Question - Receiving Funds for parts sold

[70vert]

there are several other ways to pay (send money) to people, I just signed up with Zelle but haven't used it yet. There is also Venmo and as mentioned you can transfer money direct thru your bank/Credit Union. I doubt they will all coordinate so it may come down to spreading payments around to stay under the $600 threshold of each if you really need to.

I also think it is dumb & sucks to require claiming income from selling used parts, or anything. But it won't stop me from doing it. Probably will start keeping better track of selling costs like packaging, insulation, driving to the Post Office, hourly rate for all that work etc. so it can be deducted from the profit. I suppose just like passing on the PayPal/Ebay fees you can estimate the tax impact and pass that on as well if needed.

[anlauto]

Like Jay Bee said, don't you guys in the States have Interac ? I can send money to anybody in Canada through my banks website straight from any of my accounts..., All I need is their email or phone number  99% of my customers now pay their invoices with Interac too

[440WB]

Thinking about that -
I remember buying an 1970 Challenger out of Manitoba Canada
around 2000 - 2001 ?
many fees I had to pay as the buyer on top of the vehicle price -

postal service First Class  for checks sent -
Inspections - Broker Fees - Tax's - Duties
paper work to claim
railroad with storage yard fee's
Truck Transport Fee with fee to his contact -

Tow truck fee to remove vehicle from the transport

[70 Challenger Lover]

I'm wondering if anyone will get zinged when they sell a 50k car. The bank won't issue 1099s but the IRS has the ability to examine every wire transfer and I've heard banks have new requirements to notify the government of incoming sums into accounts. I think the idea is to hammer people who collect unemployment but get paid under the table for a job or collect rent money without reporting it.

I believe much of this has existed for years but never enforced. I know the current administration wanted to start collecting on these potential sources of tax income.

I'm actually hesitant to sell any cars until I see how all this plays out in the coming years. Sure I can produce expense records to offset most of the income but how many of us save receipts for things like antifreeze

[440WB]

Like Jay Bee said, don't you guys in the States have Interac ? I can send money to anybody in Canada through my banks website straight from any of my accounts..., All I need is their email or phone number  99% of my customers now pay their invoices with Interac too

Allan sure seems simple enough
is this for just business ?
they probably have a set fee, percentage or monthly ?

[440WB]

I'm wondering if anyone will get zinged when they sell a 50k car. The bank won't issue 1099s but the IRS has the ability to examine every wire transfer and I've heard banks have new requirements to notify the government of incoming sums into accounts. I think the idea is to hammer people who collect unemployment but get paid under the table for a job or collect rent money without reporting it.

I believe much of this has existed for years but never enforced. I know the current administration wanted to start collecting on these potential sources of tax income.

I'm actually hesitant to sell any cars until I see how all this plays out in the coming years. Sure I can produce expense records to offset most of the income but how many of us save receipts for things like antifreeze

right - big brother keeping an eye on everything
with that said
how to make antifreeze
to protect us from the
anti - sleeze' Gov

[cuda hunter]

I'll vouch for 440WB 

I use paypal friends and family for anyone that I see around on the forums for the most part.  I've not really been ripped off many times like that. 

Also, even if it's someone I don't know, through CL or FB, if it's only a hundred bucks I will often times send it along and just cross my fingers.  Depends on the part.  I've not been ripped off yet doing that either. 

I've been taken a few times, don't get me wrong. 
I used to send checks. Now all my checks go through my business so I can do that but I will have to write them off for the business at tax season.   

Always get double the insurance through shipping. And don't pack it yourself, let the packaging company that is insuring it package it.  Then they have to insure it when it is broken. 
Has worked every time like this but I have taken several insurance hits after they disputed and claimed they didn't package it (I packaged it and they let me pay insurance). 
With usps get double the insurance and go with it.  They only take items that are so big anyway. 

All depends on the rarity of the part as to how far I will go to send some money and get the part. 

Folks like me that live in the middle of the mountains absolutely have to rely on shipping items.  I can't just go over to the local swap and find what I need up here. 

[dodj]

Like Jay Bee said, don't you guys in the States have Interac ? I can send money to anybody in Canada through my banks website straight from any of my accounts..., All I need is their email or phone number  99% of my customers now pay their invoices with Interac too

Allan sure seems simple enough
is this for just business ?
they probably have a set fee, percentage or monthly ?

Its a one dollar fee to send money. No fee for the recipient.

[torredcuda]

PayPal goods and services is good for both buyer and seller but as said you now have to pay taxes above $600/yr so ad some for fess and taxes. PayPal friends and family is good for the seller but no protection for the buyer so unless they know you most are hesitant to use it as they may get screwed by a scammer. I had to file as a buyer thru Paypal for parts I didn`t receive for a fairly large sum and was refunded the money. but would have been SOL if I had used friends and family.

[440WB]

" I'll vouch for 440WB  "

Right back at ya - J -

[Jay Bee]

is this for just business ?
they probably have a set fee, percentage or monthly ?

Here's the Interac e-Transfer Fees for personal & business in Canada.

There are transfer fees to use either Send Money or Request Money with all other accounts:
Personal Accounts:
Up to and including $100 : $0.50
Over $100: $1.00

Business Accounts:
$1.50

[anlauto]

is this for just business ?
they probably have a set fee, percentage or monthly ?

Here's the Interac e-Transfer Fees for personal & business in Canada.

There are transfer fees to use either Send Money or Request Money with all other accounts:
Personal Accounts:
Up to and including $100 : $0.50
Over $100: $1.00

Business Accounts:
$1.50

With TD, I pay a monthly fee for my account regardless and get unlimited FREE transactions included E-Transfers 

[cuda hunter]

Are you transactions monitored and taxed?

[anlauto]

Are you transactions monitored and taxed?

Not that we "AWARE" of...   Problem would only arise if your annual income tax return was audited by the Government, we have the CRA like your IRS, and you couldn't explain where the money is coming from

[70vert]

Are you transactions monitored and taxed?

Not that we "AWARE" of...   Problem would only arise if your annual income tax return was audited by the Government, we have the CRA like your IRS, and you couldn't explain where the money is coming from

Which is exactly how it has always been in the US. We have always been required (as in the law) to submit/claim all income on our tax return regardless of source. Some people intentionally did not reflect sales of personal items and others just didn't realize that was required. And as you said no one was the wiser unless you got audited. Now the IRS wants to crack down on that by forcing banks and other payment processors to submit this info.
All good things come to an end ):