Don't use venmo / zelle / pp f&f

TopJimmy · 12-14-2021, 06:24 PM

Quote:

Originally Posted by trungnguyen28

b for awareness cuz christmas is coming.

Damn straight!
Porch pirates stole my kid's new tool chest from out front, and so quick that my cameras didn't catch them.

TopJimmy · 01-05-2022, 08:15 AM

TTGTOVR4 · 01-05-2022, 12:25 PM

This thread still applies in 2022! LOL

Mintsopoulos · 01-05-2022, 12:47 PM

I wonder how the new $600 threshold will impact the nature of this stuff.

TopJimmy · 01-05-2022, 02:01 PM

I don't think this will impact most sellers on BimmerPost because we typically re-sell a used item for less than we paid for it. In these cases we are exempt from the new tax because we did not make money, we actually took a loss.

Here's a snip from The Austin Chronicle:
"
What if I sell personal property, like a couch, for $600 or more but it was less than its original value?
According to PayPal, while banks and payment service providers, like PayPal and Venmo are required by the IRS to send customers a Form-1099K if they meet the $600 threshold amount, there are certain amounts that may be included on the form that are generally excluded from gross income and therefore are not subject to income tax. This includes:

- Amounts from selling personal items at a loss

- Amounts sent as reimbursement

- Amounts sent as a gift

So, for example, if you purchased a couch (TJ: or Single Midpipe) for $1,200 and sold it for $800, this amount would not be subject to income tax.
"

As always, consult your tax person if unsure, but above gets me through the loophole.

ENDL3SS · 01-07-2022, 07:10 AM

Buy high sell low 🤡

trungnguyen28 · 01-07-2022, 09:52 AM

I think this topic worked. Haven't seen a scammed post in a little awhile.

Mavus · 02-06-2022, 09:06 PM

Quote:

Originally Posted by trungnguyen28

I think this topic worked. Haven't seen a scammed post in a little awhile.

ttt

TopJimmy · 03-04-2022, 07:14 PM

Bump

RugbyBro · 03-17-2022, 08:09 PM

bump

therealkenc · 03-22-2022, 01:23 AM

Quote:

Originally Posted by trungnguyen28

I think this topic worked. Haven't seen a scammed post in a little awhile.

Just wanted to put user Samo95 on the high alert list. I might be wrong, but the Mar 2022 registered user has 0 rep points and just posted 12 different ads selling "brand new" items as his/her first 12 posts in the General Forum, with nary more than a picture. I hope I'm wrong

Blazinskunk · 03-24-2022, 12:04 AM

Quote:

Originally Posted by therealkenc

Just wanted to put user Samo95 on the high alert list. I might be wrong, but the Mar 2022 registered user has 0 rep points and just posted 12 different ads selling "brand new" items as his/her first 12 posts in the General Forum, with nary more than a picture. I hope I'm wrong

Yep, he/she now has 24 NIB items for sale. Prices are terrible too. $380 for f8x CF steering wheel trim that you can get from an online parts store for $340.

TopJimmy · 07-07-2022, 03:21 PM

bmwbrad22 · 07-07-2022, 06:59 PM

Quote:

Originally Posted by TopJimmy

Quote:

Originally Posted by trungnguyen28

b for awareness cuz christmas is coming.

Damn straight!
Porch pirates stole my kid's new tool chest from out front, and so quick that my cameras didn't catch them.

Quote:

Originally Posted by TopJimmy

I'll help on this one TopJimmy

Subscribed

TopJimmy · 08-03-2022, 01:47 PM

Abacus38 · 08-13-2022, 03:56 PM

Bump! Dont get scammed homies

SP_F80M3 · 09-22-2022, 10:07 AM

Bump

PCARBON32 · 09-22-2022, 01:02 PM

Just dropping in with some info and why it's good and bad to use PayPal to send by goods and services. The good part is of course you can recover your money if you don't get your item or if it's not as described. It's a good way for both parties to have a smooth worry free transaction. The bad part is now anything over 500 in online transactions in a year will be subject to a 1099 form, meaning it's counted as taxable income. IMO that kind off transactions belong on eBay and other types of those 3rd party sites. For now sending by friends and family is not taxable or considered income. Just a heads up

TopJimmy · 09-22-2022, 03:36 PM

Quote:

Originally Posted by PCARBON32

Just dropping in with some info and why it's good and bad to use PayPal to send by goods and services. The good part is of course you can recover your money if you don't get your item or if it's not as described. It's a good way for both parties to have a smooth worry free transaction. The bad part is now anything over 500 in online transactions in a year will be subject to a 1099 form, meaning it's counted as taxable income. IMO that kind off transactions belong on eBay and other types of those 3rd party sites. For now sending by friends and family is not taxable or considered income. Just a heads up

I checked on this. The nice thing is only profit is taxable, so if I'm selling a used part for less than I paid originally then it's not taxable profit and does not need tax reporting.

Indvdl M · 09-22-2022, 05:46 PM

Also beware of unsolicited text messages to WTB posts. I was texted about a set of HREs I was looking for. They had good photos. Turns out they were pirated from a sale post several years ago. When asked for updated photos with a date card they photo shopped it in. Buyer beware!

PCARBON32 · 09-22-2022, 09:50 PM

Quote:

Originally Posted by TopJimmy

I checked on this. The nice thing is only profit is taxable, so if I'm selling a used part for less than I paid originally then it's not taxable profit and does not need tax reporting.

Nice!

GOTUBCH · 10-10-2022, 06:46 PM

Admins need to do a better job of filtering scammers have had 3 message me attempting to scam me

01-05-2022, 08:15 AM	#46
TopJimmy Major General 5460 Rep 5,153 Posts Drives: 2023 M3 Comp xDrive Join Date: Jul 2019 Location: Chester County, PA iTrader: (5)	__________________ '18 F80 Base 6MT \| '19 F82 Exec DCT \| '18 F82 Comp Exec DCT \| '23 G80cx
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01-05-2022, 12:25 PM	#47
TTGTOVR4 Second Lieutenant 132 Rep 250 Posts Drives: NA Join Date: Jan 2018 Location: CA iTrader: (3)	This thread still applies in 2022! LOL
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01-05-2022, 12:47 PM	#48
Mintsopoulos Captain 669 Rep 606 Posts Drives: '15 MW F80 6MT Join Date: Aug 2019 Location: Chicago iTrader: (0)	I wonder how the new $600 threshold will impact the nature of this stuff. __________________ #TMGPS For The Gram
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01-05-2022, 02:01 PM	#49
TopJimmy Major General 5460 Rep 5,153 Posts Drives: 2023 M3 Comp xDrive Join Date: Jul 2019 Location: Chester County, PA iTrader: (5)	I don't think this will impact most sellers on BimmerPost because we typically re-sell a used item for less than we paid for it. In these cases we are exempt from the new tax because we did not make money, we actually took a loss. Here's a snip from The Austin Chronicle: " What if I sell personal property, like a couch, for $600 or more but it was less than its original value? According to PayPal, while banks and payment service providers, like PayPal and Venmo are required by the IRS to send customers a Form-1099K if they meet the $600 threshold amount, there are certain amounts that may be included on the form that are generally excluded from gross income and therefore are not subject to income tax. This includes: - Amounts from selling personal items at a loss - Amounts sent as reimbursement - Amounts sent as a gift So, for example, if you purchased a couch (TJ: or Single Midpipe) for $1,200 and sold it for $800, this amount would not be subject to income tax. " As always, consult your tax person if unsure, but above gets me through the loophole. __________________ '18 F80 Base 6MT \| '19 F82 Exec DCT \| '18 F82 Comp Exec DCT \| '23 G80cx
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01-07-2022, 07:10 AM	#50
ENDL3SS Captain 606 Rep 708 Posts Drives: E46/F15/GT4 Join Date: Oct 2013 Location: Dallas, TX iTrader: (11) Garage List 2005 BMW 330i ZHP [0.00] 2015 BMW X5 [0.00] 2018 BMW M3 [0.00]	Buy high sell low 🤡
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01-07-2022, 09:52 AM	#51
trungnguyen28 Second Lieutenant 51 Rep 220 Posts Drives: 2015 BMW M3 Join Date: Nov 2018 Location: California iTrader: (7)	I think this topic worked. Haven't seen a scammed post in a little awhile.
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03-04-2022, 07:14 PM	#53
TopJimmy Major General 5460 Rep 5,153 Posts Drives: 2023 M3 Comp xDrive Join Date: Jul 2019 Location: Chester County, PA iTrader: (5)	Bump __________________ '18 F80 Base 6MT \| '19 F82 Exec DCT \| '18 F82 Comp Exec DCT \| '23 G80cx
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03-17-2022, 08:09 PM	#54
RugbyBro Brigadier General 7602 Rep 3,604 Posts Drives: M3 Join Date: Jun 2019 Location: Seattle iTrader: (0)	bump __________________ Current: F80 Prior: F82, F32
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07-07-2022, 03:21 PM	#57
TopJimmy Major General 5460 Rep 5,153 Posts Drives: 2023 M3 Comp xDrive Join Date: Jul 2019 Location: Chester County, PA iTrader: (5)	__________________ '18 F80 Base 6MT \| '19 F82 Exec DCT \| '18 F82 Comp Exec DCT \| '23 G80cx
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08-03-2022, 01:47 PM	#59
TopJimmy Major General 5460 Rep 5,153 Posts Drives: 2023 M3 Comp xDrive Join Date: Jul 2019 Location: Chester County, PA iTrader: (5)	__________________ '18 F80 Base 6MT \| '19 F82 Exec DCT \| '18 F82 Comp Exec DCT \| '23 G80cx
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08-13-2022, 03:56 PM	#60
Abacus38 Second Lieutenant 238 Rep 248 Posts Drives: 2017 F82 Comp Join Date: Sep 2014 Location: Florida iTrader: (1)	Bump! Dont get scammed homies
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09-22-2022, 10:07 AM	#61
SP_F80M3 Private 14 Rep 63 Posts Drives: F80 Join Date: Feb 2018 Location: Sac, California iTrader: (1)	Bump
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09-22-2022, 01:02 PM	#62
PCARBON32 Private First Class 107 Rep 164 Posts Drives: F80, F25 Join Date: Jun 2022 Location: INDUSTRY iTrader: (3)	Just dropping in with some info and why it's good and bad to use PayPal to send by goods and services. The good part is of course you can recover your money if you don't get your item or if it's not as described. It's a good way for both parties to have a smooth worry free transaction. The bad part is now anything over 500 in online transactions in a year will be subject to a 1099 form, meaning it's counted as taxable income. IMO that kind off transactions belong on eBay and other types of those 3rd party sites. For now sending by friends and family is not taxable or considered income. Just a heads up
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09-22-2022, 05:46 PM	#64
Indvdl M Second Lieutenant 48 Rep 222 Posts Drives: '11 335D, '15 F80 Join Date: Oct 2014 Location: Naptown iTrader: (0)	Also beware of unsolicited text messages to WTB posts. I was texted about a set of HREs I was looking for. They had good photos. Turns out they were pirated from a sale post several years ago. When asked for updated photos with a date card they photo shopped it in. Buyer beware!
	Appreciate 1 TopJimmy5460.00 Quote

10-10-2022, 06:46 PM	#66
GOTUBCH Private 11 Rep 78 Posts Drives: M3 Join Date: Apr 2012 Location: Chesapeake iTrader: (0)	Admins need to do a better job of filtering scammers have had 3 message me attempting to scam me
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