PayPal 24% tax hold

[Kzoo]

Originally Posted by bnorth

Just got a $495.40 payment from another member. Paypal told me if I didn't want them to hold 24% for IRS backup withholding I needed to add a tax ID or my SS# if/when I hit the $600 limit.

Just a heads up for anyone who didn't know.

Ben........Was this for a 'Goods & Services' or 'Family/Friends' transaction? I haven't used them much lately, but just curious. Thanks.

[bnorth]

Originally Posted by Kzoo

Ben........Was this for a 'Goods & Services' or 'Family/Friends' transaction? I haven't used them much lately, but just curious. Thanks.

Goods and Services

[Leon]

This was moved to the front page as it is definitely going to affect a lot of our members, of course me too, if I take Goods and Services.
.

[JustinD]

Originally Posted by Leon

This was moved to the front page as it is definitely going to affect a lot of our members, of course me too, if I take Goods and Services.
.

Jesus, does this mean a sale on eBay brings a 1099 from them, another from PayPal, and a seizure of funds? What a paperwork nightmare.

Seems a bit crazy.

As said prior, short PayPal and it might finally be time for people to accept opting into eBay Managed Payments. I hate paying that way, but I will understand if this is factual.

[bnorth]

Originally Posted by JustinD

Jesus, does this mean a sale on eBay brings a 1099 from them, another from PayPal, and a seizure of funds? What a paperwork nightmare.

Seems a bit crazy.

As said prior, short PayPal and it might finally be time for people to accept opting into eBay Managed Payments. I hate paying that way, but I will understand if this is factual.

The real quandary here is how are you still accepting PayPal through eBay?

I thought everyone was on eBay Managed Payments now.

[JustinD]

Originally Posted by bnorth

The real quandary here is how are you still accepting PayPal through eBay?

I thought everyone was on eBay Managed Payments now.

Oh, I don't sell on there since 2016 honestly. I guess I am talking out my rear then.

I always pay with paypal for my winnings, does that run though managed payments? I thought MP was just when it's credit card only.

[bnorth]

Originally Posted by JustinD

Oh, I don't sell on there since 2016 honestly. I guess I am talking out my rear then.

I always pay with paypal for my winnings, does that run though managed payments? I thought MP was just when it's credit card only.

I also still pay with PP. The payments now all go through eBay to the seller. Mine is set up to a bank account used only for that. Not sure what other places you can have eBay send the money to.

[JustinD]

Is anyone else quietly waiting for the first BST post to change from "100 FF or add 3% for GS" to change to "100 ff or 127 GS"?

(Just a joke because I understand this would never work because for every jump the percentage is still 24% of that. I assume it will actually stop being accepted by most and be FF or check. Another boost for the auction houses.)