Real question here-
I saw the wtb buying thread offering 130k for a zard.
How does a deal like that get finalized? How does the buyer pay? PayPal in several transactions?
Thanks!!
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Cash/wire transfer/paypal are all viable options. Personally I’ve never tried cash before, but here’s an example brought to you by Gary and Scott:
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Paypal FF and pray to god
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You paid me G&S :[
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Seriously - if a seller and user agree to 125k for a zard.
Can you do say - 5 PayPal payments of 25k a piece?
Do people use an intermediary?
At that price why wouldn’t you just fly to the person and pay in cash?
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Can’t fly - covid.
Missed out on one at 81k already because I wasnt able to fly during this madness.
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As a seller I am only accepting a bank wire transfer or cash in hand face to face. As a buyer face to face only unless I know you well enough to trust a big deal like that to happen online and ship.
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When we say cash do we mean cashier’s checks or actual physical green cash? Because if we are saying actual green cash then you people are all nuts lol
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Depends on the final intent.
Purchase order + Sales invoice from the seller (latter being more important) including bank transfer details and information on what is being sold to me.
Then wire the money. Or if you have a wad of cash you can just deal in cash. But as the seller id be weary if you ever want to justify that amount of being deposited if it do not intend to pay taxes on that.
This is the cleanest method as it provides adequate documentation for taxes and any legal issues that may arise.
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Wire transfer is the most common answer. At that price point it’s a felony to scam someone and unlikely to happen so it’s not as big of a risk as some of the lower dollar amounts. Still make sure it someone you trust or at least use a middleman you trust if you’re going to buy from someone you don’t know.
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Cashiers check or wire transfer middle man.
Cash could never happen in EU for that amount. I would be a massive hassle even at 10k. Either multiple Paypal transfers or a bankwire. I’d be flying out regardless to pick it up in person.
Thanks everyone. Very helpful!
Just a heads up PayPal will not cover you if you split payments
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Normally that would be ideal, but waiting 2 weeks in quarantine prior to meeting up and another 2 weeks after coming back is very tedious
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Why multiple paypal transfers and not just one? Just asking because I have never transferred such a big amount
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I’m curious. On this type of transaction…how are federal taxes handled?. Are these monies considered capital gains and taxes assessed as such?. What is the seller’s responsibility to the federal government to avoid braking the law?
Thank you
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Wire & yes you should be paying taxes on capital gains
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Are the capital gain taxes the same for someone that had a collection for 20 years as someone that had it for…let’s say 1 year?
Seems like it would be complicated to determine the net profit to declare your gain. How do collectors do it?