Do the auction houses send 1099s?

Barry

If you sell coins via the major auction houses, do they file 1099 forms for the sales?

BillJones

They had better send out 1099s, or the IRS would be on them like a cat on June bug.

MadMarty

No they do not...

BillJones

I'm sure that the IRS would like to hear about that. In my last job in corporate American we had to issue 1099s to everybody and his brother that was not a corporate entity.

photoman

Neither ANR nor the former B&M sent or sends 1099s. Its up to the consignor to file his profit or losses.

Doug
ANR

BillJones

Well I'll stand correctored, but I'll tell you the IRS made life miseable at the comany where I worked, and it cost us a bundle to set up the system to issue them.

ANACONDA

I've never gotton one.

photoman

I've never gotten one from Ebay either.

Doug
ANR

Barry

Thanks Doug.

BTW, whoever asked me to define eye appeal in the Legend 1799 Dollar thread, Doug's icon defines it!

Wolf359

They better not. 1099's assume it's all income, and don't have your cost. Can you image the IRS auditing you when you claim that
coins actually cost money?

joeyuk

I just got a letter from the irs about that. They got a 1099 on some stock trades. They only got the sell end and wanted me to pay $15,000 in additional taxes cause they said they were using $ 0.00 as my cost basis. It was the same money turned over and over. Unfortunately they are holding up this years return till it is straightened out. Joe

mrearlygold

SHHHHHHHHHHHHH!

TP

elwood

<< <i>They better not. 1099's assume it's all income, >>



It is considered all income. Not necessarily all profit.

It's up to the individual to list your cost basis.