Not sure. My wife has had an account for a while, I just recently opened mine and haven’t used it yet.
PayPal Friends & Family listings. Why is this becoming so common?
I think most sellers now realize they are not going to have a taxable profit.
The F&F listings at market price don't seem to sell.
It seems like buyers demand around a 20% discount to take on the added risk of F&F.
I'm really just curious to hear what buyers & sellers think of this practice.
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As you know, IRS requires documentation. If you bought an amp for $2500 and sold it for $2K then you shouldn’t pay any tax cause you actually took a loss. I keep records of all transactions upto 5 years. I prepare an excel spreadsheet each year of all of my purchases and resale transactions and keep it handy for IRS. |
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Years ago, I purchased two cables for $900 from a buyer with 100% positive feedback. I never received the cables. Since USPS Priority Mail uses geotracking, the local Postmaster confirmed that the package was time-stamped and delivered to my home. It probably was stolen off my front porch. Paypal Protection requires that purchases with a value over $750 to have shipping insurance. The buyer wanted to save $3.95 and didn’t get the insurance. Paypal issued a full refund to me within 24 hours of my claim. The seller lost $900. - - - - Whenever I sell an item via Paypal F&F, I always include Signature Confirmation Required - as well as shipping insurance. It’s worth $10 to me for peace of mind. |
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