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Discussion in 'For Sale: Bass Guitars' started by Bryan R. Tyler, Aug 6, 2021.
Ok so we can use PayPal but not the F&F side of PayPal. What is G&S
Goods & Services. This method provides protections to the buyer and seller. This comes at a cost that is absorbed by the seller.
Is it on PayPal and how would I go about that? I've been had a couple of times (not on TB) but other sites and I want it to stop
When you create your invoice it’ll be under goods and services. You list a description of the item and anything involved in the sale such as a power supply cables etc. it’s just basic invoice details and shipping costs. Then you send it to buyers’s email. If it’s under friends and family category,you’re not charged the same fee and you’re not getting protection, simple as that
G&S or F&F is a required selection that you must make before completing your transaction on PayPal. Don’t click “Send” until you’ve confirmed the payment format.
Lol exactly what I was trying to explain, sometimes I’m not clear. Thanks Double E
Here’s a partial screenshot from the payment page on the phone app… tap where is says “Friends and Family” to change the format to "Goods & Services" (unless that is already selected, of course)
Thank you folks very much
Regarding the above sending via Friends and Family - Beware, this avoids PP fees but does NOT give the same levels of protection. This method is highly discouraged on another popular photography buy & sell forum. Do your homework on PayPal protection. Best to pay their fees to be on the safe side.
Payment with Friends & Family is not allowed to be requested by the seller here on Talkbass as a matter of the official guidelines. I wholeheartedly agree with this policy and would not purchase from or sell to a remote party with a Friends & Family payment.
I did warn earlier in the thread that Paypal protections do have some limitations though and you should know when you may not have these protections. Here are a few things that may strip your protections even when using PayPal Goods & Services payments:
Partial payments... do not use PayPal to make installments or deposits on an item. Pay for the item in full with one transaction.
In person sales without proof of delivery from a shipping company.
Shipping to an address that is not the same address provided in the transaction.
Another note on #3, always be sure to have the correct shipping address listed on the transaction BEFORE it is completed. This cannot be changed after the transaction is completed without refunding the payment and starting over... which would not be a big deal except PayPal keeps the transaction fee now on all transfers. The seller cannot issue a full refund without covering the ~3% fee only to pay it again when the payment is resent.
What about us postal money orders?
The form of payment is up to you and the other party. TalkBass does not restrict form of payment.
Talkbass DOES NOT restrict form of payment....hahaha?
So, why bother talking with all of these nonsense comments about this issue then???
Can someone, explain it then....please...
The only mention about payment in their guidelines has to do with the PayPal fees. They only ask that you don’t require the buyer to send a F&F payment which does not carry any PayPal protections… or ask a buyer to cover the fees because that is a violation of PayPal policy.
Actually, if the buyer and seller both agree that a F&F payment is appropriate TalkBass surely doesn’t care.
A few notes about PayPal.
—They are constantly “updating” their terms of service; updates are generally not for the benefit of anyone but PayPal.
—While buyers are protected, there are new delays for sellers to receive funds. And a dishonest buyer can file for a refund for up to 6 months after a completed G&S transaction.
—As stated above, PP is pocketing the fees on canceled transactions.
—And…starting in January 2022, they will be reporting seller transaction data to the IRS for anything over $600/year (even one transaction). Currently, they report if over $20,000.
Wish I’d thought of the “wheelbarrow full of pennies” option back when I was paying spousal support…
That's disheartening, to say the least. Talk about intrusive over-reach. Especially when most individual sellers aren't making a profit by selling used personal items...items that were already taxed when originally purchased, I might add.
Presumably, sellers will receive a 1099 from Paypal? I wonder if the IRS will consider this as "income" unless proved otherwise.
Curious...when exactly, and by whom, was this scheme hatched?
First, it is not a scheme. It is standard IRS procedure for all transactions over $600.00. PayPal has only now finally come into compliance with IRS regulations that have been in place for all businesses for decades.
Second, the IRS does not receive the 1099's. It is up to the issuer to issue them correctly and the recipient to process them correctly. So if there is no profit, there should be no worries, so long as the original receipts were kept and the seller is not subject to recapture of depreciation (and some other items beyond the scope of this thread). If an issuer gets audited, and the issuer's 1099's are questioned then the IRS may cross check the recipient.
Third, all persons who gig and receive income, even if only $1 per year, should contact their tax advisors for advice on Schedule C income and expense from business. My friends (who happen to be business and tax lawyers) and I have done this for decades.
What about if it's for non- Compliance items....
For instance, I have a whole bunch of guitars amps, combos...at home that I am trying to get rid of because I am cleaning my house......meaning personal Instrument items that I have acquired through many...years of musical projects....and gigs....
Will be required to fill out that IRS 1999 form?
Now, let's make it clear, I don't own no business, I'm just trying to sell some musical items, what is your thoughts about that??
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