Consignment and Taxes

Charlie9

When high end cards are sold through Heritage, Goldin, or some of the other large auction houses, do those sales generate a 1099 to be sent come tax time? I would assume so but wasn’t sure.

Asking for a friend.

mintonlypls

Heritage, no….Goldin, yes.

judgebuck

I've wondered why athletes and celebrities frequently consign their valuable memorabilia to an auction house near the end of their lives but before they pass, rather than let their heirs consign after they pass.

I would think the heirs could consign without facing capital gains.

Charlie9

@mintonlypls said:
Heritage, no….Goldin, yes.

Thanks for the reply! Any others with experiences like this with Heritage or other large auction houses?

1982FBWaxMemories

Heritage does with Comic books when above threshold but only if you cash out, not for auction credit. Surprised they do not for card sales

jfkheat

When I sold a big chunk of my collection through Mile High Auctions 4 years ago They didn't send a 1099,

UlyssesExtravaganza

I consign with 4 Sharp and with the total dollar amounts I am selling at, I get paid via Paypal. Then Paypal provides the 1099 doc instead of the consignor. I suppose it depends a bit on the consignor and how they pay you and their practices.

burghman

@Charlie9 said:

@mintonlypls said:
Heritage, no….Goldin, yes.

Thanks for the reply! Any others with experiences like this with Heritage or other large auction houses?

It’s been a few years since I consigned a bunch of autographs with HA, but I didn’t get any forms from them when they paid out.