Send my earnings to someone's Paypal and get BTC instead?

DaveF

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Quote from: LoyceV on October 16, 2021, 08:24:11 AM

... Taxes are worse.

Much worse.
And starting next year, you get a 1099-K at a much lower reporting point.
https://taxmedics.net/the-paypal-1099-k-reporting-loophole-gone-baby/

Not that I feel it's bad, it just sucks that individuals are now stuck in the loop of having to file more paperwork for things because some people abused other things.
I get about $300 a month from people in reimbursement for stuff through PayPal. Next year I have to either file more tax paperwork or have them give me cash.

-Dave

SpiritedComputerGuy

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Quote from: LoyceV on October 16, 2021, 08:24:11 AM

What amounts are we talking about here? DaveF already mentioned taxes, and my assumption was you'd receive small amounts, but if it's much more than $200 per month, it sounds like tax evasion/money laundering.
Usually the main concern with Paypal is chargebacks. Taxes are worse.

I responded via PM

LoyceV

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Quote from: SpiritedComputerGuy on October 16, 2021, 07:29:51 AM

I have some experience buying things for other people with my paypal (including top ups) - it works for smaller amounts ($50-200 a month) but very hard to scale

What amounts are we talking about here? DaveF already mentioned taxes, and my assumption was you'd receive small amounts, but if it's much more than $200 per month, it sounds like tax evasion/money laundering.
Usually the main concern with Paypal is chargebacks. Taxes are worse.

SpiritedComputerGuy

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Quote from: LoyceV on October 16, 2021, 07:05:52 AM

Quote from: SpiritedComputerGuy on October 14, 2021, 05:41:59 AM

For example:
I made some $$ with vultr.com

Could you - for instance - use the Paypal funds to fund someone's Vultr account? That puts it right back at them and seems safer than accepting it on Paypal.

Many providers forbid this (third party account funding not allowed). To be fair I never tried this with Vultr specifically. But I have some experience buying things for other people with my paypal (including top ups) - it works for smaller amounts ($50-200 a month) but very hard to scale as it gets complicated quickly. Small providers are more lenient with this, but ... getting in touch with clients of small providers is ... hard (small provider = very few clients = even fewer ones who want to pay with crypto).

LoyceV

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Quote from: SpiritedComputerGuy on October 14, 2021, 05:41:59 AM

For example:
I made some $$ with vultr.com

Could you - for instance - use the Paypal funds to fund someone's Vultr account? That puts it right back at them and seems safer than accepting it on Paypal.

SpiritedComputerGuy

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Gugulethu0101

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Are you able to withdraw the funds to a bank account or you only need paypal?
What rate were you hoping to pay? I might be able to help you out.

SpiritedComputerGuy

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Appreciate all comments and suggestions.

Paypal funds are being sent as 'Mass payment' with all fees paid by sending company. So you get the full amount in USD regardless of paypal fees.

@rdbase pm sent

rdbase

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Quote from: SpiritedComputerGuy on October 14, 2021, 05:01:35 AM

Hoping someone can point me in the right direction.

I work with a cloud provider, I promote them and they pay me commission via Paypal. They do not support anything else for commissions.
Paypal is difficult enough where I live and converting to BTC is a huge pain.
Going forward I would like to withdraw to BTC skipping paypal entirely.
Problem: They can't send me BTC.
Possible solution? I could withdraw commissions to your paypal address, they will send you my $$, then you send me BTC.

Would this work?

Any advice is greatly appreciated. Ideally I want a long term or permanent solution for this.

I might be interested in this request for service to be paid in btc since of recently I am looking for paypal funds.
So it just might work out for you to do this with me.
Depending on where you live that is, because every country has their own paypal service fee to pay ontop of what you are sending out.
I have newbies can send pm open, so send me a request.
Just don't spam my inbox here (Sending more than 1 pm a week) because that is just annoying and will have me block any further communications with you.

DaveF

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At least for the US the other problem I can see is taxes. If I am getting money from vultr above a certain point they are going to have to send me a 1099 form. And starting in 2022 PayPal is going to have to report money coming into a PayPal account past a certain amount. Other countries will be different.
Also, vultr can pull the funds back if it turns out you were not playing by their rules. Not saying you are just that it's a possibility.

-Dave

condoras

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Quote from: SpiritedComputerGuy on October 14, 2021, 05:41:59 AM

Quote from: NeuroticFish on October 14, 2021, 05:26:43 AM

If you expect somebody else sell you bitcoin for your PayPal USD, you should look for the few people "adventurous" enough to do this; there aren't many and you may have to pay a premium, since bitcoin transfers are irreversible, while PayPal allows charge backs so you have the "tools" for scamming.

I went through the topics on reversible Paypal payments and I think I understand the issue (one could send Paypal to someone else, and later dispute that transaction after they get BTC).
In my case the cloud provider is sending the Paypal payment (not me), this would make the transaction less 'adventurous'?

For example:
I made some $$ with vultr.com
I ask vultr to send payment directly to the person who would send me BTC
I cannot reverse that Paypal transaction in any way as I am not a party.

It woud be nice to avoid 20-30% 'adventure' tax.

Even if you don't send the PayPal funds and will be sent from some other person, that doesn't mean that the transaction is safe. "They", whoever is "they", can dispute the transaction and have more than enough time to do it. In simpler words, why does someone risks this and accept funds from an unknown sender? Unfortunately, they are as newbies as you here.

NeuroticFish

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Quote from: SpiritedComputerGuy on October 14, 2021, 05:41:59 AM

this would make the transaction less 'adventurous'?

For example:
I made some $$ with vultr.com
I ask vultr to send payment directly to the person who would send me BTC
I cannot reverse that Paypal transaction in any way as I am not a party.

It could be. But it's up to the seller to decide for himself.
Imho at least this kind of clarification could get you more sellers. Good luck!

SpiritedComputerGuy

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Quote from: NeuroticFish on October 14, 2021, 05:26:43 AM

If you expect somebody else sell you bitcoin for your PayPal USD, you should look for the few people "adventurous" enough to do this; there aren't many and you may have to pay a premium, since bitcoin transfers are irreversible, while PayPal allows charge backs so you have the "tools" for scamming.

I went through the topics on reversible Paypal payments and I think I understand the issue (one could send Paypal to someone else, and later dispute that transaction after they get BTC).
In my case the cloud provider is sending the Paypal payment (not me), this would make the transaction less 'adventurous'?

For example:
I made some $$ with vultr.com
I ask vultr to send payment directly to the person who would send me BTC
I cannot reverse that Paypal transaction in any way as I am not a party.

It woud be nice to avoid 20-30% 'adventure' tax.

NeuroticFish

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Quote from: SpiritedComputerGuy on October 14, 2021, 05:01:35 AM

Would this work?

If you expect the other party use PayPal for conversion, that won't work:

1. Although PayPal supports Bitcoin, it my support it only in US for now.
2. One cannot withdraw Bitcoin from PayPal account.

If you expect somebody else sell you bitcoin for your PayPal USD, you should look for the few people "adventurous" enough to do this; there aren't many and you may have to pay a premium, since bitcoin transfers are irreversible, while PayPal allows charge backs so you have the "tools" for scamming.

SpiritedComputerGuy

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Hoping someone can point me in the right direction.

I work with a cloud provider, I promote them and they pay me commission via Paypal. They do not support anything else for commissions.
Paypal is difficult enough where I live and converting to BTC is a huge pain.
Going forward I would like to withdraw to BTC skipping paypal entirely.
Problem: They can't send me BTC.
Possible solution? I could withdraw commissions to your paypal address, they will send you my $$, then you send me BTC.

Would this work?

Any advice is greatly appreciated. Ideally I want a long term or permanent solution for this.

Topic: Send my earnings to someone's Paypal and get BTC instead? (Read 189 times)