[DeTomaso] NPC - But affects anyone selling parts!

[Julian Kift]

Charlie,

I think most US financial institutions will be under the same umbrella, in reporting everything over $600 in transactions. PayPal and eBay etc. are now obligated to send you a 1099-K for sales/receivables over $600 for the tax year and the burden will be on the individual to show the item was purchased and sold at a loss or payment was for other means.

PayPal just drives me nuts as it is so hard to actually get ahold of anyone for resolution. My Driver's license is clearly a jpg file at half the allowable 5MB size and yet PayPal won't recognize it to upload, I sometimes have to wonder whether it is incompetence or a cunning plot to retain money for longer periods. What each transaction is for is none of their business and a step too far IMO, all they need do is provide a detail of annual transactions and the rest is between me and the IRS.

My bank takes Zelle now, I can pay anyone via email or phone #, but there is a daily and weekly limit that isn't particularly high for large purchases. There are other payment methods like Venmo and Square etc., but I'm not familiar with them.

Julian

________________________________
From: Charles McCall <charlesmccall at gmail.com>
Sent: Sunday, February 13, 2022 8:10 PM
To: Julian Kift <julian_kift at hotmail.com>
Cc: DeTomaso at server.detomasolist.com <detomaso at server.detomasolist.com>
Subject: Re: [DeTomaso] NPC - But affects anyone selling parts!

Hi Julian
Let me know what you use instead of Paypal. They have decided that I am a business because of the number of transactions recently from people sending a deposit for the LMC trip. As a result, part of the transfers is blocked for 30 days.

In my case I do this once every 2 years so it isn't a huge issue, and I assume the money will be unblocked on time, but it is annoying and could be a problem. Paypal is widespread and everyone has it, which makes it convenient. But if you find an alternative that is just as convenient it could be handy... thank you!

On Mon, Feb 14, 2022 at 9:22 AM Julian Kift <julian_kift at hotmail.com<mailto:julian_kift at hotmail.com>> wrote:
   Well guys I guess the Government needs to get its hands on some more of
   my money from private sales of used parts!

   I just had my PayPal account frozen until I upload a driver's license,
   proof of all transactions (6 in my case that occurred this year) to
   include purchase receipts of the items I sold, tracking numbers of
   shipments and specific details of each transaction.

   In true PayPal fashion one has to fill out every transaction in each
   section prior to upload and then PayPal duly has an error in submitting
   and loses it all!

   My PayPal account will be closing as soon as I can get my $723 out!

   Julian
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-------------- next part --------------
   Charlie,

   I think most US financial institutions will be under the same umbrella,
   in reporting everything over $600 in transactions. PayPal and eBay etc.
   are now obligated to send you a 1099-K for sales/receivables over $600
   for the tax year and the burden will be on the individual to show the
   item was purchased and sold at a loss or payment was for other means.

   PayPal just drives me nuts as it is so hard to actually get ahold of
   anyone for resolution. My Driver's license is clearly a jpg file at
   half the allowable 5MB size and yet PayPal won't recognize it to
   upload, I sometimes have to wonder whether it is incompetence or a
   cunning plot to retain money for longer periods. What each transaction
   is for is none of their business and a step too far IMO, all they need
   do is provide a detail of annual transactions and the rest is between
   me and the IRS.

   My bank takes Zelle now, I can pay anyone via email or phone #, but
   there is a daily and weekly limit that isn't particularly high for
   large purchases. There are other payment methods like Venmo and Square
   etc., but I'm not familiar with them.

   Julian
     __________________________________________________________________

   From: Charles McCall <charlesmccall at gmail.com>
   Sent: Sunday, February 13, 2022 8:10 PM
   To: Julian Kift <julian_kift at hotmail.com>
   Cc: DeTomaso at server.detomasolist.com <detomaso at server.detomasolist.com>
   Subject: Re: [DeTomaso] NPC - But affects anyone selling parts!

   Hi Julian
   Let me know what you use instead of Paypal. They have decided that I am
   a business because of the number of transactions recently from people
   sending a deposit for the LMC trip. As a result, part of the transfers
   is blocked for 30 days.
   In my case I do this once every 2 years so it isn't a huge issue, and I
   assume the money will be unblocked on time, but it is annoying and
   could be a problem. Paypal is widespread and everyone has it, which
   makes it convenient. But if you find an alternative that is just as
   convenient it could be handy... thank you!
   On Mon, Feb 14, 2022 at 9:22 AM Julian Kift
   <[1]julian_kift at hotmail.com> wrote:

        Well guys I guess the Government needs to get its hands on some
     more of
        my money from private sales of used parts!
        I just had my PayPal account frozen until I upload a driver's
     license,
        proof of all transactions (6 in my case that occurred this year)
     to
        include purchase receipts of the items I sold, tracking numbers
     of
        shipments and specific details of each transaction.
        In true PayPal fashion one has to fill out every transaction in
     each
        section prior to upload and then PayPal duly has an error in
     submitting
        and loses it all!
        My PayPal account will be closing as soon as I can get my $723
     out!
        Julian
     _______________________________________________
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     Posted emails must not exceed 1.5 Megabytes
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     etc.) use the links above.
     Members who post to this list grant license to the list to forward
     any message posted here to all past, current, or future members of
     the list. They also grant the list owner permission to maintain an
     archive or approve the archiving of list messages.

References

   1. mailto:julian_kift at hotmail.com
   2. mailto:DeTomaso at server.detomasolist.com
   3. http://server.detomasolist.com/mailman/listinfo/detomaso