Pay Pal F& F no longer allowed

jbasedig

jbasedig

I'm unique, like everyone else.
Supporting Member
Jul 8, 2015
477
583
4,846
Tucker, Georgia
#1
Thank YOU MODS, THANK YOU!!!. My fellow dudes and dudette TBr's. WHAT were you THINKING? When I bought an all original 1974 Fender Jazz Bass. I INSISISTED on on paying the PALTRY 3% fee, even though the HIGHLY REGARDED sellr was asking PP FF. The peace of mind was worth the ..90 to 120 bucks extra. You just payed 3000 or 4000 for a bass and you're quibbling over a 3% fee that CYA?. I was ready to pull the trigger on a guitar on FB that was supposed to be from a REAL store. They quickly agreed to my offer of $200 below asking. When they messaged me PP FF, RED FLAGS, RED FLAGS!!!
NO business would ask that. Used a Gmail account Turns out the dude swiped the photos from a Reverb ad. Then hijacked the name of a musical instrument store. Created an account and signed up for a guitar discussion group The only clue was not capitalizing the last two words of the store name (should have noticed THAT) Buyer protection is like any insurance. A huge pool of money that few ever need. RANT over THANK YOU MODS!!
 
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#2
Thank YOU MODS, THANK YOU!!!. My fellow dudes and dudette TBr's. WHAT were you THINKING? When I bought an all original 1974 Fender Jazz Bass. I INSISISTED on on paying the PALTRY 3% fee, even though the HIGHLY REGARDED sellr was asking PP FF. The peace of mind was worth the ..90 to 120 bucks extra. You just payed 3000 or 4000 for a bass and you're quibbling over a 3% fee that CYA?. I was ready to pull the trigger on a guitar on FB that was supposed to be from a REAL store. They quickly agreed to my offer of $200 below asking. When they messaged me PP FF, RED FLAGS, RED FLAGS!!!
NO business would ask that. Used a Gmail account Turns out the dude swiped the photos from a Reverb ad. Then hijacked the name of a musical instrument store. Created an account and signed up for a guitar discussion group The only clue was not capitalizing the last two words of the store name (should have noticed THAT) Buyer protection is like any insurance. A huge pool of money that few ever need. RANT over THANK YOU MODS!!
 
#4
It is a shame that we live in a world where people are always trying to scam you. Nothing new in the history of the human race, but it still stinks.
Being devil's advocate however, there ARE great sellers here on TB that F/F should be fine IF you have transacted with them previously AND can verify that their account hasnt been compromised.
Many have had experiences like the OP unfortunately, so the new rule makes sense even though it will raise some prices and compromise the advantage of trading within this community vs. Reverb, EBay, FB, etc. My hope for everyone is that all transactions go well and they are fair deals for both parties.
 
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#7
Thanks for your response. Unless they raise it, I still think 3% is better compared to the other... well I don't know what FB charges. I've used PP and sold on FB a couple of times. I think the MODS implied that it's still between the buyer and seller. I have done as you said with a seller I'd dealt with before and it wasn't a huge sum..$700 but who buys a $10,000 WAL and balks at $ 300 bucks?
 
#9
maverick49 said:
MODs - May want to move this thread to General or Misc...
Click to expand...
They did move it somewhere, just don't know where. I realized it might not be the best place, but the MODS' notice is right there when you open the classifieds. I copied it and I made it a survey though ,not sure where it is The one from the classifieds... oh , yeah they MOVED it.
 
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#11
jbasedig said:
They did move it somewhere, just don't know where. I realized it might not be the best place, but the MODS' notice is right there when you open the classifieds. I copied it and I made it a survey though ,not sure where it is The one from the classifieds... oh , yeah they MOVED it.
Click to expand...
Yep - I noticed it when I posted an ad yesterday. Even though I have asked for F/F as preference, I go with what the buyer feels comfortable with. Now, my ad is ambigous. ;)
As @IngloriousOz stated, the fees and getting a 1099 is an inhibitor for selling here for sure and the amount DOES matter to many sellers. Its not trivial regardless of the selling price of the item.
 
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#16
IngloriousOz said:
$120 extra is a still $120 extra and receiving a 1099 from PayPal so you can pay additional taxes on your party-to-party sale isn't something to get excited about.
Click to expand...
This is an interesting point and as most of us as amateurs / hobbyists it doesn't take many sales to hit the taxable threshold, which I believe is being reduced to $5000 in sales in 2024 and will ultimately be down to $600 under the? Then there is the caveat that the taxable amount would be in any actual 'profit' made in the sale, which would require some extended documentation I am sure.

Makes a great case for in person cash deals but that is not always possible or practical.

"The IRS will begin to phase-in the lowered threshold starting in 2024, with a $5,000 threshold for the 2024 tax year (for taxpayers preparing their 2023 returns, 2023 will simply be treated as another transition year)."

"In a notice dated November 21, 2023, the IRS said it was “planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold enacted under the American Rescue Plan.” After that, crickets. There’s been no further information about whether/when a $5,000 threshold or $600 threshold will actually take effect."
 
#17
IngloriousOz said:
$120 extra is a still $120 extra and receiving a 1099 from PayPal so you can pay additional taxes on your party-to-party sale isn't something to get excited about.
Click to expand...
The ceiling is $ still 20,000 in sales but still $600 for earned income. Congress hasn't pulled the trigger after 2 years. They make us pay state taxes, which far exceeds 3% on something that is NOT counted in the GDP, but your point is respected and duly noted. MY risk tolerance for not receiving a multi-thousand dollar bass I paid for it arriving damaged is ZERO. Think about how much we routinely tip for services. Having dealt with the insurer that underwrites UPS when a Chadwick, I sold arrived cracked and was returned, let me tell you that was not fun. AS A MATTER OF FACT pursuing a claim is on whomever PAID for the shipping. I always include shipping. That's risk to the seller. 3% buyer protection?, I'm surprised it's not more.
 
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#18
maverick49 said:
Yep - I noticed it when I posted an ad yesterday. Even though I have asked for F/F as preference, I go with what the buyer feels comfortable with. Now, my ad is ambigous. ;)
As @IngloriousOz stated, the fees and getting a 1099 is an inhibitor for selling here for sure and the amount DOES matter to many sellers. Its not trivial regardless of the selling price of the item.
Click to expand...
AFAIK, there is a still 20,000 of online sales, min to trigger a 1099. It's only $600 if you earn income from gigs.
 
#19
nervous said:
This is an interesting point and as most of us as amateurs / hobbyists it doesn't take many sales to hit the taxable threshold, which I believe is being reduced to $5000 in sales in 2024 and will ultimately be down to $600 under the? Then there is the caveat that the taxable amount would be in any actual 'profit' made in the sale, which would require some extended documentation I am sure.

Makes a great case for in person cash deals but that is not always possible or practical.

"The IRS will begin to phase-in the lowered threshold starting in 2024, with a $5,000 threshold for the 2024 tax year (for taxpayers preparing their 2023 returns, 2023 will simply be treated as another transition year)."

"In a notice dated November 21, 2023, the IRS said it was “planning for a threshold of $5,000 for tax year 2024 as part of a phase-in to implement the $600 reporting threshold enacted under the American Rescue Plan.” After that, crickets. There’s been no further information about whether/when a $5,000 threshold or $600 threshold will actually take effect."
Click to expand...
Thanks for the update on the 1099. Congress balked for 2 years.
 
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