Taxes On Consignments

e107collector · #1 09-17-2013, 12:05 PM

Quote:

Originally Posted by Leon

I think the federal law has more to do with cash transactions of $10k or more. It would be crazy to have to report all transactions to the govt. that are over 10k. All of that should come out on tax returns, one way or the other.

Correct, banks report CASH transactions over $10K.

I am not a tax advisor - but I think if there is a net gain on the sale, it's gets reported on your Schedule D, and I believe it's subject to the 28% collectibles rate.
If there is a net loss, I don't think the loss is allowed, from what I understand - but don't quote me on that. It's not like the sale if stocks, bonds, etc.

Tony

honus94566 · #2 09-17-2013, 07:00 PM

Quote:

Originally Posted by e107collector

Correct, banks report CASH transactions over $10K.

Right, so if you get a check from an auction house that's over 10K and cash it, it gets reported to the IRS by your bank.

At least that's what I thought.

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Oppose Internet Taxes	EvilKing00	WaterCooler Talk- Off Topics	1	02-07-2013 06:58 PM
O/T Auction Consignments to B&L	WarHoundR69	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	4	08-24-2009 10:23 PM
REA consignments	Archive	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	64	01-16-2008 01:15 PM
Julie & Her REA Consignments Posts	Archive	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	25	12-14-2005 01:16 PM
? on Auction houses/consignments	Archive	Net54baseball Vintage (WWII & Older) Baseball Cards & New Member Introductions	1	08-29-2005 01:16 PM