Paypal holds back your money. Is that legal?

[nanthor]

I'd like to be pointed to the new regulations and also the requirements that paypal participate in the IRS rules. Just like to read them so that I know it's truly a regulation. I just don't see how buying and selling some lenses and a camera now and then, when it reaches their limits, is considered a business when it, in fact, is not. I, like some on this and other forums, like to try out a different camera now and then. And the cameras I like are expensive, M9p, 2.8gx, Rollei SL66, this adds up quick. Like I said before, I've sat in front of an IRS agent trying to explain things in the past, they just don't listen and they have their own agenda.

 

[it'sawhat?]

http://biztaxlaw.about.com/od/gloss...Misc-Reporting-for-Miscellaneous-Payments.htm That's a start nathor more is buried in obamacare. It's not about wheteer or not it's a business for you , it's the government wanting a cut of money changing hands.

 

[Retrotech68]

I've found it's far better to build up trust and honest practice and stop paying ridiculous fees and scandalous exchange rates and just use wire transfers.
I do accept paypal but it's not the best and probably the dearest way to buy and sell.

I share the same opinion about PayPal. I do use it sporadically (or when no other payment mode is available), but in all honesty I prefer to use wire transfers when paying or being paid for inside the EU. However, it does not work so well when you need to do bank transfer from a Euro country to a non-Euro one (the list is not so small: Denmark, which belongs with the UK to the so called 'opt-out' group on Eurozone membership, Czech Republic - but not Slovakia, interestingly... - Sweden, Poland, Hungary, Romania, Bulgaria, Latvia and Lithuania). Then you must pay some ridiculous 'currency conversion' fees and the like. However, if inside the Eurozone, it is Ok and much better and safe than any other method.

Alex

 

[Gumby]

I just wonder why I would have to pay tax on used items. They already been taxed multiple times when new (income, sales, etc.).

There is no limit on the number of times an individual item can be taxed.

 

[nanthor]

But there should be...

 

[pagpow]

Hi,

I'm baffled;

1, " ...bought using PayPal... " and

2, " ...which I never set up... ".

So did someone else set up an a/c or what? Why not track back to the a/c used to pay as it's - I presume - not your one?

Look on the emailed receipt and click on the transaction ID.

Regards, David

Hi David,

I understand the ambiguity and may be guilty of terminological imprecision. I have set up a PayPal account, verified, and allowing immediate withdrawal of funds from my linked bank account.

What I never set up is another kind of account within PayPal that seems like a prepaid card, limited to the funds I deposit in it. It is this that PayPal deposited my returned funds into, rather than into my verified account. The transactions into this second type of account do not appear in my PayPal transaction log. Thus, for example, I had no idea that the funds reported as refunded actually had been.

Hope that clarifies what I was saying, David. Or have I missed your point?

Giorgio

 

[David Hughes]

Hi David,

I understand the ambiguity and may be guilty of terminological imprecision. I have set up a PayPal account, verified, and allowing immediate withdrawal of funds from my linked bank account.

What I never set up is another kind of account within PayPal that seems like a prepaid card, limited to the funds I deposit in it. It is this that PayPal deposited my returned funds into, rather than into my verified account. The transactions into this second type of account do not appear in my PayPal transaction log. Thus, for example, I had no idea that the funds reported as refunded actually had been.

Hope that clarifies what I was saying, David. Or have I missed your point?

Giorgio

Hi,

Thanks, it makes sense now but I can't help much more than the others. They seem pretty good in the UK facing version but still baffle me from time to time. I'm sorry I can't say more than that.

Regards, David