Discussion - Member to Member Sales - Research Center
Discussion - Member to Member Sales - Research Center
"this money would not be subjected to taxes."
You are responsible for reporting income to the IRS regardless of whether the payer reports it or not. Failure to do so is considered tax fraud.
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I have read where Paypal has been cracking down on that and things have been a bit messy for some people - I take paypal for all my payments (have to on Hipstamp) and for me it's not worth the risk. But I don't make a living doing this, obviously. It's crazy when i sell an 8 cent stamp and charge $2.00 for shipping and handling . Let's see - Paypal charges 50 cents plus a fee on the total invoice, Hipstamp charges on total invoice, USPS gets 73 cents, Stationer gets money for envelope plus a clean stiffener, wholesaler gets money for a clean 104 card and glassine..... All this and every once in awhile someone writes and tells me they want to buy a specific stamp - (always a low value one) but they will not pay more than the cost of postage because that is all I am entitled to......
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"this money would not be subjected to taxes."
You are responsible for reporting income to the IRS regardless of whether the payer reports it or not. Failure to do so is considered tax fraud.
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01:46:47pm
re: Friends and Family Payment?
I have read where Paypal has been cracking down on that and things have been a bit messy for some people - I take paypal for all my payments (have to on Hipstamp) and for me it's not worth the risk. But I don't make a living doing this, obviously. It's crazy when i sell an 8 cent stamp and charge $2.00 for shipping and handling . Let's see - Paypal charges 50 cents plus a fee on the total invoice, Hipstamp charges on total invoice, USPS gets 73 cents, Stationer gets money for envelope plus a clean stiffener, wholesaler gets money for a clean 104 card and glassine..... All this and every once in awhile someone writes and tells me they want to buy a specific stamp - (always a low value one) but they will not pay more than the cost of postage because that is all I am entitled to......
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