Wth is this? Who sells anything without money in hand?

 

Talking about a car I assume? I will take a deposit and then collect the balance when they pick it up or I personally deliver. If a shipper is involved its paid in full before it leaves my sight.

 

Correct my part on eBay will not leave my site until money is in my hands. EBay wants to keep it til delivered.

 

Yep, PayPal is the same (ebay owned) with goods and services.

 

What I've seen (on relatively small dollar items) is ebay/paypal holds the money until *tracking* is provided. They release once they can verify the tracking number shows shipped.

 

Who cares now? You will all be taxed on money that's already been taxed.😂

 

That ^^^^^ is what I've been seeing on low priced ebay stuff I've sold. Having said that, I sold something for 2K and ebay held the money for 30 days.

 

Recently started to sell in a few odds and ends on Ebay... no more PayPal for the seller. I had to give my bank account routing number. You sell something and after buyer receives it there is like a 14 day hold on the money to be sure there are no issues and the buyer is happy. Then they release the dollars to your bank account after they take their healthy share... Its BS but if you want to play the game you have to follow their rules.

 

nothing about a postal money order yet? For parts that are low cost but above 600?

 

I had over 3500 sales on epay. Shipped something to the UK. Signed for etc etc. Buyer claimed he didn't get it. I had postal insurance on the package. Soon as I filed that claim it showed up at my door. I verified the address and re-sent it. Buyer still filed a claim and they took that cash instantly. He got his item and his money back. I knew people there that knew he got what I shipped. 800 dollar flush. PayPal was zero help. They gladly took my money away though. Cancelled my account and never looked back.

 

I believe there are only 2 ways a buyer can make payment and that is thru PayPal or credit card. Those don't go directly to you they go to Ebay then eventually to you if all is well.

 

Used EBay for years until the rules changed... Now I only sell on forums and classifieds with preferred USPS Money Order as payment... I receive the money order, go to local post office, cash it and ship the item... High priced items I only sell at swap meets or face to face sale and pickup...

 

Amen.

 

I have been selling on eBay for a while and I have never had my money held for any length of time. Not sure what the deal with that is.

 

I've sold a few auto parts on e-Bay the past couple of months and they have released payment to my checking acct. within a couple days of sale/payment by Buyer. Only exception was when the item was purchased on a Friday evening and money wasn't deposited until following Tuesday. Not particularly happy with this new payout arrangement, but I can live with it. Not sure, either, why some of you are having problems with them holding payouts for extended periods.

 

Here is the latest from Ebay on an Auction in December.

 

yes....this is true...has been...but it's going to get worse.....

 

Unless I personally know the seller or we do a face to face -.I give you money you give me product. Everybody's happy!
I never do money orders. It might be great for the seller but the buyer becomes the one on the hook for losing money.

​​​​​​I had a bad experience on ebay in the early years before PayPal. Bought something, paid with postal money order, no product, no contact from seller, no money. Fool me once...

I then started using an escrow service, then PayPal came so I switched. Only pay with credit cards now via PayPal. No fuss, no losses, 2% cash back, no fees. I will also occasionally pay the fees for the seller to be nice if you went out of your way to provide the product for me.

 

I've never seen a transaction summary like that from e-Bay. And, I'd be pissed, too, if they held onto my money like that. Could it have something to do with the type of acct you have them deposit the money into? Past history as a Seller? Very odd....

 

This is why I started this thread. I've been on eBay for 23 years. 100% for all transactions 960 or so. I would agree of someone had a sketchy past to hold it. Plus they can draw interest on that money being held.

 

My feedback is 100% 3000 deals on eBay never a bad feedback from anyone... As said haven't sold on eBay in years and just got back into it and this is what they are doing now.

 

Ebay can suck a big fat donkey D. I won't even buy anything off there. I tried selling a couple of vintage amplifiers on there a couple years ago. After I got done dealing with the low ballers, I finally had a winning bid. I never got paid- TWICE! Then, I finally got a successful sale, and they held the money until I shipped. Months later, I get a statement from them trying to collect the bid fee and tax on one of the "sales" that never completed for nonpayment! F ebay

 

There used to be an anachronism known as "COD" Cash on Delivery.

 

I'm at a loss for a possible explanation. Been active on e-Bay almost since the beginning with a Feedback of over 1100 and never a Negative Feedback. My last Sale for $215 was 12/29...shipped 12/30...and, was notified by e-Bay of payout sent on 12/31. No holding of the money until proof of delivery or to give Buyer time to file a claim. All in all, it's been a pretty smooth road both as a Buyer and Seller. Only a couple of issues with lost/damaged shipments...but, were settled to everyone's satisfaction.

 

Many years ago people jumped on Ebay to buy things cheaper. One of the big deal things was things were cheaper because no sales tax was paid. A computer, a small table in the corner and a chair. YEEHAW, you were now "had your own business".
Along comes Amazon, WalMart and others, prices went down a little, the local merchant start stocking less stuff, downsized the store and some just plain closed up shop. Now the "business" is competing against a Gorilla with a ton of knock offs. Paypal and others handle the money transactions for a fee. State and local governments lost tax revenue to repair roads, sewage plants and such and raised taxes to maintain municipal facilities.
You break down on the side of the road. Never fear, free shipping will have the parts to you in two days because the local retailer is no longer in business. Do you really know who you are buying from ? Do you know the quality of the parts you are waiting for ? Is it the correct part ?
I guess maybe I am old school and never get anything from the internet companies or use Paypal. I get a lot of stuff I need on this site and from respected people on this site.

 

You realize that this means when the customer received the merchandise, even if it was sent through the mail.

 

Aside from all this, I'm seriously considering halting all selling on e-Bay due to the new requirement for 2022 that they report annual sales of $600+ to the IRS as part of Biden's Build Back Better tax grab. You'll receive a 1099k statement at year's end that must be included with your earned income. If you don't want to pay taxes on that entire amount, you'll probably need to file a Schedule C business income form showing costs against income. If you don't have receipts (and, who does if you're selling parts you've accumulated over the years), best you can do is guesstimate...which will raise some IRS eyebrows if audited. Not worth the hassle in my opinion. Guess it's back to selling on forums and Craigslist via cash as this will also apply to Facebook Marketplace and anywhere else if Paypal, Venmo, etc is used to handle the transaction.

 

You can bet your bippy they are letting our payments draw interest while the buyer decides if he is happy. This is another money making scam.

 

I totally agree with you.

 

I posted above about the auction ending in December and funds on hold to be released Jan 10. Today I get this and seems it could be 3 days more for it to show up in my account.

 

That's unbelievable. Have you asked them why they did this?

 

It tells about payments and holds...only says there is time for the buyer to complain... a grace period then for an electronic transaction can take up to 3 days... I am not concerned about it. I for sure won't be selling anything that puts me over the 600 dollar tax threshold they now have... I think what eBay needs is some real competition to get them to ease off the BS.

 

I believe it is $600 per year for the tax threshold not in a single sale, but I might be wrong. For all of you guys with the long deposit wait times, I am curious how long have you been selling on ebay (not just buying) and when was the last time you sold anything? I have not sold anything since ebay locked out paypal and with the new IRS crap I don't know that I will, but when I started selling on ebay, paypal did the same thing (hold the money for 30 days or so). Once I had enough positive feedback as a seller, the wait time went away and the money was dropped instantly into the paypal account. It is possible with the switch to ebay controlling the money transfers that the "positive seller feedback count" reset and you will have to achieve a certain minimum number of positive sales for the money to go right to your bank account. It is also possible that if you have not sold anything for years, you will need to reach a positive feedback count as a seller again before there is no hold on the funds. Just guessing, like I said, I have not used the new ebay fund system, but I use to sell several thousand dollars of parts per year when it was still through paypal.

 

Cumulative transactions over the prior year meeting the $600 threshold versus a one-time $600 transaction is correct. The former threshold was $20,000.

The following statement was taken from the new IRS reporting:

"Instructions for Payee
You have received this form because you have either (a) accepted payment cards for payments, or (b) received payments through a third party network that exceeded $600 in gross total reportable transactions for the calendar year."

 

if your new to selling they hold it for like 3 weeks until you build a solid sellers profile..I am going thru that right now as I buy many things but just recently began selling a few.. in fact I sold a tach just last monday, cannot get funds till like the 17th

 

I've had so many problems with eBay in the past and after hearing this it just makes me stay even more distant from that site.

 

This seems to be the only reasonable explanation for them holding onto payments for such an extended period of time. As I said, for the most part I've had nothing but great success as both a Buyer and Seller on e-Bay over the many years...but, this new IRS ruling will probably put an end to my selling activities; as I'm sure it will for most casual Sellers. Just don't want to deal with the tax implications.

 

It may not be horrendous at the moment, but next year, after some of these "sellers" get their 1099-K's in hand and put on their shock face, you'll probably see a precipitous drop in ebay selling due to this very thing. Sure, it's a loophole they try to close to collect more taxes. Just remember who made all this happen. And you can thank them in November. All I can say is, you can't blame me.

 

Let's wait and see what the implications are. Most of us are selling items that we have purchased at some point (I know I am), so one should be able to at least deduct the purchase price from the selling price. In some cases, that will even be at a loss. You can't really blame the current administration for closing a loophole that has been ignored for years, since the last administration contributed over $7 TRILLION TO THE NATIONAL DEBT by lowering taxes for the rich and corporations.........

 

The key in case of an audit is to have receipts for each item you purchased and resold. Most all of the parts I accumulated over the years and resold were purchased from salvage yards and were almost always priced as a bundle. In other words, I'd walk to the yard office with an armful of parts I pulled, owner would look at them and give me one price for the lot. No way to accurately break it down and assign a cost to each part from one receipt that would satisfy the IRS. Many of my parts were acquired for my own projects years ago and there never was an intent to resell; thus, not necessitating the need to keep receipts even if they were available. I agree...there are going to be a lot of Sellers who are not aware of this new law who will wake up next year about this time with a 1099-K form in their mail and will have to pay unexpected taxes on all of it; unless they take a chance against an audit and fudge the business expenses to show costs against sales. Casual sellers had already been leaving e-Bay in droves and this will pretty much discourage the rest; truly leaving e-Bay to the mass merchandisers selling their Chinese crap parts.