Quote:
Originally Posted by Tsaiko
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.
|
There really aren't that many interpretations, and if the one you got sounds too good to be true... it's probably wrong.
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.