Quote:
Originally Posted by t206hound
There was a skit (madtv/snl) or a comedian I heard long, long ago where a person involved with "illegal activities" would stand in line multiple times at the same bank and deposit $9,999 each time.
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Actually that is illegal, it's known as sequencing and I was warned against it.
Always amazes me that auction houses aren't required to issue 1099's. I have to 1099 my janitor and anyone else I pay over $599. a year to, assuming they are not incorporated.
And just because you don't get a 1099 don't assume the payer didn't report it and just neglected to send you the form.
Always best to report all income and then find the cost basis for that income rather than under report.