IMHO, that's up to the buyer to figure out. I'd be willing to write something that indicates a sale but not who the seller is. But, I'm not going to have something the IRS can come back to me on. For example, I don't have any purchase receipts that I could offset the capital gain against to show negligible gain or even a loss on.

Jaz

show up clean, have something nice to say about their house or them then head over to the machine and graciously let them know about anything you find that wasn't disclosed to you before you got there then at this point you've arrived at the moment of truth, do you stay, save or pay. Walking away from a game over a hundred or two difference can be a painful experience

Ok, I have a question. I am active-duty military, and my bank is down in Florida. I don't want to change banks because I'll be doing that every 2-4 years, so I've opted to keep my bank I've done business with since early 2000's. That being said, I visit lots of ATMs and rack up some annoying fees getting cash ready for pins. Is there any ways around my situation?

I have used PayPal when sellers are good with it - a pin for $2000 for an extra $60 to pay through PayPal is fine with me. I'm not asking the seller to take the hit for my situation when I could do something about it; they shouldn't have to accept $60 less than their asking price.

Any thoughts?

I would not sell to you if I did not know you in that case...... Unless you are willing to wait 46 days from the money clearing to me. Even then I would have reservations. I have read PayPal rules. No offense but, all power goes to the buyer with PayPal!
Maybe this is why I have only sold a machine at a show!

I had $13.5k in hundos on me once. That felt wrong. The seller was known to be good, however, otherwise that wouldn't have gone down like that.

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How does one "physically" pay for a used pin?

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Walmart...

Go to the customer service desk and you can withdraw as much as you'd like with a debit card. They charge $3. I've pulled thousands out at a time like that in various cities as I've travelled.

Since it's a debit charge, it's like an ATM but without the limits like at an ATM.

I have done a few paypal transactions for pins. The money has always been gifted, no fees. Gifted money through PayPal the buyer forfeits the "power" as far as I am aware.

I'm still waiting for a nice LOTR meme in this thread...

Cash, and if your that worried about it get a money pen to test the bills. I have sold a lot of machines over the years, I rarely even count the money that someone gives me. I don't think I have ever even been shorted.

Wow!!!....tip of the day!!!....thanks......

Can't you bank at a big bank like US Bank or Wells Fargo that has a branch everywhere?

Cash is King. I have used cash and also have paid with a cheque. I gave the seller a cheque for the full amount. We both waited a few days for the cheque to clear, then I picked up the pin.
Do not walk into the house alone with the cash, leave it secured in your ride. Do not make your self a target. What can happen and has happened with online used car sales, is that the item is not there and the criminal knows you will be bringing cash.

CASH! Doesn't matter what it is.

I would offer children.... Here is a pick at our last couples poker game... As you can see, everyone went all in.

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Krugerands.

I'd take those

Call your bank and have them send you a cashiers check for the money. Have it made out to the seller. At this point the seller cant renegotiate the price, since you have a check already. If the deal falls through, call and cancel the check (or return it voided).

Get a better bank, try a credit union instead.

Cash is king, but if the buyer knows me and is willing, I've used a personal check. Once bought a pin for $5,000 using only $20s and $10s as the bank ran out of $100s - very large wad of cash.

Not even close .. .harder to fake for sure ... but those type of bills have been used in Australia for a decade and here in Canada for 3 or 4 years ... they can be faked.

Your wish is granted.
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Yeah!!!

never with cash. Just bitcoins...

I guess I forgot that operators never went out of business, or swapped games with other operators, or that arcades went belly up, my mistake.

I've always gotten cashier's checks for larger purchases as I felt people didn't trust personal checks, but nowadays people don't trust cashier's checks either.

I feel silly going into the bank and asking for 5k in hundreds, but maybe it's fairly common?

Agreed. As others have mentioned, it's always good to leave cash in the car until you can inspect the machine (and get a feel for the seller, for that matter).

There are a few people who I would take a check from, but only because I know them well -- and that number is only a handful. It's too easy for someone to write out a check and have it bounce and get away with it these days.

Unless it is someone I know, I always leave the cash in the vehicle, the vehicle locked, and someone knows I am going into the residence. Plus I bring added protection (not a firearm). You can never be too cautious.

Nothing wrong with carrying the right tool for the job

How has the Randy Moss straight cash homie meme not appeared yet? It should be manditory for all threads about cash

try that in single and tell them you are going clubbing that night...

I bring cash and I bring my wife. True story. If a game isn't quite as advertized, they respond better to her renegotiating the deal.

the good cop, hot wife- tactic, awesome approach

She packs a pair of 38s.
She also carries a gun.

CASH and a firearm!

Fifth columnist.

I feel like a Baller.

Members First Credit Union of Florida is where I store my money.

So......why a credit union?

I can think of several reasons to say no thanks to Paypal, cash please.

1) You pay the 3% fee on that transaction. If you're selling a $5k pin that's not a small amount anymore ($150).

2) They buyer can dispute the payment later, there's no remotely trying to take back cash if they turn out to be shady.

3) People may not want a paper trail like that. I'm just saying, I do a lot of Paypal transactions for my mods, and I pay taxes on all of them, up front and legit, even though Paypal won't technically report me. It's a business, and that's the legit way to play it, and I'm okay with that. I don't really want a $5k transaction mixed up in all that, when that money is probably just going to go as cash towards another pin. No need for the IRS to get involved in pin trading IMHO.

I don't feel silly walking into the bank who I pay to keep my money for me, and asking them to give me some of it.

It's their job. Never had a teller blink twice. They'll generally run that $5000 through the money counter twice before putting in an envelope, they'll want to see my ID (yes please), but that's the extent of it.

I'm definitely never offended when the buyer wants to count, and I've had my $100s tested with a pen, which is fine by me too. Luckily never been burned by a fake bill, that would be embarrassing.

Not true at all.

Haha, good point!

Reminds me, ever do some sort of transaction and think "Wow, I could have been faking my identity and gotten away with it?"

I have always used "stacks of hundreds" for any of my big pin purchases, and my one big sale received the same.

Why complicate things?

No

I had a teller ask me if I felt comfortable with that much cash on me. Lets just say I was fine, once I got to my car. I do live in metro Detroit after all. Really though, I was surprised she would comment on it.

The difference between $10,000 in 1's vs 100's
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I take cash, and I expect to receive it.

Cash is memoryless.

It has little hysteresis.

...

hookers and blow are preferred payment when selling a pin.

cash is king.

Hookers and blow always works.

I was thinking pennies. Due to copper prices.

That doesn't seem right. I don't think there are nearly enough stacks of $1 for it to be $10,000

This made me laugh out loud. It never even gets down to that. It just seems like people are less inclined to think of her as a tire kicker. And we don't try and steal games, we both buy and sell at prices that are fair.