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#1
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I don't expect anyone to tell their secrets, of course, but can anyone tell what tax form you get from an auction house?
Much like asking different Doctors their opinion, accountants seem to have varying interpretation of the codes. |
#2
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In New York State you get a Form 1099 for any auction sale over $600.00.
Well I just got one. |
#3
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Whether or not you get a 1099 is irrelevant. Your liability exists even if the auction house does not send a form. The IRS is tightening the code however. Starting in 2011, even Ebay and Paypal will be required to file Form 1099 for each merchant that has at least $10,000 in gross sales and 200 transactions. But, I emphasize, even if you have gross sales of $9900 or transaction less than 200, your liability is the same. The 1099 is an aid to you, but not getting one is not a legal defense. Keep good records. Get a good accountant. |
#4
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Thanks guys, I really appreciate your time and advice. I understand liability - boy do I -, but was not up on collectibles and all the variables associated with it.
Of course I must hire a great CPA/Estate Planner, but I thought there might be a few incidental tid bits to be had that might help. Like the SCD article. I didn't even consider adding up the expenses incurred in keeping this collection safe and intact for 50 years. ![]() |
#5
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I've sold large lots through at least a couple of the larger auction houses and never received a 1099 form. It may be the state I'm in (confusion) or some other variable but never received one.
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#6
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__________________
Leon Luckey www.luckeycards.com |
#7
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Step 2: Repeat step 1 ...and that's coming from someone WHO THINKS he declares everything correctly. |
#8
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Best advice so far.
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#9
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Leon, A 1099 is not intended to deal with the "profit", just a notification that there has been a disbursement of cash. When you sell a house, you get a 1099 showing the sales price. It's your job as the filer to show what your cost basis was. |
#10
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__________________
Leon Luckey www.luckeycards.com |
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