person has been on this site for a long time I trust them. I don't really buy anywhere else that I can't buy purchase with a credit card. If someone has to be paid through PayPal they can always send an emailed invoiceto non-PayPal members.
I have never really had a problem sending money to any members here. If I see the person has been on this site for a long time I trust them. I don't really buy anywhere else that I can't buy purchase with a credit card. If someone has to be paid through PayPal they can always send an emailed invoiceto non-PayPal members.
The part of PP that stinks is that starting this year they are going to send you a 1099 and you'll pay taxes on your "sales". There is more to it but that's what the IRS plans to do.
I'm sure this will be an unpopular opinion, but you've always been required to report any profits from any sales you're making and pay the relevant taxes on them. The government just realized how many people were cheating, and because PayPal has a record of all the transactions they're doing the government required them to send the records direct to the IRS on a 1099, in effect forcing people to follow the law they were breaking previously by not reporting the sales themselves.
All these different cash transfer apps have records too, which means eventually the laws that now apply to PayPal will likely apply to the new apps as well. Only a matter of time, those apps have records. And even in the meantime, if you were directly investigated the IRS could probably demand those companies to hand over those records, even if they're not putting them on a 1099 like PayPal is now required to do.
So maybe you can "get away with it" for awhile with a new cash transfer app, but eventually the law will catch up again.
Venmo. We use it a lot
It’s ALL companies like that. PayPal, venmo, lightning, Zelle etc. all of them will have to report and track it going forward.
I've sent and received cash lol
People that do a lot of business accepting only postal money orders Must not realize they have been tracking that activity for the last few years also. They are closing all the doors.
Agreed, I didn't mention that part. My tax guy says if I can DOCUMENT what I paid for parts I can deduct that from the "earnings". Sheesh, I can remember what I paid for stuff but not to whom nor did I keep any records. Especially since I had no idea I was going to need to do so. I think I'll just move to taking money orders for parts sales now, I don't need the headache.
Doesn’t seem to matter as I still get raped about the same.
No you won't. You ask $100 US for parts. Have the buyer pay in Cdn equivalent. There is no conversion fee then.
This is nothing new, PP has been doing this since 2012. At first it was only people who had 10k or more in sales. Then I think it went to $600 and I guess they are going to do it for all accounts now.
I have an online business and only accept paypal. They were required to 1099 in 2012.
Oh yes there is. Always has been.
JDMopar
Well-Known Member
That's not what the Postmaster at my PO told me a while back. He said all that is kept track of is when it was sold and when it was cashed. He told me I could fill it out and put Mickey Mouse on it as the payer and they would never notice. When I use one to buy parts, I always put in the "For" line, "Loan Repayment". Guy loaned me some parts.....and I payed him back!
It's not who is buying it. It's who is cashing it. For that you need I'd. Just like any regular check you take to a bank.
JDMopar
Well-Known Member
That is true, but has anyone ever gotten a 1099 from the USPS?
harrisonm
Well-Known Member
I agree to an extent. We need to be honest with our tax returns. However, the way PayPal reports everything makes it hard.
For instance, about two years ago, I bought a pair of Mopar Performance valve covers for my 340 for $225. I decided not to use them, so I turned around and sold them for $225 through PayPal. I broke even. Didn't make a penny. Since it was two years ago, PayPal did not report it. If that had happened this year, they would have reported it on a Form 1099, and it would have been Income. I would have had to fill out additional forms to TRY to get the government to believe that I didn't make a profit on that sale. Then there is the problem with selling a part for $20 that is rather heavy and charging $30 shipping. So you get $50 total, but only $20 for the part. But guess what, the 1099 from PayPal will list $50 of income. There needs to be a way to communicate with PayPal so that they can send me a 1099 that reflects my actual income. If I have $2000 come in from PayPal and $800 was shipping and $200 was from break even deals, that means I really only made $1000, but the 1099 will be for $2000.
For my Canadian friends, a 1099 is a form that a company files with the American Tax people (Internal Revenue Service (IRS)) and send you a copy. They are telling the IRS that the amount on the 1099 is income, and the government expects you to file all of the amount as income.
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I totally get it, as somebody that's sitting on a more than a few grand worth of parts I need to get off my *** and sell, believe me I understand. Because I don't have receipts for everything, and I can't "prove" I will have lost money on some of it. It's a royal pain in the ***.
But, I also understand where it's coming from. It's not PayPal, or whatever cash app that's the new thing, it is just the law. My dumb *** should have been more diligent about receipts, so, I'll totally accept that some of my "problem" is my own fault too.
People can do whatever. Yeah, PayPal is gonna put in on a 1099 and then it's my responsibility. But on the flip side, if somebody tries to scam me PayPal will help. And that protection is worth something too. Sure, maybe the latest cash app won't report my sale on a 1099. But if it turns out to be a scam, well, I'm **** out of luck too.
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