Quote:
Originally Posted by Leon
Just a guess but since the auction house doesn't have a cost basis they don't know if there is a profit, hence no 1099. Of course if you made a profit it still has to be reported by you. (not aimed at you Tom, just making an example, though if you made a profit.....  ) |
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.