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#25
01-20-2020, 03:15 PM
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If part of the ? was about IRS reporting . . .
I think there is an annual # of transactions threshold that triggers responsibility on the auctioneer's part to issue you a document with a copy to IRS showing your gross receipts. eBay does this. It is like a broker/custodian reporting gross financial asset sales. The presumption is that you can "explain" the tax consequences by citing a cost basis to compute a gain or loss from the gross receipts.
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