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FS Account hacked, be smart

For Sale
Joko3 said:
I don't know about everyone else, but I most certainly don't have the receipts for game stuff I bought 10+ years ago lol.

This kind of situation will make taxes fun:
Say my mom sells a now in style again dinner table set on Craigslist for $650 that she bought in 1980 for an original price of $500. Does she have to adjust the original 1980 $500 price to 2024's money ($1849)? I mean, she most certainly doesn't make an actual $150 profit on it. Does the IRS expect her to keep the receipt for 44 years? The whole thing is a mess and $600 is much too low considering how much everything costs these days.

If I sell anything locally when I go back home I'm going back to the good old cash deal in the parking lot. If it's something of value, many police departments have an area at their station for just this these days. If they can't meet me there then I'd probably not want to deal with them anyway.
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No, cap gains are NOT adjusted for inflation. Yes the service expects the taxpayer to track their basis in assets. Fwiw I think it’s unlikely that this policy will be policed at least initially due to the sheer administrative burden of doing so for the service but you don’t want to be one made an example of either.
 
Plymelk said:
No, cap gains are NOT adjusted for inflation. Yes the service expects the taxpayer to track their basis in assets. Fwiw I think it’s unlikely that this policy will be policed at least initially due to the sheer administrative burden of doing so for the service but you don’t want to be one made an example of either.
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Cash-only parking lot sales it is then for everything local lol
 
Joko3 said:
I don't know about everyone else, but I most certainly don't have the receipts for game stuff I bought 10+ years ago lol.

This kind of situation will make taxes fun:
Say my mom sells a now in style again dinner table set on Craigslist for $650 that she bought in 1980 for an original price of $500. Does she have to adjust the original 1980 $500 price to 2024's money ($1849)? I mean, she most certainly doesn't make an actual $150 profit on it. Does the IRS expect her to keep the receipt for 44 years? The whole thing is a mess and $600 is much too low considering how much everything costs these days.

If I sell anything locally when I go back home I'm going back to the good old cash deal in the parking lot. If it's something of value, many police departments have an area at their station for just this these days. If they can't meet me there then I'd probably not want to deal with them anyway.
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Does the US not have a yearly capital gains tax credit to mitigate this for most people?

In Ireland, each tax year, the first €1,270 of your gain (after deducting losses) is exempt from CGT.

It's only a small mercy really for us though because absolutely everything over that is taxed at a flat 33% =O I recently sold off some artwork and the amount of tax I had to pay would make your eyes water.
 
Just spitballing here, but could there be some sort of Twitter/X-like blue check mark that can be added next to usernames that have valid e-Mail addresses linked to their PayPal accounts? Might be a pipe dream but worth asking. Would give me a lot more confidence sending F&F again heh.
 
"send $600 friend and family and let me know please. Now i'm waiting confirm." should have been a red flag between the esl and unnecessary urgency. not to mention the completely unrelated name on the email address and "my wife".
 
Two Americans with long post history indicating the contrary though?
 
o1s1n said:
Does the US not have a yearly capital gains tax credit to mitigate this for most people?

In Ireland, each tax year, the first €1,270 of your gain (after deducting losses) is exempt from CGT.

It's only a small mercy really for us though because absolutely everything over that is taxed at a flat 33% =O I recently sold off some artwork and the amount of tax I had to pay would make your eyes water.
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Not really. The only break real break is if you sell your primary residence, then the first 250k of gain is excluded from your income.

Artwork and collectibles (think stamps or coins but could broadly covers "antiques") are technically their own category of asset for tax purposes of gain determination. Collectibles held for more than one year are assessed long-term capital gains taxes that are capped at 28%. Collectibles held for less than one year are taxed the same as ordinary income rates. The gain rate on collectibles is considerably higher than the tax rate on most capital asset long-term capital gains, which is an average of 15% for most people. Not sure if our world would be determined to be as collectibles for this purpose but its not farfetched to see auditor try and make that claim.
 
dexa said:
would not help this case. This scam was about editing already existing sales posts and redirecting the payment.
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Exactly, a hand wriiten username on a piece of paper next to every sale would eliminate this.

Edit: oh sorry i thought they were all started from new. Cant think of any fool proof way to circumvent that. Maybe displaying account info such as date of last email change? And location of login?
 
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So hackers would have to also gain access to users email which would usually also be linked to paypal. So before making payment checking if email has been changed recently? Or location suddenly changes from usa to india.
 
They logged into my account and changed the associated e-mail linked to the account. They did not access my actual e-mail. Only reason I noticed was because I got an e-mail stating my linked email changed but no way to dispute it or report it. That reminds me, I think that needs to be changed.
 
I got my account back and it still has my original email address. Curious why they messed with yours and not mine?
 
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