In the course of recent events, I have taken the action to delete my information and close my Paypal account. I will no longer be taking credit cards through that service. I will deal in checks, cash and money orders. Thank you, Big Brother. Regards, Paul www.severngaspumps.com

I couldn't agree more. Thanks for posting

Does that include post dated,third party,out of state checks?

I just used "Zelle" recently for the first time. It's essentially an instant wire transfer of money. Most banks seem to have it available. I found it quite easy but dont expect buyer protections, got to trust the recepient. I'm not sure if it falls into being IRS reported or not, I think not based on how its structured. https://www.zellepay.com/get-started

there isnt much that the irs doesnt know

I think bank accounts are subject to the same scrutiny as third party platforms like PayPal.

True, but banks don't threaten to take $2500 of your money for whatever [they] deem as mis-information. It's about that, not the tax man. Paul www.severngaspumps.com

Some of you guys make 5-6 figures a year selling on here, facebook, swaps, shows, etc... not reporting anything... and now complain about having to pay. Most retail businesses find it hard to cheat on taxes. If they do cheat, seems they usually aren't smart enough to hide it and get caught. Pickers, or whatever you call them nowadays, are a business.

I think Zelle doesnt report to the IRS, according to their FAQ sheet they dont. Maybe the bank itself would.

From their page:

"Does Zelle® report any payments I receive over $600 to the IRS?

Zelle® does not report any transactions made on the Zelle Network® to the IRS, even if the total is more than $600. The law requiring certain payment networks to provide forms 1099K for information reporting does not apply to the Zelle Network®. If payments you receive on the Zelle Network® are taxable, it is your responsibility to report them to the IRS. If you have any questions about your tax obligations, please consult with a tax professional.

I have a small business account. Will Zelle® report how much money I receive to the IRS?

Eligible small businesses can use Zelle® to send and receive money. Zelle® does not report transactions made on the Zelle Network® to the IRS, including payments made for the sale of goods and services. The law requiring certain payment networks to provide forms 1099K for information reporting on the sale of goods and services does not apply to the Zelle Network®. If payments you receive on the Zelle Network® are taxable, it is your responsibility to report them to the IRS. If you have any questions about your tax obligations, please consult with a tax professional."

Zelle is attached to your bank account...if the $600 threshold is exceeded it's attached to all your other banking transactions...which is subject to scrutiny if desired by the irs.

Guys that buy and sell strictly for living should be paying taxes. How much... well that's up to them. What makes me mad is i been collecting 23 years this year now... i am a collector! I buy at auctions, gas shows, ebay and from other collectors! What makes me mad is ebay taxes me on a gas globe that was on a old gas pump! I didn't buy a new TV or radio! I do this for fun and hopefully if i sell it some day make a buck or 2... when that day comes and they decide to tax me they are going to have to prove i didn't pay sales tax for all my items and prove what i paid. This is not a business for me... i am not keeping "records" of taxes and expenses associated with this stuff.

Market place on facebook is fishing... if you pull a ad its asks "if you sold it". Then it sends people that replied to your ad asking if "they bought it". They are trying to track what your selling and where. I only use paypal and refuse to use another platform for payment. When i sell something to other collectors i am fine with check or money order.

I am about done with facebook! Unfortunately there is so much gas stuff on facebook it hard to not look at it. Car stuff, gas and oil, boats, friends right now out weighs the ***** i have to deal with and look at. That margin is getting closer!

Oldgas is the original social media page for "true collectors". I say true collectors as guys that flip have went to facebook. The hobby has gotten a lot of greed in it today that used to not be in it. Everyone is about getting every dollar out of an item. I have sold items to other collectors as they collected what i had... been lucky enough when they found another piece they called me and sold my item back. Friends... that is what this hobby should be!

I will add 1 last thing... support those gas swap meets! Collector and friends you make are what makes this hobby a true hobby! 50% of the fun of a show is finding stuff and other is meeting people with the same passion as you! Plus... don't have to pay sales tax at gas show or worry about what government thinks as we deal in cash!

Agreed, but at least its not a 1099 form being sent directly to the IRS like you get with Paypal, etc. I also don't think the reporting on bank transactions over $600 hasn't actually gone through yet, after all the backlash they dropped it. I think its $10,000 for now.

As far as paying taxes and the morality of it, I'm looking at it purely from the point of view of how much I have to mark up items to cover all the fees from paypal, ebay, taxes from the government, expensive shipping, etc. Those costs need to be reflected in the cost depending on the method of sale. Sad thing a lot of us who just casually buy and sell didnt think we'd have to deal with this and dont have great records for the cost basis. Not to mention the labor involved.

Guys, this is not about taxes. I pay a lot of sales taxes to states that I sell in. I keep good business records and pay income taxes as well. My statement was based on the notification that this service would be watching your correspondence and if given the opportunity, would "fine" you $2500.00 for spreading false information....whatever that means? Wake up guys, this affects us all. Check it out for yourself. They have currently backed down but they will try again by other means. This statement is not political....just common sense that needs to be heard. Paul www.severngaspumps.com

Yeah, I think we all agree Paypal is getting scary on multiple fronts. I dont like how they tried to sneak in that "misinformation" fine in their terms of use. I dont really understand how that would have worked as I'm not chatting on paypal and I'm not sure how misinformation would come up, but its scary none the less. For now I'm going to keep using Paypal but it keeps getting less and less desirable. It's far from #1 choice like it used to be.

I am 1000% behind you on this. I have a young family and often buy lots of items or items that are broken, try to fix it and make some use out of it. Some things in the lots or that i work on I flip. Some I keep and sell later on if i replace it with something in better condition. I love making an extra buck or two but its not a business and frankly I find it frustrating that ebay or anyone would take the taxes off something that is used and previously was purchased with taxes. Granted up in Canada here, the gvt does try to scoop up what they can. I am also tired of the tracking and the lack of privacy on facebook as well. Lucky for us we have Kijiji up here (which is owned by ebay sadly) at least so I can avoid FB marketplace. But I do agree, there is a ton of greed and profiteering happening on FB Marketplace. I think its taking a lot of the fun and personal aspects of the hobby. A bit reason why there are less antique or collector shops around too.

They just snuck it all back in. PayPal is evil, this is about Freedom and a company telling you what you can and cannot say and what you can and cannot sell…..People need to wake up and stand up against this. Close your accounts! Sad days, we are closing ours out now.